Is the study of Economics relevant?

The study of Economics is struggling to keep its relevance in today’s world while discussions continue on how to keep the field relevant . This is because today’s economists appear to lack the skills to accurately forecasts economic events accurately. How is it Economists cannot predict an economic crash? Everyone asks. People seem to think that Economists do not know what they are talking about.  Despite the many challenges with this field, Economics is relevant for the following reasons:

  • Economics provide a valuable framework for individuals, societies and firms to make good decisions. Almost every problem can be analyzed from an Economic angle.
  • Economics provide a scientific approach to face the changes and challenges of life. Change takes place daily and Economics provides principles and methods to approach them.
  • Another important reason Economics is relevant is that it analyzes common problems such as unemployment and inflation. So although there are challenges with the field, it is relevant because of the kind of issues it addresses.

So it seems that it is in our best interest to work on or hope for advancement in the field instead of labeling it unnecessary.

 

Author: Shauna Lowe

 

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