Getting to know our new great professor and the course was how we started. First we got to see the course syllabus and all of its content and right after that and without loosing any time our first lecture began....
Economics Way of Thinking (EWOT)
EWOT is known to be a very complex way of thinking and by saying complex I don't mean hard but long and interesting maybe. EWOT establishes that "incentives matter" in a persons behavior. Throughout our lives we get to set goals, objectives and tasks among ourselves and also being told by somebody else. It is observed that those who are moved or have the incentive in money are the ones we are willing to do more for. Bottom line: People do more for money. EWOT analyzes and describes how people's behavior are deeply influenced by these factor as well as for the opportunity cost situation.
What differences a good economist form a bad one?
Well this question was answer by a great economics named Hazlitt when he stated "The good ones take into account short and long term results of their decision" (Hazlitt) . So throughout our college journey of obtaining our economic degree as well as when we graduate as economics we will make decisions that might seen bright at the beginning but in the long run might provoke something not wanted or unexpected. And that is something that happens to a lot of economists and something we want to avoid as good economists.
Economics might or common wrong belief
There is another factor that was touched in our first lecture and is about the great might or common wrong thought that economics are money-based only or just economy-oriented. Economist do know a lot about money and world economy but they also analyse different factors since economy also studies cultural, social or even religious factors that will end up affecting or influencing economics, people's behavior and incentive and the consumer decision.
Rizzo.
-Daniel "Danny Boy" Gaona
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