Our incomes are like our shoes; if too small, they gall and pinch us; but if too large, they cause us to stumble and to trip.- John Locke
According to the authors of the highly entertaining book Freakonomics, "The science of economics is primarily a set of tools, as opposed to a subject matter". Unlike pure mathematics, science, or other subjects with strict laws, economics offers plenty of theories and suggestions on how the world functions, yet memorizing these will in no way guarantee one will become a billionaire. Economics does however offer explanations to some things we experience daily: Why do gas prices skyrocket when there isn't a shortage of fuel? Why can't the government just increase the minimum wage whenever it wants to? How does copper usage in China affect jobs in small towns of the American Southwest?
Our study of economics this year will focus on practicality- that is, we will learn things that will make us better informed consumers. We may not become millionaires or launch our own successful businesses, but we will hopefully come to some understanding of basic economics and have fun in the process. Please join me in this adventure.
Our study of economics this year will focus on practicality- that is, we will learn things that will make us better informed consumers. We may not become millionaires or launch our own successful businesses, but we will hopefully come to some understanding of basic economics and have fun in the process. Please join me in this adventure.