Can I Learn Economics by Myself?

Economics can be learned without attending a traditional university. However, success in self-study depends on the approach and resources utilized. This article explores the feasibility of learning economics independently and provides guidance on the necessary materials and methods.

Self-Study Economics

Yes, it is possible to learn economics by yourself, especially if you have a foundational understanding of the subject. This can be achieved through a combination of reading textbooks, studying online courses, and engaging with industry professionals. Here’s how you can start your self-study journey in economics:

Foundation in Economics

For beginners, the best starting point is to acquaint yourself with the basics of economics. This can be done by reading accessible textbooks like those titled “Principles.” You might consider using the Microeconomics in Modules by Paul Krugman for a structured yet understandable approach. This text is designed to teach basic microeconomics concepts and includes a macroeconomics counterpart.

Resources for Self-Study

To delve deeper into economics, consider the following resources:

Textbooks: Look for books with titles containing the word “Principles,” such as Principles of Microeconomics or Principles of Macroeconomics. These books are typically designed to be self-contained and easy to follow. Online Courses: Platforms like Coursera, edX, and Khan Academy offer free and paid courses that cover both micro and macroeconomics. These courses often provide a structured learning path and interactive elements like quizzes and projects. Industry Talks and News: Engage with professionals in the field by following business news and industry reports. Platforms like CNBC, Bloomberg, and economics-focused podcasts can be invaluable for staying informed. Discussion Forums and Online Communities: Join communities like Reddit’s r/economics or Quora to ask questions and engage with other learners and experts.

Mathematics and Advanced Study

To go beyond the basics, you will need a strong foundation in mathematics, particularly calculus, linear algebra, and probability theory. These subjects are essential in more advanced economics courses. Some key points to consider:

Calculus: Several semesters of calculus are necessary to understand more complex economic models. Online platforms like Khan Academy offer step-by-step tutorials on calculus for economics. Linear Algebra: Knowledge of linear algebra helps in understanding vector and matrix operations, which are used in econometrics and economic modeling. Probability Theory: Understanding probability is crucial for economic forecasting and risk analysis. Resources like MIT OpenCourseWare provide comprehensive courses on probability.

Resource materials beyond the introductory level can be scarce, and many advanced textbooks either omit the mathematical rigor entirely or bury it in appendices. This is due to the reality that many students are not prepared to handle the mathematical complexity. Therefore, formal education is highly recommended if you aspire to reach an advanced level in economics.

Promises and Limitations

Economics is a vast and complex field, and understanding it thoroughly requires a solid education. However, many people can benefit from learning the basics, which are often sufficient for understanding economic terminology used in business.

While it’s reasonable and not terribly difficult to learn the basics of economics, going beyond that requires formal education and a significant amount of time and effort. Universities provide a structured learning environment and access to a wide range of resources that online self-study cannot fully replicate.

Conclusion

Learning economics alone is a commendable goal. By leveraging the right resources and approaching the subject with dedication, you can gain a solid understanding of the basics and even some advanced concepts. If you aspire to go further, formal education is your best bet.