ABSTRACT
People study economics, as they study any subject, for two major reasons: (1) to increase their understanding of some aspect of the world around them-that is, understanding for its own sake-and (2) to be able to act more wisely in their own personal economic behavior, and, in their citizenship roles, to make more intelligent decisions with respect to public policies. Understanding the economy involves getting a realistic picture of it and being able to discriminate among explanations (theories) as to why it behaves as it does. Such understanding is necessary if one is to intelligently apply certain principles in action, whether pursuing certain objectives (values) in one's occupational role, or in one's role as a consumer, a member of some group or organization, or a citizen.
