Economics is defined well, and done in a manner that everyone can understand. Within the classical liberalism philosophy – which recognizes that humans are subjective – the succinct definition is as follows: Economics is the study of the means to attain the ends chosen.
To get to the heart of the matter of economics and the economy – going beyond a mere recognition of the meaning of the words in the definition – requires logic and theory.
Only because humans exist is there an economy. The economy is the result of human action and so the economy came into existence – in potential – at the time that humans came into existence.
What is important to consider is the nature and reality of the human being. Humans are not perfect yet they are capable of always becoming more perfect. This is best described as a divine nature – the ability to emulate all the Names and Attributes of God. And yet the economy is the result of human action which means that the economy not only has the same potential of reflecting the degrees of human perfection but it also provides a feedback loop that potentially stimulates the perfecting processes.
What can be gleaned from this is that an All-Knowing God, Who created human beings, gave to them an institution that we call the economy, which is the perfect means for humans to organize themselves practically and prosperously.
As part of economics – the study of the means – it is fully recognizable that the economy is the means, the perfect means. No wonder laissez-faire has such a strong explanatory power. Actually laissez-faire is not fully understood until the economy is understood as a divine institution. In other words, all human intervention into the economy corrupts and disrupts because human knowledge is finite and cannot comprehend that which is infinite, like the omnipresence and omniscience and omnipotence of the market processes going on in the economy.
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