What is and why should you study economics?

Economics is an independent science. That does not mean we experiment, calculate and deliver results. It means it is another way to view the world. You will not and cannot use it in every situation, but it can be used in many scenarios. A physicist cannot do everything using physics, chemist cannot see everything through chemistry and an economist cannot use economy on everything. But it helps you view the world as it is and as you cannot build a bridge without any physical knowledge, you cannot become wealthy without any economic knowledge.

When people hear the word “economy” or “economist”, they usually think of someone who is greedy and cares only about money. While some people like this might exist and might want to study economics, this is not true. Economy is for everyone – and I mean everyone. Economy does involve a lot about money, but it is not only about money. It is a study about how people make exchanges. That does involve money exchanges, like a broker exchanging 100 stock shares for $500 dollars, but it also involves other exchanges, like a missionary exchanging his time to go to a place where nobody has ever seen a Bible and talking to the residents there.

“Economics deals with the real actions of real men. Its laws refer neither to ideal nor to perfect men, neither to the phantom of a fabulous economic man nor to the statistical notion of an average man. Man with all his weaknesses and limitations, every man as he lives and acts, is the subject matter of economics.”

– Ludwig von Mises, Human Action

There is your answer. You should study economics because it is not only interesting, but useful and it can be used by anyone.

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