Many students enjoy the study of economics for its own sake, but is it profitable even if one does not find it directly appealing? Economics is indeed a necessary and fascinating study in its own right, and one which cannot be neglected by a serious individual. In taking this ECON 101 class, I was unsure at the outset what to expect, but I soon centered on one key idea which struck me throughout the duration of my learning: how deeply one’s daily life is affected by economic phenomena. While it can be easy to view economics as an extraneous area of study outside the scope of daily life, which does not exert a strong influence on one’s personal life, this could not be further from the truth. In reality, one’s personal life and decisions are deeply tied into the economic concepts and ideas which I encountered during my studies and beyond.
One example of the way in which economics interacts with individual life is in the use and development of one’s own resources. While many may inherently understand resources as raw materials on a grand scale, the concept of resources and wealth applies to all individual property owners. On a personal level, the wise and Christian use of one’s resources often comes in the form of making decisions regarding intimate things such as one’s money, skills, land, and time. Without a sound understanding about how individuals engage in human economics and society, it can be difficult or even impossible to effectively steward one’s resources as God commands all Christians to do in Scripture, for example in Genesis when He instructs the human race to care for his creation, which is described as inherently good.
Another strong instance of the importance of personally understanding economics lies in its larger implications for society at large. All Christians have a duty to their country and to their fellow man, and one way in which this manifests is ensuring that they have an active role in the political and economic well-being of their communities. Studying the economics and decision-making processes behind a community’s economy, whether on a national or more personal level, is vital in order to participate in society as a well-educated and effective member, from every politician and elected official down to the average voter and citizen. Without a well-informed populace, a community cannot have a healthy and functional economy, nor can it be productive, dignified, and happy.
While daily living contains countless instances of economic decisions and influences, the significance of learning sound economic theory cannot be overstated. In order to make prudent personal decisions, develop one’s resources efficiently and morally, and help others to do the same, it is vital to pursue a truthful and effective grasp of economics. The influence of a well-educated citizen upon the others in their community has an outward ripple effect which provides for an equally well-educated and healthy public life. The study of economics is necessary for a well-rounded and true education which brings the fullest wisdom, potential, and spiritual formation to every human being and cannot be neglected.
I liked your post. One thing that I found to be very insightful was when you stated that, "The influence of a well-educated citizen upon the others in their community has an outward ripple effect which provides for an equally well-educated and healthy public life." It makes me think back to my earlier years when I was in high school. Both economics and consumer math were electives in my high school. I took both and thought to myself while taking them, 'Why are these electives? Wouldn't the whole of America be better off if they were required to know at least the basics of what makes the world go 'round?' It shows these days that many don't realize how things work in this world by the people who watch The Wolf of Wallstreet and believe what is said, then proceed to blame the rich for why they are poor.