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My Philosophy in Learning Economics

By xocolat17 Feb 13, 2012 534 Words
“True individual; freedom cannot exist without economic security and independence. People who are hungry and out of a job are the stuff of which dictatorships are made.” -Franklin D. Roosevelt

Economics assume that people have wants and needs, and then study how societies are organized to supply them, trying to establish whether one method is better than another. Economics studies human welfare in terms of the production, distribution, and consumption of goods and services. While there is a considerable body of ancient and medieval thought on economic questions, the discipline of political economy only took shape in the early modern period. As for my mentor have said, we have learned economics from time to time, not knowing it is what it was, we are just not aware of it.

Economics therefore is a call for my mind and only thought. For the economist, who were more likely to assimilate concepts and methods from physics and biology than from sociology or psychology, take topics that have traditionally been in other social sciences, such as voting, crime, marriage, and the family, and model them in terms of utility maximization. The differences between economics from other social sciences is that it study of human society and social interaction as a whole, it takes the broad approach to helping us understand the different societies in which we live, other social sciences dig deeper into specific areas of our social surroundings. Economics predicts whether we can afford something or not, whether the benefits of some project will outweigh the costs. It measures both the costs and the benefits in pesos, pounds sterling, euros, dollars, or whatever kind of money you like. Its predictions are very important. They decide what we can afford and what we can afford, and we can do the things it says we can afford. What's perhaps worse is that we must do the things we can't afford not to do.

I learn that every individual neither intends to promote the public interest nor how much I am promoting it. I intend only my own personal security, my own gain. And I am led by an invisible hand to promote an end which was no part of my intentions. By pursuing my own interest, I frequently promotes that of society is more effectively than when I really intends to promote it. Concepts of economics taught me that individuals are always in seeking profits firm produce goods but “lies, and economics” would be an even sharper observation.

Economic predictions do have a very good record. It was often wildly wrong as it is anywhere near right. I continue learning the essence of economics through living what I have started knowing entirely dependent about future interest rates and future inflation – indeed, not simply general inflation, but the future behavior of particular prices dependent in benefits. I affect others in learning economics maybe by encouraging them that it is not hard to know these things because before it is taught by educators, we simply knew this learning in simple ways intentionally living it provided, with few knowledge not knowing the general terms.

There is never enough of anything to satisfy all those who want it.

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