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:
- It will help you to understand the world in which you live
- It will make you a more astute participant in the economy
- It will give you a better understanding of the potential and limits of economic policy
View the Chair's Welcome Message