Economy..?
I have some questions for a paper that im writing...It would help if u can answer...If u can leave ur name by ur answer i'll thank u if u cant its fine.
1).Do you think studying economics is important?
2).How can understanding economics benefit as you prepare for life?
3).Do you think understanding economy is more important now than it was 20,30,or 50 years ago?
Thank you guys!!
Answer:
1. Yes I think it is important because it shows business what the overall market is doing. And from that information they can make decisions about whether to invest or to start a business, etc. It tells business how to better use scare resources and what the economy is demanding and how much to supply and at what price.
2. It can help you prepare for life by helping you show why the economy is acts like it does. It can inform you about what the government is doing and whether their decisions are the right one. It can be helpful when you want to invest in a market; to see if it will grow or not.
3. Understanding economic has always been important. When Kings and leaders did a bad job maintaining the economy they wouldn't be in power for long. The French Revolution was triggered by the poor economic condition. The hyperinflation in Germany after WWI allow for a radical like Hitler to come to power. So yeah it's important.
-Mike Griffin
1) Not really, at least as it is taught in the schools. I think there is a lot of misleading stuff there. People think it is about running a business or getting financial stuff in order or how government policy works, none of which is really true.
2)I think it gives you a false sense that you know something about personal finance, which is really a separate subject and discipline. Every once and while a teacher will teach you something practical like that, but it is rare.
3) Actually, the substance of economics has not changed, although the lingo is different. Let me qualify that, I think in the seventies we decided to be much looser monetarily than we are now or before that period. That was a mistake. There was also a lot of false economic justification for tax cut policy, but that is a reason to avoid economics and study politics.
1) Yes.
2) In a democracy it will help you vote wisely. Note: it will not help you be a better farmer or consumer or any of that. Economics explicitly limits itself from giving you good advice on these issues.
3) If your country was equally democratic decades ago then sure it was equally important then as now. If not, then understanding economics is still about as useful as understanding the Big Bang or evolutionary theory for the average citizen.
1) It can be if you want to make more efficient choices in your life. There are a lot of concepts like 'opportunity cost' 'sunk costs' and 'best bang for your buck' which can be applied to financial and non-financial decisions alike.
2) See answer 1. Beyond that, macroeconomics can help you understand how the world runs, and better understand your country's role in it. Microeconomics is good for understanding our consumer world and knowing the limitations and benefits of the capitalist market system.
3) It is more important now than ever. People are more busy and have to make many more choices than even 10 years ago. Globalization is creating more possibilities and dilemnas for consumers, producers and governments. A well informed citizenry is definitely a needed commodity for democracy to work, given the ever increasing role of economics on the global stage.
Peace
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1).Do you think studying economics is important?
2).How can understanding economics benefit as you prepare for life?
3).Do you think understanding economy is more important now than it was 20,30,or 50 years ago?
Thank you guys!!
Answer:
1. Yes I think it is important because it shows business what the overall market is doing. And from that information they can make decisions about whether to invest or to start a business, etc. It tells business how to better use scare resources and what the economy is demanding and how much to supply and at what price.
2. It can help you prepare for life by helping you show why the economy is acts like it does. It can inform you about what the government is doing and whether their decisions are the right one. It can be helpful when you want to invest in a market; to see if it will grow or not.
3. Understanding economic has always been important. When Kings and leaders did a bad job maintaining the economy they wouldn't be in power for long. The French Revolution was triggered by the poor economic condition. The hyperinflation in Germany after WWI allow for a radical like Hitler to come to power. So yeah it's important.
-Mike Griffin
1) Not really, at least as it is taught in the schools. I think there is a lot of misleading stuff there. People think it is about running a business or getting financial stuff in order or how government policy works, none of which is really true.
2)I think it gives you a false sense that you know something about personal finance, which is really a separate subject and discipline. Every once and while a teacher will teach you something practical like that, but it is rare.
3) Actually, the substance of economics has not changed, although the lingo is different. Let me qualify that, I think in the seventies we decided to be much looser monetarily than we are now or before that period. That was a mistake. There was also a lot of false economic justification for tax cut policy, but that is a reason to avoid economics and study politics.
1) Yes.
2) In a democracy it will help you vote wisely. Note: it will not help you be a better farmer or consumer or any of that. Economics explicitly limits itself from giving you good advice on these issues.
3) If your country was equally democratic decades ago then sure it was equally important then as now. If not, then understanding economics is still about as useful as understanding the Big Bang or evolutionary theory for the average citizen.
1) It can be if you want to make more efficient choices in your life. There are a lot of concepts like 'opportunity cost' 'sunk costs' and 'best bang for your buck' which can be applied to financial and non-financial decisions alike.
2) See answer 1. Beyond that, macroeconomics can help you understand how the world runs, and better understand your country's role in it. Microeconomics is good for understanding our consumer world and knowing the limitations and benefits of the capitalist market system.
3) It is more important now than ever. People are more busy and have to make many more choices than even 10 years ago. Globalization is creating more possibilities and dilemnas for consumers, producers and governments. A well informed citizenry is definitely a needed commodity for democracy to work, given the ever increasing role of economics on the global stage.
Peace
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