How to Study Economics to Understand Society

Economic decisions made by political and financial leaders have an impact at all levels of society.

The study of economics, sometimes referred to as the "queen of the social sciences," underlies any understanding of the monetary and fiscal policy of the U.S. and other nations. Economic decisions made by politicians and central bankers have an impact at all levels of society, from how easy it is to get a loan to the price of a loaf of bread. In effect, everything in society is dependent upon economics. So to truly understand a society, it is essential to study economics.

Instructions

1. Study math. Having good math skills is essential to being able to study economics. Other subjects such as history, philosophy, business and politics are useful, but without math abilities you will not be able to study economics.

2. Apply to study at colleges respected for their economic prowess. Harvard University, the Massachusetts Institute of Technology, Princeton University and the University of Chicago all have highly influential economics departments. Outside the U.S., the London School of Economics is another institution worth looking into.

3. Learn about the dominant theories in economics. Most experts subscribe either to the loosely-regulated market model advocated by Milton Friedman and his followers (the so-called "Chicago School"), or a more centralized approach supported by the likes of John Maynard Keynes. Analyze the differences between the competing theories and formulate your own opinions.

4. Follow economic developments in the newspapers. Barely a day passes without a decision being made by the U.S Treasury Department or similar body abroad. Consider how these decisions impact your local area and the people you know.

References

• NY Times: Milton Friedman, 94, Free-Market Theorist Dies
• Huppi: A Review Of Keynesian Theory
• US News University Directory: Top Graduate Economic Schools