Eco … Nomics?

Hey guys! Welcome to my blog. I am actually really excited that you’re reading this. If you like it, please tell your friends to read it too! It’s probably a good idea to know what I’m doing first, right? I’ll try to explain it as best I can.

I am an International Business and Economics major at university, and I thought it would be beneficial to me to learn about economics outside of the classroom. What better way to do it than to share it with all of you? Now, here’s my disclaimer: I am only learning economics, I am by no means a professional, or ever claim to know everything. I want to experiment with economics. Because what I learned in my first economics class was that economics does not equal politics, and that really meant a lot to me. Because before that I really believed economics was just what people squabble about on TV without ever doing anything about the real problems. Then I realized economics is not like that. I’ll get into more nitty gritty detail later but for now the best way I can explain what I want to do is by saying this:

The word economics comes from the Greek language meaning, rules (nomics) of the house (eco). In other words, economics is a set of rules that we apply to our environment. In our day to day environment the most commonly used tool to build that environment is money. Therefore we assume that economics is all about money. (That is how it works in my mind anyway.) So how can I make economics personal? Let’s again take our environment and shrink it down to just you. Yes, yes you still need money, but in your own personal environment I would argue that money = time. Why do so many people go out to eat when they can eat more cheaply and have a more relaxing time at home? It’s because they figure the time it takes to cook is not worth it. Therefore both money and time have a worth attached. In later blog posts I will talk about how I will use time and money for my personal economics in interesting ways.

Some thoughts to get us started: Why do we spend more money on clothes than what goes on our skin? Why do we spend more time being stressed because we didn’t do something, instead of doing it? Why go out to eat, spend so much money on food, and then become stressed by the quality, service, you could have cooked it better, etc instead of planning out easy and more health and relaxing meals at home?

We spend so much time criticizing the world around us for it’s economic problems when we do nothing to solve our own. The change needs to start with us.

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