Why do we study economics?

Question

I am supposed to write a short essay that answers that question (Why do we study economics?)and provides personal thoughts from people on wether they think studying economics is important and why or why not. ALSO How can understanding economics benefit you as you prepare for life? Do you think understanding the economy is more important now than it was 20, 30, 50 years ago?

So I am suposed to interview someone and ask them these questions, but I have no one to interview. So I will interview you!(dont worry this isnt a term paper. last time i asked a question like this, people wouldnt answr cuz they didnt wanna help me on my term)

Answer 1

The study of economics illuminates both the limitations and successes of different systems of the production, distribution, and consumption of material wealth. Because of the economy?s importance to the human condition, economic knowledge is useful to many other fields, such as political science, sociology, anthropology, law, and history. It, thus, is as central to a liberal arts education as it is to the business program.

Answer 2

Its important to study economics so you can form reasonable opinions on economic policy issues that come up in elections. Are the Republicans right that the economy should be basically left alone, or are the Democrats right that it needs some regulation? Both sides have good arguments and studying about how the economy works can help you sort thru them. As to personal benefit, if one industry is expanding and another is collapsing, knowing which is which is a major plus in deciding on a career or on how to invest your money. And finally, I think its as important to have a good basic understanding of how it works as it has always been, which is very important. Knowledge is power and nowhere is this any more true than in economics.

Answer 3

Withan understanding of economics, you'll be able to understand what they mean when they say inflation is up or down, raising or lowering interst rates, and general pricing based on the suppl demand models.

With this understanding you'll have knowledge or how the market works, both the aggregate market and the stock market. This is key if you plan to invest money when you start working in hopes of having a decent retirement. Economics gives you some financial education. Everyone needs to know this stuff

Answer 4

Adam Smith started the debate by defining it as the Study of Wealth and was criticised by people who called his "An Enquiry into the nature of wealth in nations" a Gospel of Mammon!
Marshall came along and gave Economics the social camoflage by giving it a Socialist Tint.
Robbins stepped in and called it a science of the study of goods with alternative uses
Keynesian Economics tilted it towards the Nature of Emloyment
Consolidation of the subject never took place - perhaps because there are too many aspects that go into the Well Being of people - The Marxist Doctine and Leninism was revolutionary - handing the whole thing to the State - From each according to his Ability and to each According to his need.
Capitalism - directed to the maximisation of wealth of the Individual - depending upon the ability of the person was in stark confrontation with communism - so the political overtures of these starkly confrontonist doctrines divide the world into areas impenetratible by the differen curtains blocking a view.
So to sum it up (my considered opinion only - not a hypothesis or a treatise) would define Economics as :-
ECONOMICS IS THE SCIENCE OF MAXIMISING THE WELLBEING OF PEOPLE IN MONETARY TERMS BY INTEGRATION OF ABILITY TO CREATE WEALTH WITH THE ABILITY OF THE STATE TO KEEP EMOTIONAL WEALTH GROWING IN THE STATE WHILE MAINTAINING THE POPULATION OF THE STATE ABOVE THE STATE SPECIFIED POVERTY LINES WITHOUT ANY UPPER LIMIT ON WEALTH BY EFFECTIVELY UTILISING THE RESOURCES AT ITS DISPOSAL FOR BUILDING THE INFRASTRUCTURE OF DEVELOPMENT LEAVING THE EMBELLISHMENTS TO THE PEOPLE AND ALLOWING THEM TO BE INDEPENDENT PARTNERS IN PROGRESS WITHOUT REGRESSIVE CONSTITUTIONAL HANDICAPS IMPOSED WHICH PREVENT CROSS BORDER FLIGHTS OF CAPITAL.
Work out all that - in short it means that the economist has to developt the Grand Unification Theory of Economics .. perhaps that will happen someday after the people of the Earth Unite as a planet.....

Answer 5

Economics is studied to visualize impact of investments on various sections of society e.g. what gain will be there if we go on doing expenditure on security .