So far we’ve been talking about how economists think about choice, broadly speaking.. This involves choicemakers with some objective, which may be known or unknown to them, let alone other people. Choicemakers have some set of perceived possibilities to choose from in pursuit of their objectives, which may involve future as well as present. An ( Read more... )

Economists think of household choices and government choices as selections from a set that could truly be selected from-- affordable in one way or another by use of funds, energies, time and space, actually existing in this world.* That selection implies comparisons of genuine possibilities ( Read more... )

So. We've been talking about agents (consumers, nations) making choices from sets of possibilities, in order to achieve some aim. And we've talked about those possibility sets being derived from some kind of currently-fixed budget of funds or time, or from current productive capacity ( Read more... )