In the last year I have cultivated an interest in the study of economics. When I mention this to people the reply is often related to making money in the stock market, investing capital, or some type of financial management. It is not common knowledge that in centuries past economics was not a discipline connected with business or finance. In most colleges economics was classified as a social science and more closely related to political science, sociology, or anthropology.

Economics is the basically the study of how people perceive value, and the system(s) used to obtain the things that are valued. It is the study of utility which means “the state or quality of being useful; usefulness”. (Random House Unabridged Dictionary, 2006) Whether the use is to find happiness, health, purpose, peace, pleasure, or security, economics has its hand in every cookie jar.

Read this intro from Economics in Six Minutes by Fred E. Foldvary. “Economics is the science of utility, which includes people's preferences and the satisfaction and importance they subjectively derive from goods. Desires are unlimited, but people get less extra value from more and more units of the same good.” Understanding the basic concepts in this article is more than most business students remember the week after they finish their Econ 101 final. Mr. Foldvary gets a little preachy at the end, but generally he is right on point.

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