Core to understanding the economy is recognizing that it is about human actions and interactions. In fact, the economy is people acting and interacting. It is little or nothing else. We tend to think of the economy in terms of resources, machines, businesses, and perhaps jobs. But that is a simplification that is misleading. Those are important, but they are all means to ends. The economy is about using means to attain ends. To put it differently, it is how we act to satisfy our wants, to make us better off . Simply put, the economy is about creating value.
– Per Bylund, How to Think About the Economy: A Primer (p. 15)
Per Bylund, PhD, is a Fellow of the Mises Institute and Associate Professor of Entrepreneurship & Records-Johnston Professor of Free Enterprise in the School of Entrepreneurship in the Spears School of Business at Oklahoma State University, and an Associate Fellow of the Ratio Institute in Stockholm.