How to Study International Economics

The trend in modern economics is towards a large global marketplace, in which products, investment capital and labor cross international borders at greater rates than at any time in human history. The realities of the modern global economy make an understanding of international economics important for anyone, especially a student interested in a career in business or government. Be advised, however, that international economics is not an easy subject and that learning the material requires foundational knowledge of basic economics, as well as focused study and attention to world events.

Instructions

1. Complete one basic course each in microeconomics and macroeconomics. Undertaking a study of international economics without a solid foundation in the basic principles of economics is like going to college without completing elementary school. Most local community colleges offer introductory economics courses at tuition rates lower than those charged by many four-year colleges and universities. Microeconomics emphasizes the actions of individual households and firms, providing an understanding of such issues as supply and demand, consumer choice and price theory. Macroeconomics studies the workings of an overall economy, emphasizing such issues as gross domestic product, inflation, trade and fiscal and monetary policies. You need a firm grounding in the basics before advancing to the complexity of international economics.

2. Expand your understanding of the world at large with some online research. The CIA World Factbook is an excellent, user-friendly source of information on the nations of the world, their politics, governments and economies. Economics and politics do not exist in separate spheres; rather, economic events shape elections and government policies, while political events have economic impacts. Learning more about the economy and politics of other countries will allow you to apply the information you have learned in basic economics, as well as enhance your understanding of international economics.

3. Enroll in an international economics course at your local college or university. Be sure to attend classes regularly, take copious notes during class lectures and keep up with reading assignments. You should also consider forming a study group with other students in the class. Economics classes can involve extensive reading, as well as homework assignments that require rigorous mathematical calculations or statistical analysis. Working with a study group enables all of you to help each other and master the course content.

4. Stay abreast of world political and economic events by reading publications that report on these matters from a global perspective. The Economist magazine and the Financial Times newspaper, both based in London, are excellent, respected sources for coverage of political and economic news from around the world. Keeping up with these events will deepen your understanding of international economics and help you apply the information learned in your class lectures and assigned reading.

References

• The CIA World Factbook
• The International Economics Study Center

Resources

• The Economist
• Financial Times