Aim of this Site: To encourage sound decision making through the use of economic study and applications.
The aim of this site is to encourage sound decision making among individuals through the application of economic principles. This site will discuss economic principles, models, issues and their daily use in decision making.
Jamaica needs more individuals with the mind of an economist. This is because a study of economics improves an individual’s decision making and analytical skills. In a nutshell, Economics is the study of how individuals and firms use their scarce or limited resources to accomplish their goals. The individuals’s goal is satisfaction (or utility) and the firm’s goal is to make a profit. In other words, Economics examines how individuals and firms make trade-offs. On an individual level, we have to make many trade-offs daily. However, many individuals do not possess adequate knowledge or skills to make decisions that will be beneficial to themselves and those around them.
THE PLACE TO START…
Based on this observation I am making the following suggestions:
- Economic study should be introduced at the secondary level in schools This is the time students start making important decisions relating to career or field of study, higher education vs work, sex vs abstinence, and also relationship choices. These are all important decisions that should not be taken lightly. Many students don’t have all the necessary information or family support to make wise choices in these areas. It would be good to equip students with a framework for making such decisions. The basic principles in Economics will help students to carefully weigh the opportunities available to them so that they can choose the best alternatives at all times.
- University Students should be encouraged to take at least one Economics course Each individual make choices daily that require making trade-offs. A basic knowledge of economics improves decision making skills, increases awareness of local and international economic issues and helps individuals to make informed votes.
- The average Jamaican should read to acquire an understanding of economic issues. I encourage each Jamaican to read to acquire a basic knowledge of “The economical way of thinking”. It is one way to move the country forward.
Your ideas and comments on this article are welcomed. You can also suggest topics that relate to Economics for discussion.
Author: Shauna Lowe