And they acquire the habit of confronting theories with evidence. With these tools, economics is able to shed light on many common phenomena, and help us make more sense of our ever changing world. Huge themes about which economics has a lot of practical things to say. Being familiar with modern economics therefore equips students to go out into the world, not merely as better qualified job seekers but as better informed citizens. It will help you run your life better, at work and at home.
Employers recognise that competitive advantage comes increasingly from having the human edge.
Today, more than ever before, understanding economics is of one the ways in which to acquire that edge. Economics is the study of how society decides what goods and services to make, how to make them, and who gets them . This definition does not mention markets, prices or incomes. The market economy is one way to resolve these decisions, but not how they are resolved in a monastery, in the US army, in dishwashing disputes within the home, or in communist countries. Economics is therefore the study of when it makes sense to use the market and when it is necessary to regulate or override the market.