Chapter 5: Does Economics Matter?

To regulation and regulators, that is? Because to everybody else it does, in various ways of course. The fraternity of the “decision-making under scarcity” definition of economics is often squarely confronted by the “matter content” phalanx of supporters. For the former the market conveys information (even of the asymmetrical type) about the supply and demand of resources. For the latter the discipline is essentially always what economists will accept as in fact forming part of it. It's not exactly the “it's the economy stupid” brigade, but rather the guys in “if we say it's part of economics, then it is indeed economics”.¹ Which, of course, will often get included in that side various “idiots-on-economics” groupings from, say, the media, the world of politics and so many show-off civil society nouvelles parvenus.