Why study economics?
Economic decisions are central to societies, firms, governments and individuals
Our lives are dominated by our economic situation. Some people are rich; others are poor. Some people have good jobs; others just get paid minimum wages; others are unemployed. Some people spend their money wisely; others waste money.
We are also affected by government economic policy. Governments choose how much to tax us and in what way; they choose how much to spend and on what. They try to manage the economy to achieve economic growth, falling unemployment and a stable financial system; but political parties often disagree on the best way to do this.
Economists advise governments, firms, charities and other interest groups on how best to achieve their objectives. Their advice is crucial to good decision making: to making the best choices between alternatives.
But to give good advice requires understanding issues and assessing evidence. Studying economics helps you to do this – to become a better problem solver.
Being good at analysing and solving problems makes economists employable. In fact, graduates who have studied economics are highly sought after by employers and can command high salaries.
This book looks at the key economic issues of today; from economic growth to recessions and unemployment; from trade to Brexit; from wages and employment to inequality and poverty; from producing more to caring for the environment; from competition to the domination of markets by powerful firms; from government spending more on what we need to tackling budget deficits.
The book is full of case studies and examples and opportunities for you to reflect on your learning. It helps you to develop the skills and knowledge to make you a more effective employee and a more informed member of society.
Economics is exciting and relevant to us all – as you’ll discover in the pages of this book.
John Sloman and Dean Garratt