Economics Should Be a Required Class in School by Andrew

Economics Should Be a Required Class in School by Andrew - January 2023 Scholarship Essay

Economics is the study of how societies allocate scarce resources among competing wants and needs. It is a subject that has the potential to provide students with a valuable understanding of how the world works and the many complex factors that shape the decisions of individuals, businesses, and governments. Despite its importance, however, economics is often viewed as a "soft" subject and is often not required in most high schools or universities. In my opinion, economics should be a required class in school, as it can provide students with a valuable understanding of the world they live in and the decisions that shape it.

One of the key reasons why economics should be a required class is that it can help students develop critical thinking skills. Economics is a subject that requires students to think about how different factors interact and how decisions made by one group of people can have ripple effects on the entire economy. This type of thinking is an important skill for any student to have, as it can help them analyze and understand the complex issues that shape the world around them. Additionally, economics is a subject that can help students understand how to make decisions about how to use scarce resources. Since resources are always scarce and there are always competing wants and needs, learning about how to use scarce resources efficiently is valuable skill for any student.

Another reason why economics should be a required class is that it can help students understand the functioning of markets. Economics is a subject that can help students understand how different markets work, such as labor markets, product markets, and financial markets. This understanding can be valuable for students as they transition into adulthood and become consumers and workers in their own right. Economics can help students understand how these markets work, how they are regulated, and how they can be used to support economic growth and development.

A third reason why economics should be a required class is that it can help students understand the role of government in the economy. Economics is a subject that can help students understand the various ways in which government can impact the economy, whether through taxation, regulation, or public goods and services provision. This understanding can be valuable for students as they engage in civic life and make decisions about how to advocate for policies that promote economic growth and development.

Furthermore, economics as a subject is not just limited to studying how economies work but also how economic policies affects different groups of people and how it interacts with other social sciences such as sociology and political science. Understanding how economic policy affects different groups of people, such as the poor, the middle class, and the wealthy, can help students understand how to advocate for policies that promote greater economic fairness and equality.

In conclusion, economics is a subject that has the potential to provide students with a valuable understanding of how the world works and the many complex factors that shape the decisions of individuals, businesses, and governments. It is a subject that can help students develop critical thinking skills, understand how markets work, understand the role of government in the economy and how economic policies affects different groups of people. Therefore, economics should be a required class in school.