So, let's start with a quick question.
What in the factual hell is Economics all about??
Is it a pearl of complex wisdom that is used by the banking sedulity to make tons and tons of crony capitalists??
Or is it about politics and accounts??
Indeed, though its ancient etymology defines it as “the wisdom of wealth” its meaning has expanded over time.
It’s now a social wisdom of the factors impacting “materialistic human well-being” as formally described by the Quality Assurance Agency for Higher Education.
So what??
The thing that you should pay attention to and see is the fact that “Economics borrows its values, methods, principles, etc, from multiple lores", like, sociology or law, to explain why and how people act to meliorate their well-being and wealth.
E.g.: Behavioral Economics borrows from psychology and history to anatomize how exploits made formerly may shape the future of prospects if they keep going down the same path & course of action.
This may lead to bad opinions and cause intense debates among groups of people regarding different schools of thought concerning the disciplines of the domain of Economics.
This in turn could create problems that might take a while to get resolved.
Here’s how Economists generally break down problems:
1). Abstraction: Here we break down a problem into its various factors, as any one thing has various factors impacting it, for illustration, any big business is run by numerous people, each with an important part.
2). Analysis: Here we observe formerly data, the terrain, as well as what the proposition/theory it predicts, to be suitable to probe into the question of which choices are being made irrationally and why are they being made like that in the first place.
3). Correction: Here we either tweak or remove the source of a bad choice, potentially through policy.
4). Festivity: Here we celebrate the issues and findings of the disquisition that we conducted.
So, is there any mathematics involved??
Yes!!
Although this can be a little intimidating, profitable computation is fairly simpler than the stuff being tutored to math undergraduates at the university level.
While economics deals with understanding and interpreting our society, it also falls back on concrete, numerical substantiation of what works in the economy and what doesn’t.
This will involve observing numbers (as graphs or tables) to make sure misapprehensions are linked, and not repeated.
Communism, you see, seems like a truly good idea on paper until the numbers prove that it doesn’t work in real life!!
So, if you’re thinking about majoring in Economics and have started to wonder what type of skills you will have after graduation??
Well, here goes the answer to that question.
Let’s begin!!
For starters, you’ll learn the general bits everyone does when they plan to get into any university; submitting their assignments on time (promptness), pulling all-nighters in a caffeine-induced haze (dedication and decisiveness) as well as interacting with a different and interesting crowd (where you get to witness and encounter a breadth of knowledge and perceptivity across batchmates and discuss your opinions with others and hear their opinions to the topic of discussion which is fun).
Still, an Economics Degree will help you develop a certain mindset and skillset at university in a unique way.
Now, how does that happen if you are wondering about it?
Here we go:
1). Abstraction and Simplification: You see any problem as having multiple lower factors, like the cogs and parts of a machine and how they fit in the bigger picture to build a complete conking machine. This microeconomic perspective allows you to break down any large problem into tidbites of data that can be easily comprehended and dealt with in the first place. It’s like greasing a gear to get the whole machine to work friction-free and efficiently.
2). Innovation: Discovering the problem can take a bit of creative thinking, as may casting a solution that delivers results for that problem.
3). Analytical chops: In economics and differently, you’ll know exactly what to look at when making a choice, and this will help you arrive at the best possible outcome for one and all to maximize yours and everyone else's economic welfare. Your best friend may have told you that they love to eat frosted flakes, but does that mean you should buy them too?? It’s only one person, after all, and it doesn’t amount to a general agreement.
4). Comfort with numbers: You’ll be at home with numbers, so you can easily pick up & break down anything suspicious the data tells you.
5). Economic awareness: You’ll develop a deeper appreciation and understanding of how the world works when interpreting it through an economic lens.
6). Boasting rights: Now not everyone is as lucky or smart, so as to complete an entire economics degree at any university. So pat on yourself on the back for completing this journey from start to finish I.E. "From Initial Admission & Orientation to Graduation".
Alright, now that we know what economics is about and why getting a degree in economics at a university can help you, it’s about time that we learn a little something about the nature of economics.
Alright.
Here we go:
“The nature of Economics”.
So, what do you think could be the nature of the domain of economics??
Is it just a continous cycle of transactions in XYZ marketplaces between people that produce stuff like businesses and people that buy stuff “I.E. Purchasers” or is it something else??
Economics as you see is the scientific study of the power, use, and exchange of scarce resources constantly docked to the wisdom of failure. It's also regarded as a social wisdom because it uses scientific styles to make propositions that can help explain the behavior of individualities, groups, and associations.
Economics attempts to explain the profitable behavior, which arises when scarce resources are exchanged.
In terms of methodology, economists, like other social scientists, are not suitable to take over controlled trials in the way that druggists and biologists are suitable to serve.
Hence, economists have to employ different styles, predicated primarily on observation and deduction for the construction of abstract models.
As the social lores have evolved over the last 100 years, they have become increasingly specialized.
This is true for economics as well, as witnessed by the development of multitudinous different strands of exploration including micro and macroeconomics, pure, artificial, and financial economics.
What links them all is the attempt to understand how and why exchanges take place, and how those exchanges create benefits and costs for the actors.
Sounds interesting, right??
In short, it says that economics is the study of transactions that take place in something known as a marketplace to be able to know how to allocate the resources of a nation to be able to maximize economic well-being and welfare for all the citizens of any particular nation.
That’s it for now.
I hope everyone enjoyed this post on “What Economics is all about and the nature of an economy in general”.
Alright then, bye for now, and catch you later on another post on ICCBizNews.
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