Many of us work in this profession for years but still struggle to explain what we actually do. To start the process, we are working on our own 'Economic Rules for Dummies'.

You can help us with your contributions. Please submit your simple guidelines for economic theory, they must be short, simple and free from 'econemese'.

Economic Guidelines

• Economics assumes people nearly always choose to increase their welfare - the rational man
  
• What is in it for me is the guiding principle for most behaviour
• If someone is not in it for personal gain - worry about the real agenda
• Economics struggles to account for the small proportion that don't appear to pursue a welfare maximising goal.
  
• Economics historically focused on the distribution of the financial pie - Modern economics focuses on increasing the size of the pie - both matter.
  
• Pricing decisions are based on "what can I get away with" - the costs of production then determine if you survive to get away with it.
  
• All companies claim to be in the lowest quartile in costs of production.
  
• More Income means more investment and more market power
• Market Power means I get to choose the price, which means more income.
• The role of government is to provide goods and services that private companies won't, and to restrict the adverse behaviour of companies in markets that have failed to produce socially acceptable behaviour.
• Cash is a fact - profit is an accounting creation.
• Short term gain is better than long term...anything.