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Economics is a science in which the objective is to demonstrate the economic benefits in a situation that doesn't have any. - Groucho Marx The goal of this post will be to recommend the best sources for Economics topics, from textbooks and lectures to blogs and podcasts. Throughout this post, we'll be looking at how economics can help you out in your everyday life - from saving more money to being better informed on important global events. Most people are aware of the term economics, but do not know what exactly it is. Simply put, economics is the social science that studies the production, distribution and consumption of goods and services. Its focus is how to get the most out of everything we have. Since its birth in Ancient Greece with thinkers like Xenophon and Plato, until today with thinkers like Milton Friedman & Keynes, economists have been studying how to best approach decisions about money - in business or personal situations. It's a science with many rules that are based on logic rather than emotions. It has helped us understand why decisions are made by people when they do not benefit themselves or help them move forward in life. Understanding economics will make you more informed in your life. It will help you make decisions regarding money and human behaviour, to reduce the chances of making bad decisions because of emotions. For example, people tend to buy products, especially cars, with what they feel rather than what is best for them. Getting a car is often an emotional decision driven by feelings like pride or social status. This kind of decision would require making an economic analysis, looking at how much money renting would save you over buying the car outright (maintenance costs included - depreciation), for instance. Economics is used to predict the market and its future, giving data, analytics and data visualizations to help us understand what's happening in the economy. It's also used to help us understand why a product is selling well or poorly, as well as to find out where the next product boom will be. Economics is a science that can also be very useful when it comes to predicting things about our future lifestyles - from how many cars we might have in the future, to how many days we might work per week. It can even help us plan ahead as far as our retirement age. In a rapidly changing world, economics is a science that is constantly evolving with new data ensuring that its theories stay relevant and useful in today's society. 1. See for instance: Kim, Sung-Chan & Wang, Pei-fai (2017). "The Dynamics of Heterogeneity in Labour Supply in China: Evidence from a Longitudinal Survey". University of California's Center for Comparative Studies2015 2.See for example: http://www.nytimes. cfa1e77820
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