Welcome to Economics!
Henry Hazlitt famously observed the art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that action or policy not just for one individual but for all. Almost all economic fallacies that are working such dreadful harm in the world today are a result of looking only at the immediate consequences of an action or policy, looking at the consequences for a particular group to the neglect of other groups, or both.
It is often sadly observed that the bad economists present their errors to the public better than the good economists present the truth. The faculty in the Department of Economics at the University of Lethbridge recognize this problem. We aim to resolve it through accuracy and clarity in our teaching and in our research related to the production, distribution, and consumption of goods and services.
We do not approach this task lightly. Economics deals with fundamental problems owned by real people everywhere at every moment in time. The subject concerns everyone and belongs to all and it is the primary and proper study of every person.
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