CHAPTER ONE
Seeing What Cannot Be Seen
Economics is a rigorous field that is concerned with the study of economic exchange and the resulting economic output. It studies the markets in which economic exchange occurs. It studies the entrepreneurs and organizations that produce the output involved in these economic exchanges, as well as the employees who work in the organizations. And it seeks to understand the behavior of the households that consume the economic output. Economics pays little, if any, attention to how the very purpose of organizations—their reason to exist—guides their decisions. Often, this purpose is stated in the language of economic output—banks exist to safeguard depositors’ money and lend to borrowers, automobile companies ...
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