Studying and Understanding Economics

Economics is one of the disciplines being studied in school and there are a lot of reasons why we, as citizens and humans, should be able to know and understand economics. Economics runs a lot of things in this world and we should be aware of that. In this article, we are going to help you with that as we will tell you more about the importance of learning about and understanding economics.

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To start, William Walstad will tell us why it is important for us to understand economics.

Why it’s Important to Understand Economics

The case for economic literacy is a strong one. George Stigler, a Nobel Laureate in economics, probably stated it best almost three decades ago when he wrote: “The public has chosen to speak and vote on economic problems, so the only open question is how intelligently it speaks and votes.” In Stigler’s view, economic literacy is special because it contributes to two classes of knowledge. First, it serves as a “means of communication among people, incorporating a basic vocabulary or logic that is so frequently encountered that the knowledge should be possessed by everyone.” Second, it is a “type of knowledge frequently needed and yet not susceptible to economical purchase from experts.”

Economic literacy certainly contributes to the first class of knowledge. People like to think and talk about the economic issues that affect them as consumers, workers, producers, investors, citizens and in other roles they assume over a lifetime. Economic literacy also gives people the tools for understanding their economic world and how to interpret events that will either directly or indirectly affect them. Read more here.

The importance of economic literacy is really well explained above. According to William Walstad, economic literacy gives people the tools for understanding their economic world and how to interpret events that will either directly or indirectly affect them. Now, the University of Illinois at Chicago will tell us why we should study economics as an undergraduate.

WHY STUDY ECONOMICS AS AN UNDERGRADUATE?

Economics is the study of how societies, governments, businesses, households, and individuals allocate their scarce resources. Our discipline has two important features. First, we develop conceptual models of behavior to predict responses to changes in policy and market conditions. Second, we use rigorous statistical analysis to investigate these changes.

Economists are well known for advising the president and congress on economic issues, formulating policies at the Federal Reserve Bank, and analyzing economic conditions for investment banks, brokerage houses, real estate companies, and other private sector businesses. They also contribute to the development of many other public policies including health care, welfare, and school reform and efforts to reduce inequality, pollution and crime.

The study of economics can also provide valuable knowledge for making decisions in everyday life. It offers a tool with which to approach questions about the desirability of a particular financial investment opportunity, whether or not to attend college or graduate school, the benefits and costs of alternative careers, and the likely impacts of public policies including universal health care and a higher minimum wage.Read more here.

According to what was mentioned above, economics major prepares students for careers in banking, insurance, service and manufacturing firms, real estate, consulting, government agencies, and non-profit organizations. If you want to be part of them, then you should really probably study economics. However, there are also ways we could learn about economics without going back to school. Mike Bird will tell us about it.

Three ways you can learn about economics without going back to school

It’s a familiar situation for lots of people, especially since the financial crisis— Perhaps you’ve gone to university, or perhaps you haven’t, but you want to know more about economics.

It seems not only like an important subject, but one that leaks into lots of parts of everyday life — as well as politics, technology, business, and pretty much everything really.

The good news is that there are plenty of ways to pick up a self-made education in economics, even if you don’t want to learn the maths or go back to school.

Here are just three of the ways you can get into the dismal science.

Lectures on YouTube

MIT’s Principles of Microeconomics course is chopped into 26 videos of between 45 and 50 minutes, and it’s all available on YouTube. Though you’re deprived of the ability to ask questions, what you do get is the ability to rewind. It’s not a bad swap. Read more here.

The three ways we could learn economics without going back to school are through YouTube lectures, massive open online courses or MOOCs, and self-study with books. If you really want to study economics, you can do it at home through the ways provided above. Studying economics could really do us something good in many aspects of life that is why we have to take the opportunity if we have it.