Economics is believed to be a very difficult subject and concept to grasp and thus very few people can stand it much less like or love it. The Praxis exams that teachers must pass in order to earn certification to teach a subject in high school are not hard. But the economics test is by many standards the hardest if not by far the hardest. I took it two weeks ago. I agree and I know a lot more about economics than most people and in fact most economics teachers even those who have been teaching it for years.
When we teach economics we teach the complicated parts of it first and try to apply it to real life. That is not the correct method. It confuses people and they quit and lose interest. Economics is not the study of graphs and big words like so many teachers teach. Call me a conspiracy theorist but sometimes I wonder if that is done on purpose by our education establishment. You say why would they do that? The more economics you understand the less government and bureaucracy you like. Our education system is exactly that in fact and thus most economist hate the way our education system is ran in the U.S.A. The less you know the less you will hate it.
Economics is simply the study of the efficient allocation (spreading out) of scare resources (obviously there is not an unlimited supply of stuff) which have alternative uses (those resources can be used on different things). That is not too complicated. It simply says this: When a resource or good is used for X, just because a benefit comes about does not mean it is the most efficient allocation of that good. If 100,000,000 million dollars is spent on teaching sex education in schools and the pregnancy rate drops 1 percent with very little if any drop in STD's most would say "just one life is worth saving!" "There is not price on life." That is not true. The cost of 100,000,000 million dollars spent on Sex education is not 100,000,000 million dollars. That is paper representing value. But the "COST" is that thing in which you did not spend the 100,000,000 million on that you could have if chosen. In other words if the 100,000,000 million could have hired more police officers or built more prisons to house sex offenders and thieves and murders, how many more lives could have been saved or helped than it being spent on sex education?
Many economist are considered "uncompassionate" So many are in fact that the phrase "compassionate conservatism" is used today by many politicians who want republicans and conservatives to care more about people like say liberals do. But it is the economist that cares more because he wants the most people to benefit from the money spent.
I love economics for many reasons. One reason is that I love I just absolutely love.... being right. LOL Most of my friends would argue that I always think I'm right. I can't argue there that is an accurate assumption about me. But so does everyone else believe that their always right. But economics opens the window for knowledge that can only be grasped through economic analysis. I have learned more in the last four years about society than I did in the first 22 of my life. Economic analysis is what I use to make most of my opinions.. and because of that... I believe I am right usually. It is not being cocky... it is economics that allows for it.
P.S. If you want to understand economics buy just two books. I promise they are easy reads and this complicated subject will be made much easier.
Basic Economics by Thomas Sowell
Applied Economics by Thomas Sowell
You will understand economics and your views on so much will change I guarantee it.
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