Textbooks describe economics as the study of the allocation of scarce resources. That definition may be the 'what,' but it certainly is not the 'why.'

The ultimate purpose of economics, of course, is to understand and promote the enhancement of well-being.

Economics has many substantive areas of knowledge where there is agreement, but also contains areas of controversy. That's inescapable.

If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.

Certainly, 9 percent unemployment and very slow growth is not a good situation.

Sector-specific price declines, uncomfortable as they may be for producers in that sector, are generally not a problem for the economy as a whole and do not constitute deflation.