A lot of people think economics is only about predicting the stock market or understanding global markets. But economics is about so much more. Economics gives us practical tools to fix some of today’s most pressing issues from climate change to world hunger – and develop smart solutions so people can live happier, healthier lives. Here are just a few ways economists are shaping how we see the world now.
Many economists are indeed drawn to the financial industry, and you’ll find them offering their expert opinions and research findings to help shape policies, change interest rates, build employment programs and update tax laws. Want to work at the World Bank or the Bank of Canada? An economics degree is a good start.
Ever wonder what the best class size is for optimal learning? Or what time of the day school should start and end? (Yawn….) How best to evaluate teachers? Or how much money it takes to help kids who struggle with reading and writing after pandemic lockdowns? Economists do – and their research helps shape school policies and budgets.
Carbon tax – the money greenhouse gas emitters must pay – is talked about a lot these days. It’s actually based on an economic theory, the Pigouvian tax (or a “sin tax”) that makes businesses pay for things that cause harm to the larger society. Pollute more, pay more.
When the COVID-19 pandemic hit, governments around the world scrambled to find a way to keep their countries’ economy afloat. How would shutting down schools, stores and restaurants affect our lives and livelihood? From CERB payments to grants for small businesses, economists jumped in and used real-time data to help leaders find solutions.
For the past 10 years, it’s been almost impossible to ignore how economists are having an impact on baseball, basketball and other pro sports. Managers with a background in economics are known for building winning teams and finding undervalued players, while economists guide salary negotiations and draft picks.
