Angels and Economists

Economics is the study of the production, distribution, and consumption of goods and services in a world where resources are scarce. The area that houses these activities is known as an economy. We economists (people who study economics) use theories developed from observing the outcomes of economic activities to advise people on the impact that changes in public policy would have on consumers and businesses. It is ultimately up to the citizens and their politicians to use our advice to determine how they want to operate their economy to achieve their production, distribution, and consumption goals. Unfortunately, economists are usually ignored. And the facts/conclusions we present are bastardized by the people who do not like what the science of economics has to say about the effects of public programs aimed at addressing poverty and inequality (e.g., providing government welfare). Economists find themselves in this position because they point out that, despite noble intentions, these popular programs do not deliver positive long-term results.