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What makes economics so difficult to learn?

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Why is it so hard to understand macroeconomics?

I see two reasons for this: Those untrained in economics are likely to be confused by its terminology, and by the fact that common words often acquire very precise, but unfamiliar, meanings. Furthermore, laymen are likely to be unfamiliar with the environments and institutions in which basic economic decisions are made.

I suppose that students majoring in economics acquire practical experience by spending some time in business firms, banks, stock market firms, government decision-making agencies, etc. This is probably built into their academic curricula. But a layman, like myself, usually does not have such exposure. My economic experience is limited to salaries, paying for goods and services, taxes, and minimum banking (saving accounts, credit cards, mortgages, etc.). Most people I know are in similar situations.

How can one compensate for this limited exposure? I suppose that some novels do describe the workings of the business world. Such books, however, were not written to educate us. It occurred to me that writers familiar with typical economic environments could help us by describing daily lives of typical business people, in articles, books, or even fictional form.

Technical terms would be introduced gradually and their meaning explained in hypothetical situations. Motivations driving these people, dilemmas they face at work, and examples of successful, or unsuccessful, strategies could be invented. I am thinking about authors who are economists, or who cooperate with economists. What do you think about this suggestion?

Economics is a very important subject. Unfortunately, most people are not familiar with it, even politicians who often talk about economy. What else can be done to improve the situation?


P.S.

Let me share a diagram which describes our overall economic system. The dash arrow, labeled rds, refers to the so-called "safety net"--redistribution of wealth by our government. Let us hope that activities in this area will intensify under the new administration, in order to minimize the devastating effects of our current recession.




A diagram of our macroeconomic system

 

http://csam.montclair.edu/~kowalski/life/intro.htm

Ludwik Kowalski is a retired physics teacher (Professor emeritus, Montclair State University, New Jersey, USA). He is the author of two recently-published FREE books:

1) "Hell on Earth: Brutality and violence under the Stalinist regime" (more...)
 
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A proposal to you, Professor Kowalski. by Robert Hoogenboom on Saturday, Mar 14, 2009 at 4:58:48 AM
Economics Unbound: The Power of the Internet by Chrissie B. on Saturday, Mar 14, 2009 at 9:28:25 AM
economics unbound . . . by Ludwik Kowalski on Saturday, Mar 14, 2009 at 10:29:23 AM
As an Economist... by Jason Paz on Sunday, Mar 15, 2009 at 1:29:54 AM
Far out! by Robert Hoogenboom on Sunday, Mar 15, 2009 at 5:21:49 AM
As an economist . . . by Ludwik Kowalski on Sunday, Mar 15, 2009 at 10:20:19 AM
Yes, there is this amazing economic entity called "demand". by Robert Hoogenboom on Sunday, Mar 15, 2009 at 5:23:16 PM
On teaching economics by Ludwik Kowalski on Sunday, Mar 15, 2009 at 7:27:18 PM
What do they mean by "demand" ? by Ludwik Kowalski on Sunday, Mar 15, 2009 at 8:37:48 PM
P.S. by Ludwik Kowalski on Sunday, Mar 15, 2009 at 9:06:40 PM
The Diagram Leaves Out the Purpose: Profit for Owners Cartel by Jay Janson on Sunday, Mar 15, 2009 at 9:01:18 PM
The Diagram Leaves Out the Purpose: Profit for Owners Cartel by Jay Janson on Monday, Mar 16, 2009 at 12:12:08 AM
The diagram by Ludwik Kowalski on Monday, Mar 16, 2009 at 11:50:21 AM
P.S. by Ludwik Kowalski on Tuesday, Mar 17, 2009 at 4:34:39 PM
A third way: neither socialism, nor laisez-faire capitalism by Scott Baker on Monday, Mar 16, 2009 at 2:27:54 AM
Wisheful thinking by Ludwik Kowalski on Monday, Mar 16, 2009 at 12:47:37 PM
Your article is a case in point, Scott! by Robert Hoogenboom on Monday, Mar 16, 2009 at 4:39:43 PM
"If you laid all of the economists... by Richard Girard on Monday, Mar 16, 2009 at 3:59:43 PM
About profits and fears by Ludwik Kowalski on Monday, Mar 16, 2009 at 9:52:11 PM
Another case in point! by Robert Hoogenboom on Wednesday, Mar 18, 2009 at 7:07:29 AM
A better diagram by Ludwik Kowalski on Wednesday, Mar 18, 2009 at 6:06:53 PM
P.S. by Ludwik Kowalski on Wednesday, Mar 18, 2009 at 6:21:52 PM
sharing a diagram by Ludwik Kowalski on Wednesday, Mar 18, 2009 at 8:48:07 PM