Is the study of economics still relevant today?

[Mellorando]

Economics plays a role in our everyday life. Studying economics enables us to understand past, future and current models, and apply them to societies, governments, businesses and individuals.
To understand why the study of economics is important, we first need to understand what economics is. Collins English Dictionary defines economics as: “The study of the way in which money, industry, and trade are organised in society.”
Considered a social science, economics uses scientific methods to understand how scarce resources are exchanged within society. Economists study theories and techniques useful for developing policies in government as they have a deep understanding of how to create efficiency in today’s world.
Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money. Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years.”Economics may seem obtuse in the abstract. However, it has very powerful real world implications. Specifically, according to the AEA, economics can help us answer many big questions, such as why some countries are rich while others are poor; why men earn more than women; how data can help us make sense of the world; what causes recessions; and why we ignore information that could be used toward better decision-making.
Economics Help provides several examples of times when economics come into play, including dealing with shortages of raw materials; working out how wealth is distributed and redistributed within society; determining the extent to which the government should intervene in the economy; and using principles and measures such as opportunity cost, social efficiency, forecasts, and evaluation.

 

[Jasz]

The study of economics is crucial to the development of financial and economic policies of a country. I argue that it remains relevant today as an academic discipline as well as a practical science


The study of economics encompasses our social relationships with one another, goods and services, and natural resources.

Economics provides a powerful analytical tool that can be used to identify problems and develop plans to solve them. It also is used to create systems that make our lives better socially, personally, economically and environmentally. Today we find ourselves in a world where economics may not seem relevant to us on a day-to-day basis but in reality it is.

Like the study of any other discipline, economics seeks to understand and explain the world around us. Economics is interesting because it does not dictate what should happen, but instead explains what does happen. Economics is a unique way to see the world. It can help you understand current events and predict future trends.


The study of economics has become more important in our daily lives today, as the global business community is increasingly connected, a rise in interdependence among individuals is occurring. Organizations are becoming more complex and fast-paced, necessitating changes in the ways that organizations are managed. Globalization , which is characterized by interaction and integration of people, products and ideas across national boundaries, enables individuals to draw on skills from around the world for competition and for collaboration. Technology enables globalization to occur.

 

[Caramelle]

Economic development is one of my favorite subjects because it gives us the opportunity to analyze why underdeveloped countries remain poor despite the aid, grants, or financial assistance provided by rich countries and why some countries were able to transition to being developed countries after they were given the same benefits. It helps us form theories and conclusions about issues affecting our country and the world today. Are we really helping the poor by giving them alms or dole-outs? Who actually benefits from the aid extended by developed countries? How's our performance vis-a-vis the United Nations' Sustainable Development Goals? How important is women's empowerment in our efforts to achieve economic development? Should businesses be given incentives to favor investing in labor over machines? Those topics really hit home.​

 

[PICKFORD]

It is 100% true to the study of economics is still relevant today when I was in secondary school I was taught that human wants are numerous and because of these man has to make choices and the cause of making these choices we have to make the right choices and the only way we can do this is if we have the study of economics.
Economics teaches us what sector of the economy we should focus attention on building. economic also offer help to the government sector on areas of natural resources, capital formation, growth of population, technological development, and social and political stability. Economics talks what political ideologies is best suitable for a particular country. like Nigeria we practice mixed economy and with the help of economics we are able to know how to spend our money the right way, one of the best topic about economics I love is the concept of demand and supply which is still have been applicable even till this time even in areas of budget preparation economics help both the government and private individuals to know how to budget their income in the government sector specifically it helps the government an aspect of what to produce how to produce and for whom to produce and what exactly they should produce to

 

[Kingsley]

I strongly agree that economics is still very relevant in today's world, infact the definition of the subject itself sells out it relevance for all times as long as humans will still remain on earth. Economics is a social sciences subject not purely a science subject hence it deals more with humans and human interactions, it uses scientific approach in studying human behaviours in relationship between ends and scares means which have alternative uses, when we look at that definition we will realise a whole lot. Economics looks at the needs of humans, how humans would make provision to satisfy those needs and how humans can make decisions that will benefit them and aviod wastages.

With a proper understanding of the principles of economics one will be able to manage resources at the micro level and macro level. At the micro level we are looking at the needs of the households and how they can make provisions to satisfy one's need at that level. While the macro level we will comsider every single item in the economic system like government, import and export and the likes. Economics provides us with the basic knowledge we need to manage our scares resources effectively and efficiently.

 

[Good-Guy]

I believe that Economics is one of the greatest and interesting fields you could choose. There are many financial institutions that offer many courses and degrees that could help you to become a good economist and get a good job in any company. I think studying economics is very important because economics help any country or any firm to manage their finance in an economical way. Economics is a really broad field and it has two branches:-

- Microeconomics

- Macroeconomics

Microeconomics aims to provide a detailed study and research about business organizations and even small businesses. On the other hand, macroeconomics is the study that usually helps to understand the economical structure of any state or country. It is helpful to analyze different economical issues faced by the country and help to determine the necessary solutions to solve those economical problems. I think that economics is not only helpful in matters to related to business, it can also help you to create a good budge and help you to manage it without any problems. Studying economics is not that easy because it requires you to have technical knowledge about how the financial system works. However, studying it could provide many benefits.

 

[Eva Dav]

100% it worth it. Economic issues influence our daily lives. This includes issues such as tax and inflation, interest rates and wealth, inequality and emerging markets, and energy and the environment. A broad subject, economics provides answers to a range of health, social and political issues that impact households and wider communities. Economics affects the world we live in. Understanding domestic and international perspectives – historic and current – can provide a useful insight into how different cultures and societies interact. For international corporations, understanding the world economy is key to driving success.

 

[Good luck]

Economics really determine a lot of thing in the society.it goes beyond buying and selling of goods and services.it is beyond demand and supply.Personally it helps to be able to manage the economy and how a lot of people can survive.it teaches how one can spend resources or fund.In economics money has alternative value and it must not be wasted or spent lavishly.bad spending has really affect some countries generally making almost impossible for a lot of amenities to be put in place or order.

 

[TOZZIBLINKZ]

Because economics is a social science which covers different aspects of human life and also answer some of the financial monetary and governmental related questions we tend to ask in the cause of handling , managing and using money I would say it is still relevant today . That is why in schools , college of education , and universities etc . The teaching of economics is regularly taught today . This is to fully equipped the next generation about how the society works , and how they should cope in the allocation of scarce resources in the satisfying of the numinous human wants and need , also which type of political ideology or economic system is best suitable for a particular country , and finally economics provide advice in the areas of foreign and international investment or trade .

What about the banking sector ? , With the study of economics we are able to know more about the banking sector . Like what exactly it will take the government in making the operation and services of the bank sector more effective and appreciated by its citizens . and also as private individuals the study of economics has teaches us the " scale of preference " which entails how we can satisfy our want and need in order of relative importance which is still practice up to this day .

 

[Reinow6]

Yes of course. Without Economics how can we manage or survive on this limited resources?