Why do Economics?

What is Economics?

The word economy comes from the Greek for "one who manages a household". Alfred Marshall, a prominent British economist of 19th century, wrote in his textbook:"Economics is a study of mankind in the ordinary business of life".   But what is actually economics?

Economics is a way of thinking. It entails describing economic events, explaining why they occur, predicting whether they might occur in the future, and recommending appropriate course of action to policy-makers.

Why should you, as a person living in the twenty-first century, know economics? There are three reasons for that:

  1. It will help you to understand the world in which you live
  2. It will make you a more astute participant in the economy
  3. It will give you a better understanding of the potential and limits of economic policy

VIDEO: "A career in Economics.... it's much more than you think"

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