What is Change?
Better yet, what isn't?
- Change is a an essential part of economics, the situation of households, firms, countries and humanity in general is constantly changing.
- Change is an umbrella term, and it can be applied to most economic concepts in one way or the other.
- Changes can be more subtle and regular, such as the business cycle, or more drastic and consequential, such as the Industrial revolution.
- Economists must be aware of and consider changes of all kinds.
- The world studied by economists is always changing, institutionally, structurally, technologically, economically and socially.
- Households and firms, must also understand and adapt to changes in an economy.