Starting Your Journey in Economics: An Essential Guide for Beginners

If you are young and still unsure about how the economy works, it's important to understand the scope and depth of the field before you begin learning. Economics is not just about numbers and models; it is a complex discipline that can be both engaging and practical, depending on your goals.

Understanding Your Goals

Before diving into the subject, it's crucial to determine how far you want to go with economics. There are two primary paths:

Learning the Basics: This is suitable for those who want to gain a foundational understanding of economics for general knowledge or as a stepping stone for future endeavors. It can also be useful in many careers and daily life. Deep Learning: This involves pursuing a formal education in economics at a college or university, which requires a deeper understanding and the ability to apply complex mathematical models.

Getting Started with the Basics

If your goal is to learn the basics, introductory textbooks are an excellent starting point. These texts are designed to introduce the subject in an engaging and accessible manner, suitable for a wide range of backgrounds. They cover the essential concepts and principles that form the foundation of economics. After mastering introductory materials, you can enhance your understanding by reading popular audience books like Freakonomics.

Caution on Popular Audience Books

While popular audience books can offer valuable insights, it's important to approach them with a critical eye. Many economics books written for a general audience may have a hidden political agenda. For instance, those who argue against the modern, mathematical approach to economics often align with extreme libertarian or communist viewpoints. These biases can significantly impact the credibility of the information presented. Always evaluate the author's motive and background before accepting any of their claims.

Going Further with Economics

If you find the basics fascinating and want to delve deeper, a formal education in economics is necessary. This typically requires pursuing a bachelor's degree in the subject at a prestigious university. Look for programs that emphasize the use of mathematics in economics.

The Importance of Mathematical Models

Realistically, you should aim for a program that requires calculus classes and uses calculus from the very beginning, particularly in intermediate microeconomics. Many undergraduate programs avoid the use of calculus, but if your goal is to truly understand and apply economic principles, you should avoid such programs.

Conclusion

Understanding economics can be a rewarding endeavor, whether you aim to gain basic knowledge or pursue a career in the field. By carefully selecting the appropriate resources and formal education, you can build a strong foundation in economics that will serve you well in both your personal and professional life.