One of the great crimes of higher education is that many entry-level economics courses have been stripped of anything remotely interesting and instead boiled down into a bewildering array of baffling concepts such as demand curves, GDP and elasticity.
Having sat through both macroeconomics and microeconomics during my college years, I can recount with vivid detail the monotonous confusion that accompanied both classes.
In retrospect, personal experience has led me to understand that economics is actually a fascinating subject, despite the best efforts of many professors and teaching assistants to have their undergraduates believe differently.
That’s because, in my own view, at least, economics represents at its simplest the study of human action and reaction. It considers why people do what they do in order to get what they want.
Fortunately for today’s generation of college students, it appears an increasing number of economists understand that the field entails more than droning on about the marginal propensity to save and the paradox of thrift are gaining popularity.
One of the most enlightening pieces I’ve ever come across was written recently by economics professor Deirdre McCloskey writing at Bleeding Heart Libertarians.