Do you think understanding the economy is more important now than it was 20, 30, 50 years ago?

Answer 1

Yes, because the rapid growth of commoditization is creating an effect which will eventually lead to the decline of the consumer economy. Culturally, a consumer driven economy doesn't last long because people get tired, generation after generation, of buying "the next big thing". As commoditization drives adoption across the entire population, margins erode, value becomes meaningless and the culture is looking for something more important than just buying stuff.

Answer 2

In one sense, no; in another sense, yes.

Not in the sense that the economy--and economics--is more important now than before. Ask somebody who lived through the Depression in the 1930s, or the 1950s boom, or the oil crisis and recession of the 1970s, whether an understanding of the economy was important in a general sense. Of course it was, in order to understand the forces that shaped the world you lived and worked in. And now is no different.

On the other hand, as individuals we are now MUCH more responsible for making PERSONAL economic decisions--for example, investing for retirement or for education, and so on--that the average working person didn't worry about in the past. A hundred years ago most people rented their homes; now the majority buy real estate; 50 years ago very few people had credit cards, now most do. Etc. So the personal impact of the economy, and economics--especially because we live in much more of a world economy--is much greater. So in that sense, yes, it is more important to understand them, because it's much more likely to effect your personal decision-making.

Answer 3

i don't have self assurance that understand-how the financial device is greater substantial now than it develop into earlier. the version is that we live interior the strategies age the place understanding transfers very at as quickly as allowing human beings to comprehend and make judgements quicker. even with the shown fact that, in the previous, financial device develop into merely as substantial because of the fact in case you look traditionally, you will see that financial crashes occurred because of the shortcoming of understand-how and lack of ability to alter issues at as quickly as for the financial device to artwork. even however one ought to think of that the financial device has replaced, which in and of itself is real. even with the shown fact that the basics are nonetheless the comparable. supply and demand, develop curves, marketplace recommendations are all nonetheless the comparable as they have been 20, 30, 50 years decrease back. For that count number it relatively is how that's often been. it relatively is merely my humble opinion.