Why Should I Study Economics?

  • Thread starter KristinaW
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Aug 3, 2020
  • #1
The study of economics is a very philosophical endeavor. Rarely is there a right or wrong course of action to take. In truth, the entire study is full of question. Yes, there are many mathematical calculations that can be made, but there's a lot of human input that goes into those calculations as well. Attempting to decide what's best for a specific group of people, company, or world at large requires much thought and a strong understanding of cause and effect. Without these things, economics wouldn't do much good.

Every day, we read comments on the internet that make absolutely no sense. "We need socialism now!" "God bless capitalism!" "The communists are coming!" "The end of the dollar is near!" Have you ever noticed that most of these people who make these statements and claims have no idea what they're talking about? Have you ever noticed that they simply parrot what they've read somewhere else online? Has one who comments ever offered any supporting documentation for their claims? Would they even know where to look for documentation? If you're reading this post, I can only assume you're interested in studying economics, or at least learning a little bit about it. That's fine. You're right for doing so. Just beware, the study of economics isn't all about boring facts and figures. It's actually mostly about using your brain to unpeel the layers of small puzzles. As humans, we identify the puzzles in our world and as amateur economists, we use the tools we learn about and create to figure those puzzles out. The study of economics is about coming to sensible decisions. Conclusions, if you will. Why is socialism better? What is socialism anyway? Why is capitalism better than socialism? What's the economic structure of communism? These are all questions you'll likely answer as your studying continues on. Of course, these are a tiny fraction of a much larger whole, but just this little bit will give you a greater insight as you scroll through all those ridiculous comments on YouTube.

Here are a few core reasons you might want to study economics:

1. Economics is everywhere. Virtually every single global problem you've ever heard of has an economic aspect to it. A hurricane in Texas? A war in Africa? Unrest in Portland? A government overthrow in Europe? Global warming? Each of these problems requires a solution. And any solution is going to need to be economically sound. If you'd like to be part of that solution, you're going to need to understand the problem. That's where economics comes in.

2. Vote with your brain. How often have you heard of friends and family speaking about economics around election time? Probably not very often. For me, most of my family speaks with their hearts instead. While this is fine and we all want the best for everyone, if we all voted with our hearts only, very few issues would ever get addressed. Government is about allocating finite resources to the citizens of a nation for the betterment of those citizens. If we elect a government that's good at campaigning on absurd promises as opposed to what's actually feasible, we'd just make bad problems worse. We've all heard of bum politicians making corrupt or terrible financial decisions. A good politician is one who fully understands the issues at hand and who has the sense to address them properly. By studying economics, you'll gain the ability to identify these politicians.

3. Understanding economics helps you be a better thinker. Studying economics isn't all about learning what others tell us. It's about thinking for ourselves. Again, the study of economics can give us the tools we need to solve puzzles. Some of these puzzles haven't even presented themselves yet. By delving into a topic like this, you'll think differently about the world. You'll become more well-rounded. When you read articles and listen to people speak, you'll pick up on terms and concepts that are helpful in making good decisions. You'll also be able to identify the frauds. You'll gain the ability to pinpoint an issue in a situation and you'll be able to draw on your knowledge to solve it or at least understand it in a more lucid way. Current events will become more easily understood and personal decisions won't be as tough to make.

Again, while the study of economics won't always give you the answers, it will give you a framework from which to draw your own conclusions. It'll also bring forth many different options you may have not known were available.
Why Should I Study Economics? was posted on 08-27-2020 by KristinaW in the Economics Forum forum.
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