I found a very interesting interview done by D. Murali and B. Baskar. They interviewed US-based economist and author Mr. Jared Bernstien about questions or concerns the common man/consumer should be aware of. To check out the entire article go to:
http://www.thehindubusinessline.com/mentor/2007/04/30/stories/2007043000731500.htm
"Politics and economics can get pretty silly sometimes. In American politics, if the economy improves, the President will take credit for it, much like the rooster who thinks his crowing made the sun rise. "
Mr. Bernstien stresses that the common man should know more than the basic supply and demand relationship. He feels that learning "political economics" is of more importance to us as U.S. citizens. For example: so the majority of people know that economics is about making the best choice, given a scarce amount of a certain resource...but who decides whats "best"? The government? politicians? The interview leans toward the direction that it is important to educate ourselves about the ENTIRE economy, so as to let the citizens decide what "best" implies, and not simply to leave this to the government.
"Presidents and Congress do have a great deal of impact on the course of the economy, through fiscal (tax and spending) policy, regulations, and social spending. That said, I've gotten used to politicians "connecting the dots" between their policies and economic outcomes in ways that are pretty suspicious.
Too me, I feel this may be to much to ask of the general public. Look at our voting statistics...I don't think the "common man" seems much concerned with who is in charge of our country, economy, and war...until of course it directly affects their pay cheque. The benefit of books, articles, and interviews like this is there though. If for every interview, article, and book published, ONE more person begins to understand that the power of the economy lies with us, the common man, than that is at least a start. Do you think the 'common man' needs a lesson in political economics??? Or do we let the politicians, presidents, and congress define whats 'best'?
4 comments:
i think that the american public would benefit immensely from even a minor education in economics. like they say, education is the most valuable thing one can invest in. so even if it wouldn't necessarily improve the voter turnout and let us be up to what is 'best', it would at least give people a little more human capital.
It amazes me sometimes how ignorant people are about the comings and goings of the world that affects their pay the most. Everyone should be given a crash course on basic econ and government before they are allowed to go vote. Seems like it would solve some problems with media being to swaying in the way people think.
Cool article!
Did you know that the only thing required by the state in regards to social studies is that you must be taught something about state & local government and you must be taught something about natives indigenous to Wisconsin? There's no required US History, World History, or government class.
Convincing them to require an econ class will never go through. We've tried. :)
But - it's so important. I really hate the fact that we hit no macro in this course - that you are missing out on at least half of what econ's all about, yet can technically consider yourself economically literate in a college sense if you pass the national exam.
Ah...way to get me on my soapbox, Ash. Great. :)
The "suspicion" he talks about can happen anywhere. It's incredibly easy to manipulate statistics to say what you want them to say. This is not unique to economics.
So...yes, I think everyone should have an idea on what's going on in the economy. It's sad when someone doesn't know a basic tenet like s & d. I dream of a day when I am queen...
ahem.
I think the "common man" would benefit from general knowledge of economics. Although, it is obviously difficult when we have so many citizens that do not care. By the way, thanks for all of your help and explanations. I am sure I will have more questions for you by Monday! :)
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