About this blog:
When people ask what I studied, I tell them economics. They usually get a blank stare on their face, and ask me what that means. They ask if I mean business or finance. This is my chance to introduce them to my subject, so they can see how fascinating economics is. So they understand how important it is to their everyday lives. Despite my enthusiasm, five minutes isn’t long enough to convert anyone into lifelong economics followers or fans. That’s part of the reason I made this website. There will be much to learn here!
We’ll start with this: Economics is the cost-benefit analysis of every decision you make. It concerns every part of society and situation in life. It’s not just about crunching numbers, or plugging data into formulas and making fancy graphs. This is a misconception.
Understanding economics is vital to improving our society, now more than ever. Our society would function better if politicians had a stronger understanding of basic economic principles — and if they weren’t susceptible to lobbyist money, of course.
A formal economics education can truly make or break how you make decisions. Neuroscientist Dario Nardi recently found something fascinating about trained economists. He did brain scans on subjects while asking them some basic decision-making questions that deal with money. The economists were the only ones who tapped into a specific brain region, while everyone else “relied on various regions that suited their ad-hoc struggles.”
So economics training is powerful! After reading some of my articles, maybe you’ll be better equipped to start thinking like an economist.
Economics isn’t all straightforward logic either. It’s a complex, intricate art. You must understand people’s beliefs and hopes about the future, human nature, and a country’s culture and values. A mistake many economists make is that they see historical patterns as the gospel, thinking that these old facts will predict the future. This is why so many economists wrongly predicted a quicker recovery after 2008. They didn’t take our changing reality into account.
I’ll mainly write about American issues, because that’s what I know. Also, most major news networks can’t say certain things. They receive most of their advertising revenue from big corporations, so are afraid to report negatively about them. So don’t kid yourself, even the “neutral” ones are definitely biased. This is another reason I’m here to help — so someone talks about these issues.
I sincerely believe that there is something here for everyone, no matter your background or career.
Examine and consider some of these vital issues, because it’s important to our future well-being as individuals and as a society. This is the stuff that keeps me up at night. Enjoy!