Class 3: Heaven and Hell

The idea that Rizzo shared today really sparks my mind. The very concept of why there will be no Economist in heaven and hell brings out the idea of what is it mean to be an economist and what does the study of economics really means. He defines economics in a rather unconventional ways. Economics is usually defined as the study of scarcity but in his opinion, it makes economics sounds like focusing just on expected benefits and expected costs. Economics should include about both prudence and temperance. Therefore, economics can be better defined as " the study of the emergence of order and wealth and creation and the consequences of the choices we made as part of the extended order of human cooperation. So, obviously, no room for economists to be in heaven because everything is in abundance. No room for them in hell as well because there is just no growth.