Somehow, we rest, to our peril, in the common position of not wanting to understand Economy (that is, if we are not economists ourselves, and, even that being the situation, Economy is already too finely divided in different fields to hope every economist understands the full field of knowledge). But one of the main points of the current economic crisis is that all of us should at least grasp basic economic concepts. It is a citizen’s duty in order to choose well (I know it sounds wishful thinking, ;-)) in elections and to run our (economic) lives as smoothly as possible.
And “smoothly” is the right word to (try to) understand the following text. It shows us economists trying to learn from their mistakes. It is also a nice test to check our “economese”. Give it a try.