Why Study Economics
Why Study Economics
Many times in life we are presented with situations that can alter the way we view things and as a result may alter our decision making process from time to time. The ever-changing global economic situation is one such factor that does affect the way people live their lives from day to day since survival has now become the order of the day. We now have to be better able to evaluate our absolute advantages versus our comparative advantages. Governments, businesses and people can no longer solely rely on the many traditional methods in trying to cope with the many complex issues that we do face in today’s world.
Because of this fact, there has been an increasing demand for more professionals especially economists who are highly trained. Economists do play a significant role in helping others who aim to find solutions in dealing with the realities that are currently threatening the wellbeing of many people throughout the world. When we can fully understand and appreciate the role that each person plays within the economic system, then we will certainly have a much better appreciation of the economic process.
Upon completion of my studies, I do intend to fully utilize the knowledge gained from your institution in a positive manner. It is my intention to become a lecturer of economics in some capacity and at the same time help others to better understand the many economic concepts. I do intend to offer my services in any area of government where I can make a positive contribution and I do want to explore the possibility of serving in some capacity at the World Bank.
I do see that if given the opportunity to work at the World Bank, I will be more exposed to many economic models and will better understand the mechanisms that affect the different economies throughout the world. The reading and discussions of various aspects of economics is a natural occurrence for me since it does influence many of the decisions that I make in all aspects of my life. I find that whenever I do attend social gatherings I am often engaged in discussions that are predominantly centered on economic issues.
With this in mind, I am always on a quest to enhance and further develop my economic thought by keeping abreast of current happenings throughout the world. I see economics not as a meal ticket to make a lot of money, but rather as a tool that will help me to better understand many of the decisions that people, governments and companies make from time to time. In life, no decision is ever easy to make because it usually involves deliberating on options that will ultimately cause us to give up something in order to achieve a desired or reasonable outcome.
Over the years, I have been relatively fortunate to be able to review and analyze the works of many renowned economic minds. I do find many of these publications to be rather enlightening and they have all contributed in many ways to my thought process and reasoning abilities. One such work is that of the premier treatise on economics written by Adam Smith, “The Wealth of Nations” which is still very much relevant today within the economic world even after two hundred years since its first publication.
Without a doubt, this great work continues to serve as a constant source of reference for me whenever I am uncertain about certain economic issues that may present themselves. One thing that stood out clearly in this distinguished work of Adam Smith during my college years was the concept of the “invisible hand within the economy. ” This school of reasoning is still very much alive in all capitalist states within the world as most economies are allowed to operate within an open market environment.
University/College: University of Arkansas System
Type of paper: Thesis/Dissertation Chapter
Date: 3 January 2017
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