Why do we need to study economics?

From a personal perspective, the study of economics has provided me with a systematic framework for analyzing, researching, writing, and teaching about a wide array financial and regional economic issues. Economics has provided me with a methodology for understanding and making sense of our complex environment. read more

Economics is the study of how societies, governments, businesses, households, and individuals allocate their scarce resources. Our discipline has two important features. First, we develop conceptual models of behavior to predict responses to changes in policy and market conditions. read more

Indeed, economics is an important subject because of the fact of scarcity and the desire for efficiency. Samuelson and Nordhaus also provide some insights into the role of economists in Chapter 1 of their book. read more

An in depth study of economics will help you correlate income and expenditure in such a way that your life will become more organized. Without a clear understanding of this subject we cannot foresee the potential financial problems that we may have to face and make several wrong investment decisions. read more