Economics factor into almost every part of our professional, social, and personal lives; yet many of us have little understanding how economics shape our world and our places in it. In fact, most people’s confusion begins with the very definition of the field discipline.
Most importantly, economics is not simply about money. According to the American Economics Association, “It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making.” In this episode of the Quadcast podcast, we look at economics from a more universal perspective and discuss how understanding the discipline can be as empowering as it is informative.
Clifford Smith, the Louise and Henry Epstein Professor of Business at the Simon Business School, and David Primo, the Ani and Mark Gabrellian Professor and associate professor of political science and business administration offer their thoughts on how a fundamental understanding of economics helps us make better decisions and influences how we think about our complex and connected world.
