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August 8, 2017

Why should you learn Economics even if you are an astranout?

Hi guys,

I’ve been teaching Economics in Shanghai, China for 4 years . Throughout this time, I can clearly say that China is one of the countries that highly focuses on the international education in the developed cities. This amazes me every single semester. China has A level, AP Level, IGCSE and IB Programme that focus on university courses in high school that will help them apply for top colleges.

In the first year of these programmes, Economics and Business Management are compulsory classes as well as attending to Economics and Business Manegement international competitions. Based on that, students starting from their high school studies are able to apply the tools they’ve learnt and started to think as economists which has a huge advantage when you compare them with students who have never studied Economics before.  All of my students here went abroad by taking 6-7 grades (7 is the highest) from their IB exams. Yes, that’s a tough thing to do in their age, studying non-stop but hardwork pays off and it is absolutely amazing to have proper economics discussions with high school students early on.

But why studying Economics is very important?

Let me break down the answer in 3 parts:

1. It helps you become a better decision maker by considering your options, opportunity costs, margins as well as incentives that have huge impact on our behaviours.

2.By knowing what lyies beneath your decision making process, you’ll be able to understand the market dynamics based on demand and supply, as well as knowing what causes market failures and what kind of policies are justifable based on efficiency or equality to fix market failures.

3. Being able to analyze your economic surroundings will give you the advantage to act fast without getting lost thinking of what all those changes mean.

We cover these three parts in our course, “Economics in 10 principles” and more courses will come so we can dig deeper one by one.

When you step into your professional life, thinking like an Economist will save you from making major mistakes. Wheter you are an entrepreneur or an engineer, no matter what you do, Economics broaden your perspective on your personal, academic and professional life.

Don’t worry if you have never studied Economics or already forgot and need to refresh your knowledge, thanks to the online education improving day by day, you’ll be able to study Eonomics online whereever and wheneever you want.

Even astranouts value Economics education as you can see from Col. Eileen Collins, NASA Shuttle Commander. Here are some of the well-known people around the world who have studied Economics and if you know more, please leave them in the comments below.

George H. W. Bush, Former US President

Ronald Reagan, Former US President

Gerald Ford, Former US President (University of Michigan)

Yuliya Tymoshenko, Prime Minister of Ukraine (Dnipropetrovs’k State University, Ph.D.)

Viktor Yuschenko, President of Ukraine (Ternopil Financial and Economic Institute, Ph.D.)

Geir H. Haarde, Prime Minister of Iceland (Brandeis University)

Arnold Schwarzenegger, Body Builder/Actor/Governor (University of Wisconsin)

Kofi Annan, Secretary General of the United Nations (Macalester College)

Sandra Day-O’Connor, US Supreme Court Justice (Stanford)

Lionel Richie, Singer/Songwriter (Tuskegee University)

George Schultz, Former US Secretary of State (Princeton; MIT Ph.D)

Steve Ballmer, CEO, Microsoft (Harvard)

Ray Manzarek, Musician; The Doors (DePaul University)

Col. Eileen Collins, NASA Shuttle Commander (Syracuse University)

Meg Whitman, CEO, Ebay Technologies (Princeton)

William Harrison, Jr., CEO, JP Morgan Chase (UNC-Chapel Hill)

Peter Vidmar, Olympic Gold Medalist Gymnast (UCLA)

Sadie Tanner Mossell Alexander, First black woman to be awarded a Ph.D. in the United States, and it was in economics from the University of Pennsylvania.

Donald Trump, Real Estate/TV Mogul (University of Pennsylvania—Wharton)

John Snow, US Secretary of Treasury (University of Virginia, Ph.D.)

Paul Newman, Actor (Kenyon College)

Cate Blanchett, Actress (Melbourne University)

Ben Stein, Actor/political speechwriter (Columbia University)

Ernesto Zedillo, Former President of Mexico (Yale University, Ph.D.)

Carlos Salinas de Gortari, Former President of Mexico (Harvard University, Ph.D.)

Janez Drnovsek, Prime Minister of Slovenia (University of Maribor, Ph.D.)

Ruud Lubbers, Former Prime Minister of The Netherlands (Netherlands School of Economics

Duck-Woo Nam, Former Prime Minister of South Korea (Oklahoma State University, Ph.D.)

Billy Kidd, Professional Skier (University of Colorado)

Lara Dutta, Miss Universe 2000 and actress (Bombay University)

Warren Buffett, Financier (Columbia School of Business, Master’s in Economics)