1 / 7

Understanding Economics: Separating Theory, Bias, and Reality

This course provides a comprehensive introduction to economics, addressing common misconceptions about its nature and application. We'll explore whether economics is synonymous with politics, philosophy, or just theoretical constructs. Emphasizing the importance of separating bias from reality, we'll engage with real-world data to better understand how the economy functions. By applying economic principles to both the US and assigned countries, students will learn how to navigate complex economic issues while recognizing the impact of their biases.

liesel
Télécharger la présentation

Understanding Economics: Separating Theory, Bias, and Reality

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Introduction What’s Coming Up in this Course?

  2. What is economics? • Is it the same as politics? • Is it a philosophy? • Can you separate bias from reality? • Is it just theoretical (a bunch of graphs or equations)?

  3. Is economics just politics? • Answer: No • Unfortunately, this is promoted by media (blogs, talk shows, etc.) • Many people like to have their views rubber stamped instead of understanding how things work • Some economists let their biases guide their perspective (government is always evil or government intervention is always good)

  4. Is economics just philosophy? • Answer: No • This is related to the previous question • It’s OK to have a consistent perspective or philosophy (eg., smaller government is preferable, etc.) • If your ideology keeps you from understanding reality, there’s a problem

  5. Can you separate bias from reality? • Answer: Yes • Understanding core economic principles helps you understand reality and better “apply” your biases • For example, if your bias is against government intervention, understanding the costs and benefits of intervention in a particular situation may help you determine whether your bias is appropriate

  6. Is economics just theory? • Unfortunately, many economists get caught up in the elegance of theory instead of applying it to reality • Non economists may appreciate systematic or logical reasoning, but only if it helps to understand the real world • Getting bogged down in graphs, equations, etc., may distract from understanding how the economy operates

  7. Approach of this course • Examine real world data to understand how the economy works • Provide reasons why the economy works the way it does • Use the US economy as a basis, but each team applies concepts to an assigned country

More Related