Why everyone should know some basic economics.

Below is a great animation from RSA in which Ha-Joon Chang  (South Korean institutional economist specialising in development economics) explains why every single person should know some basic economics. He pulls back the curtain on the often mystifying language of derivatives and quantitative easing, and explains how easily economic myths and assumptions become gospel. He mentions the nine schools of economic thought which are Austrian, Behaviourist, Classical, Developmentalist, Institutionalist, Keynesian, Marxist, Neoclassical and Schumpeterian. Furthermore, he makes the point that given the complexity of the world and the partial nature of all economic theories, you should be humble about the validity of our own favorite theory. Therefore keeping an open mind about its usefulness in society.

A lot of what he talks about is in his excellent book entitled “Economics: A User’s Guide”. 

Another of his books is Edible Economics in which he uses culinary examples and stories about food to explain complex economic concepts and make them more accessible to a general audience. 

For more on the Economic Problem view the key notes (accompanied by fully coloured diagrams/models) on elearneconomics that will assist students to understand concepts and terms for external examinations, assignments or topic tests.