Let’s Cultivate a Taste for Economics

Let’s Cultivate a Taste for Economics
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Economics relates to much in this universe, from the minima to the maxima. It comes into limelight the moment self-centeredness is connected to welfare. Development and encouragement of self-centeredness in terms of welfare involves rational allocation of resources because of the twin economic facts that wants are unlimited but means are limited having alternative uses (Robins, 1945). The essence of economics therefore, is the matter of scarcity of resources in relation to unlimited human wants, a decision making involving resource allocation to maximize human welfare.
According to Romer (1994) “Economic growth occurs whenever economic agents take resources and rearrange them in ways that are more valuable.”And, undoubtedly it is the subject of economics which teaches us resource use in a way that is more valuable. A positive attitude towards economics and a strong foundation for economics learning therefore must begin in early childhood. Improving economics learning is of great concern to teachers, professors and academics because early education experiences affect later education outcomes. Economics depends not only on rational abilities but also on expressive factors and attitudes. Emotional factors are essential for economic outcomes. Economic performance of young children is very much related to liking subjects like economics and mathematics. Economics is helping children to make sense of the world around them and teaching them to value resources so that they will meet the needs of present without compromising the needs of future generations. Economics is not limited to a specific period or time of day; instead it is a natural part of young children’s’ ordinary business of life.
A positive attitude towards mathematical, econometric and economic sciences and a strong underpinning for quantitative and mathematical learning tools must begin as early as possible so as to develop a liking for mathematics, economics and quantitative, reason based subjects. Ibn-e-Khaldun writes “Geometry enlightens the intellect and sets one’s mind right. All of its proofs are very clear and orderly. It is hardly possible for errors to enter into geometrical reasoning, because it is well arranged and orderly. Thus, the mind that constantly applies itself to geometry is not likely to fall into error. In this convenient way, the person who knows geometry acquires intelligence.”
It is the responsibility of a family in the first place and educational institutes in the second place to inculcate a liking for economics and its related subjects, particularly mathematics and its related tools for students. A good society is a well educated and a technically sound one (Khaldun, 1958)
Numerical sums are part and parcel of economics. They aid in finding growth rates. The numerical concepts children acquire in early childhood lay the foundation for learning economic and mathematical conceptions and theories. Successful early experiences in economics have an influential bearing upon the interest and confidence students bring to new opportunities for game learning which is very essential part of game theory. Game based learning improves individual talent and aptitude to understand a certain area of study. It assimilates knowledge with gaming which actually makes lesson interesting and exciting by adding a fun experience for students (Qadri, 2018).
Education is imparted for achieving certain ends and goals. Some goals are attached with each subject, which are to be achieved through teaching of that subject. The goal of teaching economics is to develop the economic skills and canons like canon of economy, canon of rationality, reasoning, analytical thinking and critical-thinking in students and learners. Research-based development of performance in economics is likely to pay off with increased success, literacy and work skills of students in these critical areas.
The main aim and objective of a family in the first place and education institutes, primary, secondary and tertiary ; in the second place the gaol must be to clearly involve students in brainstorming, problem-solving tactics and critical thinking. Since, economics as a subject matter fostering self-interest: consumer maximizing his utility while as producer maximizing his profits, in addition to nurturing self-interest, it also studies collective action or how collective interest or social welfare is maximized. Accordingly, along with encouraging economic and mathematical learning tools and techniques right from early childhood, sports, both indoor and outdoor must be part and parcel of our learning activities as it boosts collectivism, team spirit and cooperation.
Ibn Khaldun. 1958. ‘The Muqaddimah’ (translated by Franz Rosenthal). Vol. 3 (43). Patheon Press, New York, United States.
Qadri, B. (2018).Learning is fun-Lighter we make it, better will be the results. Greater Kashmir. Retrieved from http://epaper.greaterkashmir.com/epaperimages/2952018/2952018-md-hr-8/125723783.JPG
Robins, L. (1945). An Essay on the Nature and Significance of Economic Science.Macmillan and Co., Limited ST. Martin’s Street, London. Retrieved fromhttps://is.Muni.cz/el/1423/jaro2013/HEN444/um/Robbins-1932.pdf.
Romer, P.M. (1994). “The Origins of Endogenous Growth”. The Journal of Economic Perspectives.Vol.8 (1): 3–22. Doi:10.1257/jep.8.1.3.
—The author is a Research Scholar at the Department of Economics, Central University of Kashmir, an Academic Counselor at IGNOU STUDY CENTRE 1209,S.P. College, Srinagar and Editor in EPH – International Journal of Business and Management Science & Asian Journal of Managerial Science. She is also the recipient IJRULA title awards, 2018 winner (Best Researcher, 2018) and can be reached at: