Economics and its importance-Kanav

Content: Dr Johnson gave an excellent series of lectures and personally for me Economics is a very interesting and important subject.  A true story. In India while preparing for my glowing engineering career, I chose a path of studying Physics Chemistry, Math English and I had a choice of studying computer programming or economics. I thought Ill take economics as if I didnt become an engineer I thought Ill become a MBA and earn my bread that way. As it turned out the whole of 11 grade and 12th grade I didnt pay any attention to economics just reading enough to get by with a minor A or so. It was only in 12th grade towards the end, that I had to take it seriously to get good marks in my exams so I could get into some colleges. So in 15 days or so I read the entire text books of 11th grade and 12th grade. It wasnt my ability that made me do so but the sheer power of the subject and the implications that economics had on my day to day living. I was completely bowled over by macro-economics and the fact that too much supply can be an issue bewildered me till i understood it. Frankly it was mind blowing stuff!

I did end up scoring highly on my exam probably because I really liked it and then havent touched the subjet till now. However i think of it as being extremely important and something that everybody has to know. Healthcare industry was not designed to be an industry and mostly we have very little idea of how it works. This fact was reiterated by Dr Johnson who pointed to the fact that most papers published in Health journals on cost effectiveness are bogus. I couldnt agree more. In fact some people running the show could be very dangerous as they have only psuedo knowledge of the subject but know enough words to scare us all. Anyhow I hope that you guys follow up on this subject and read more. Trust me from personal experience it is an engrossing read. In fact I just started re-reading Keynes work on the General Theory of Employment, INterest and Money. Fabulous read!

For a little lighter read on the subject see this article published in NY Times Sunday two weeks ago.

http://www.nytimes.com/2009/09/06/magazine/06Economic-t.html?_r=1&sq=economist get so wrong&st=cse&scp=1&pagewanted=all

 Written by Paul Krugman it talks about the importance of returning to Keynesian economics and also explains in laymans terms what happenned in the current economic crisis. Think about projections to the healthcare industry too and how we can avoid some pitfalls.  Further you will find ways to expand your knowledge. Expect a lot of questions in the midterm on this guys!

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Kanav