Meconomics: Do you Spend your Money Objectively or Subjectively?

This post is a continuation to: Meconomics: I need my Wants and Want my Needs to be Satisfied Meconomics: Wants and Needs in your Daily Living In my previous post I started looking at how wants and needs are confused in our daily living. Needs would be the things you cannot go without and so, common sensically, they would be your priority when deciding what to spend your money on. Wants are things you can go without, but you would prefer not...

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Meconomics: Wants and Needs in your Daily Living

This blogpost is a continuous to: Meconomics: I need my Wants and Want my Needs to be Satisfied To gain context on 'Meconomics', read and watch: "Meconomics": ME-Economics [83] Introducing Meconomics In my previous blog I wrote about the word ‘wants’ and the word ‘needs’ and how, in economic theory, the two words started merging together into ‘wants&needs’ – treating both words as though they have the same properties and characteristics –...

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Meconomics: I Want my Needs and Need my Wants to be Satisfied

The economic problem – the corner stone of economic theory – is defined as the satisfaction of unlimited wants and needs in a world with finite/limited physical resources. This implies that not all wants and needs can be satisfied, so the questions economic models attempt to answer are: How is it decided which wants and needs will be satisfied? How is it decided whose wants and needs will be satisfied? In our world today – the answer is: “those...

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