Definitions Are Important (really) Some time ago, I got myself wanting to read economics books. I remember that I picked up "The Constituition of Liberty" by Friedrich Hayek—worry not, your death by boredom or scientific jargon overflow is beyond the scope of this post. One of the things that really stuck with me was on the very first pages, where Hayek identifies a harmful problem surrounding the subject matter of the book: most people have no concrete grasp of what "liberty" means . He spent roughly 10 pages of his book setting up what he meant by the term and comparing his definition with the many others that are out there. "And why is this important?" Everyone has seen this before: two people seemingly arguing about the same subject, but in reality, their perceptions of it are so dissimilar that the entire conversation is pointless. Definitions are crucial because, without a shared understanding of the meaning of the terms we employ, communic...