I know what you’re saying: economics is boring. It’s all money, and statistics, and the class you slept through at college. Demand and supply, elasticity of demand, it goes on. Lecturers and professors generally aren’t the most engaging teachers. I’m thankful to my high school economics teacher for showing me how practical economics is. And my career now thanks me for her passion.
Why Should I Learn Economics?
Despite what you may think, marketers apply economic theory daily. Yes, daily. You’re wondering what the impact of raising your prices will be? That’s elasticity of demand. Why the price of raw materials goes up during shortages? That’s scarcity impacting the supply/demand equilibrium. What caused the price of Marmite to rise after the Brexit vote? Currency sterilization with some behavioral economics mixed in.
A basic knowledge of economics helps you make decisions intelligently. It also helps you decipher world economics, making you look smart at dinner parties. No really, understanding current world economics is what prompted me to find a fun, easy to understand economics resource. On my soap box: I feel knowing the basics would stop a lot of the confusion going on. Oh, did I mention I’m now a US citizen? It’s been frustrating watching my adopted country suffer because the citizens didn’t understand enough economics to know how impossible the presidential candidates’ promises were (and still are).
Have I ever written a post without going off on a tangent? Sorry! I don’t mean to.
So, economics. (I really am sorry).
Where to Learn Economics
Crash Course has made an amazing video series explaining economics. It’s fun, professionally-presented, and in bite-sized bits. It’s presented by Adriene Hill and Jacob Clifford. Adriene explains the real life applications. Jacob Clifford is a high school economics teacher and YouTuber, he explains the theory.
I’m currently watching the video on specialization and trade. It explains why countries need to trade with others. Knowing specialization helped me when I was running a mail house for a direct marketing agency. Of course, we were only working with two countries, but the production line concept made us more efficient. Deficits and debts get explained, monetary policy, globalization. It’s all there. Well, here too.
My original protest against the populism movement was to create a series of content pieces explaining economics and marketing to try and increase education levels to decrease the knowing and not-knowing which prompted Brexit, Australia’s racism, and the election of Trump. Crash Course has already done it for economics. If you’d love a marketing series, please let me know.