Many people think that studying economics involving interpreting complex chats, table’s statistics and doing endless calculations. However, contrary to this popular myth, economics is simply a study concerned with rational behavior of human beings in their endeavor to satisfy their needs. In any social setting, one may find himself/herself having very limited resources, which must satisfy their unlimited needs. Consequently, one has to make a choice with their resources and decide which need to satisfy first. For instance, one will pay their rent first before buying extra clothes or will buy food before purchasing the newest car in town. Economists are particularly interested in the choices people makes in such situations. For instance, they seek to know if a person will still buy bar of chocolates after the prices increases by $ 3 per bar. In essence, economists examine how human beings and the society in general respond to material limitations and understanding how economic factors balance in currency trading. The subject assumes that human beings aim to satisfy their needs all times and each person makes rational decisions in their effort to satisfy the unlimited wants. Therefore, economists study the behavior of people based on their personal interests.
Economics as a Dismal Science
Economics can be viewed as a dismal science, which analyses the interaction of certain aspects in the society. In one of his articles in Quarterly Economics journal, Christian Broda, a renowned economist on valuewalk examines why some countries continue to prosper while others lag behind in poverty. He argues that, the manner in which a country allocates its resources determines whether its economy will grow, stunt or deteriorate. He adds that, when the economy of a country fails, the result should be attributed to the incompetency of the economists working in the government.
Broda is an experienced professional in the sector of economics. He graduated from the San Andreas University with a bachelor’s degree in economists and went on to work in Chicago University as a tutor in the economics department. He has served as the Chief International Economist at Lehman Brothers. He also worked as the president of International Research at Barclay’s Capital Group, Federal Reserve Bank and Columbia University. He serves as a faculty member for the National Bureau of Research in Economics as well as the associate chief-editor of the Development Economics Journal.
How to Prepare For Economics Degree in the University
The students who aspire to pursue economics as a career should prepare themselves by reading economic journals and articles. The information gained will give them an edge over those who do not, particularly when writing their first assignments and essays. They should also read the books listed by their lecturers on the course outline for more background information.
Economists apply economic policies in real estate, natural resources, environment, transportation, agriculture, energy, and finance. These are key sectors in the economy of a country. They use the knowledge on economic relationship to guide the sectors on appropriate steps towards improving the economy of a country.