Why I (common man) should know economics

During my MBA studies, my friend attended an interview for the position of Sales Manager and the interviewer asked a simple question about GDP of India which he couldn’t answer. After the interview he came out and laughingly said that what’s the relevance of GDP in the role of sales.

Students consider economics as one of the boring subject to learn. Half of my class seemed to be absent because they could not understand the jargon’s in economics…

Students study the economics to get merits in the subject and not understand the relevance in their life. There is a perception among people that economics is a subject for professors and economists.

Years after year’s studies have found that people get involved in the economic affairs after they face crisis and before that it’s the subject of scholars. Why to wait for crisis to understand the subject.

Why it is important to know about economics because

1) When I look for a job in the market, the availability of opportunities is determined by the industry.

2) When I go to market to buy essential commodities, the prices is determined by the inflation/ deflation of the goods.

3) When I invest in stock market, the direction of the stock prices is determined by the economic as well as industry factors.

4) When I go to a park, I see spending by the government for public welfare.

5) When I want to invest in Fixed Deposits, the interest rates are determined by the monetary policy determined by the Central Government.

6) When I want to start a business, I see policy set for industry vertical.

7) When I travel by expressways, I can see the Government investment for better inter and intra regional connectivity.

8) When I cook food, I use a cylinder which is subsidized by the government.

9) When I travel by my vehicle, the prices of the petrol/ diesel is determined by the international crude price.

10) When I watch news, I see my Prime Minister having talks with the neighboring countries for better future.

Economics is a part of my (a common man) life and not a subject to get grades for passing the exam. It’s a subject to understand and analyse and ask question “Why”?

No one is going to ask about the jargon’s of economics but everyone has to understand the impact of economics in our life.

Your views is highly appreciated.

My email id- sisir9788@hotmail.com

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