Hi Everyone,
The majority of the content on my page/channel relates to economics. I write about economics because I am passionate about the subject as well as its application. People I have met often get the wrong idea about economics based on the exposure they have to it. The media presents limited aspects of macroeconomics. Many of the statements made by the media are misleading. Economics is often presented as a complicated pseudoscience that clambers at an attempt to predict the economic future of a country. Sadly, economics is reduced to numbers representing employment/unemployment, price changes (inflation), growth in income (real GDP per capita), surpluses and deficits, and foreign debt. The stock market often is thrown into the mix, which adds to the confusion of what economics is actually about and its true application.
Economics is taught widely at many institutions. I believe economics is a first year requirement for many university courses. The content taught is typically considered a basic introduction to economics, after which, most students discontinue studying economics while moving onto their selected course content. The content in that introductory course is therefore the most important as it obtains the most exposure. This content is often the most detached from the real world. Even though the concepts taught generally, have vast application and implications.
Another problem many people have when learning about economics is that it does not have an agreed definition. Some definitions focus on accumulation and distribution of wealth. Other definitions focus on scarcity of resources and decision-making. The study of human behaviour is becoming a bigger part of economics. Economics is growing and evolving over time, thus making a standard definition almost impossible. Some economists would argue to the extent that everything can in some way fit under the umbrella of economics.
Economics is different from most other subjects as it is very broad and borrows concepts and ideas from many other fields. From my time as an economist, I have seen elements of philosophy, psychology, engineering, mathematics, biology, management, sociology, politics and many others incorporated into economics. It seems like economics takes whatever it needs and whenever it needs it.
I want to create a greater awareness of economics and the extent it appears in our lives. I have several posts in my ‘economics is everywhere’ series, which describes everyday encounters with economics. I have both written posts and videos explaining how we are using economics (consciously or subconsciously) as well as how economics can explain particular behaviour. These posts only provide a glimpse of the very basic application of economics to our lives. However, I feel it is necessary that people understand how economics is all around us to become motivated in understanding how it can be used to improve our lives. All posts in the ‘economics is everywhere’ series can be accessed in Part 2 of my ‘collection of works’ at the end of this post.
Everyone we encounter in our lives uses economics (consciously or subconsciously). The way they apply economics affects us. This can affect us positively, negatively or both depending on the circumstances. It is important to understand how government, employers, employees, co-workers, businesses, and even friends and family use economics. It is important to understand what is important to other people. I consider it a general rule that people act in their own best interest. This is also my argument for rational behaviour. The actions of someone acting in his or her own best interest might align with your best interests. It is possible that this is through intent, for example, a family member may gain great satisfaction from your enjoyment. It is also possible that you benefit purely out of coincidence. It is also possible that what is in someone else’s best interest is not in your best interest.
I have covered many aspects of economics in my posts. I intend to further focus on the application of economics in our lives directly as well as the lives of people that affect us directly or indirectly. Understanding the bigger picture around us can help us make better decisions and help us understand why other people make particular decisions. Economics should not just be considered a requirement for work but instead a key input into helping us all live better lives. I hope my posts both written and videos can help make economics more accessible to more people. Some of these posts will be technical but I will try to make alternative versions of these available so that I can cater for a broader audience.
More posts
If you want to read any of my other posts, you can click on the links below. These links will lead you to posts containing my collection of works. These posts will be updated frequently.
