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Encyclopedia Entry on Economics

Summary:
Of some interest to CP readers might be my new entry on "Economics" at the Encyclopedia of Libertarianism at Cato's libertarianism.org site.  "At the most general level, then, economics is the study of human choice and its consequences, both intended and unintended. In understanding the unintended consequences of choice, and how those choices can be coordinated to produce social benefit, economics continues to rely on the idea of the “invisible hand” found in Adam Smith. Individuals choosing in their own broad self‐​interest are led through the institutions of the market to benefit others. For some economists, this is framed in terms of the tendency of markets to reach an optimal equilibrium. For others, it is described more loosely as “coordination,” or as “emergent” or

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Of some interest to CP readers might be my new entry on "Economics" at the Encyclopedia of Libertarianism at Cato's libertarianism.org site. 

"At the most general level, then, economics is the study of human choice and its consequences, both intended and unintended. In understanding the unintended consequences of choice, and how those choices can be coordinated to produce social benefit, economics continues to rely on the idea of the “invisible hand” found in Adam Smith. Individuals choosing in their own broad self‐​interest are led through the institutions of the market to benefit others. For some economists, this is framed in terms of the tendency of markets to reach an optimal equilibrium. For others, it is described more loosely as “coordination,” or as “emergent” or “spontaneous” order. Either way, the core idea remains the same: economics studies how people choose facing scarcity and how social institutions (usually) channel those choices into unintended order. Noticing the existence of that unintended order is the beginning of social science and economics specifically."

Steve Horwitz
Steven "Steve" Horwitz (born 7 February 1964) is an American economist of the Austrian School. Horwitz was born in Detroit, Michigan to Ronald and Carol Horwitz. He was raised in Oak Park, Michigan and graduated from Berkley High School in Berkley, Michigan in 1981. He graduated cum laude with an A.B. in Economics and Philosophy from the University of Michigan in 1985, where he was also active with several libertarian student groups and where he wrote and performed with the Sunday Funnies/Comedy Company sketch comedy group.

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