Hello and welcome to Brokonomics now on this episode I am delighted to announce that I have got our three

Brokonomics debutants who have not appeared on the show before and I thought it was high time that we got them on and infect them with whatever

illness you carry. No I'm fine, I'm perfectly fine. So Stelios the Greek, Harry the Pirate and Callum of the caliphate so glad glad we've got you all here and we are going to discuss

what is an economy even for. So any thoughts?

That's a rather broad question.

It is a little bit broad.

So I mean, I can...

We need some parameters of discussion here I could

give a provisional answer we'll go ahead we because it's a stipulated definition we

could use yes I think you could say that an economy is a sort of structure that human beings adopt in order

to govern the circulation of material goods within their societies. And I would also add that it must involve an element of trade because if there isn't trade in it and it's just people seizing the produce of other people and just rationing it without there being

exchange I wouldn't call that an economy so I would say that it's good to think of

an economy as a sort of structure that people adopt that governs trade and the circulation of material goods within a society.

So that's kind of where I got to on this one. I was going to come at it from saying that an economy is everything that you do after your immediate survival means are being met.

Okay?

And then... I'm going to go with a very formal answer if we're going to be really broad about it and just describe what it is in general.

The economy is the methods by which a people in a geographical area manage and allocate scarce resources for that can be used for alternate

means.

That does sound a tad dictionary-ish.

It's the base basically Thomas Soles.

Ah, right, okay. Oh, right.

Okay, well, I'm not going to go against a great time of soul on this one.

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