The Importance of Applied Physiology

Economics must explain the prices of tobacco and liquor as they are, not as they would be under different conditions. Economics deals with real man, weak and subject to error as he is,. Not ideal beings, omniscient and perfect as only gods could be. Action is an attempt to substitute a more satisfactory state of affairs for a less satisfactory one. We call such a wilfully induced alteration an exchange. A less desirable condition is bartered for a more desirable what gratifies less in order to attain something that pleases more. That which is abandoned is called the price paid for the attainment of the end sought. Costs are equal to the value attached to the satisfaction which one must forego