Why Should I Study Economics? Now that is a loaded question where we can delve into the subject, your passion, what sort of impact you can make by studying economics etc.
However, the best way to answer it by mapping where does ones interest lie and if studying economics can help satisfy ones quest to attain mastery in that interest.
By time you pass out of college or school, you have a fair idea of what studying economics involves. You should study economics if you find it interesting, intriguing and fun. You’ll find economics fun to study if you like working through and discovering why people make decisions. there are a lot more subtlety to it but the most general principal is “follow the money” (or other incentives) and you will know why people did something otherwise explainable, this is the premise and exploration of the two Freakonomics books – our personal book recommendation if you want to ignite your interest in economics.
Economic incentives are also very important in government policy where the mechanism design of the policy needs to be checked to make sure that the primary effect is the desired outcome and not some unintended consequence that does something else entirely. Sometimes what is being tested is some macro economic response to a shift in government interest rate, money supply, taxes or fiscal spending. But there are also micro economic policies where it is necessary to think about how individuals respond to tax incentives, welfare benefits, or other policies and determine if the proposed mechanism (policy) will have the intended outcome.
You should study economic if you want to study how government business and individual decisions and policies are made. These understandings are actually quite different problems, and though it is useful to have some understanding of the curriculum from both, usually the goal is to specialize in one or the other type of questions.
We hope this small article helped you gauge what involves studying economics. If there’s anything else you want help in, drop us an email on firstname.lastname@example.org.