Friday, 7 September 2012

Econ is Easy!

Everyday life is buzzing with a billion ideas. Billions of actions, thoughts, feelings and emotions are played out by billions of people. We interact, we co-operate, we conflict and we compete throughout our lives. Our brilliant minds, analyse terrabytes of information regularly. We notice the laws and dynamics of nature and society and we go about our business without bothering too much. Science has apparantly developed from a small spark of fire to landing Curiosity on Mars. Social Science has transformed the way we think, and has carved out intellect, free and critical thinking from the clutches of our animal instinct.

The laws of gravity, the history of the Soviet Union, the notion of evaporation, the flow of rivers and the fact that living organisms can die are a part of the gigantic subconsciousness that we carry with ourselves everyday. We appreciate the advances and the efforts of people before us. Which one of us doesn't know Mother Teresa, Archemedes and Gandhi? Certain people and concepts have directly impacted our daily lives and that is why we know them, and we recognize them.

Economics, however remains in my opinion above the reach of the common people. When people hear the word "Economics" they probably begin to think about money dancing in complicated patterns or high business officials shaking hands or some very difficult mathematical theorems. Economics seems to me, out of the reach of the common people and out of their active subconsciousness. Maybe it has been displayed this way. Books on economics use complicated words such as "Marginal Product of Labour" and "Law of Diminishing Marginal Utility". I think, that economists assume that the subject cannot be explained without using fancy language and funny graphs.

It is not so. Economics is a science that brings together, a little bit of logic, a little bit of numbers, a little bit of common sense and most importantly a large bit of our everyday lives. It is a beautiful subject that has grown big and mature, and is just beginning to show the full extent of its scope in the 21st century. I want to believe that Economics can be taught in a simple and easy fashion. Can it be done? Complicated concepts such as utility maximization and envelope curves reduced to simple statements? The hardest of concepts must be made into simplest of statements. That is the mark of true insight.

Economics is for Everyone!