Short summary
Key points
The knowledge of economics empowers you to look beyond the present into the future that very few can see
The interference of selfish interests accounts for why economic policies are constantly changing. If you study the economic history of your country, you will find that different policies have been enacted over time and most of these policies favor one group of the country while other groups suffer greatly from it.
As complex as it may seem, economics can be reduced to just one single lesson and that's what has been discussed in this chapter. To reiterate, when making economic policies, don't just consider the immediate benefits, look at the long term effects; and if the long term effects are good, verify to be sure they don't just favor one single group, but all groups.
Did you know? Many classical economists made the mistake of focusing on just the long term benefits of their policies and it resulted in so many negativities. Economic policies must be beneficial both in the short and long terms.