Why is it important for people to study economics?
Economics is all around us. In introductory economics, students learn about supply and demand, financial markets, monetary policy, and other somewhat abstract ideas. Understanding these and other basic economic concepts is crucial to being an informed citizen.
But students are surprised to learn that economics helps inform decisions that are important to them at a personal level. When I teach introductory economics, I always point out that, even though they may be only 18-year-old students, they already have a huge debit sitting on their personal accounts: retirement. They need to begin saving soon to offset that distant but looming debit.
Financial literacy is a big part of succeeding in life, and it’s also part of the new UConn Strategic Plan. Economics is not a course in personal finance, but there are important…
