Why are you passionate about economics?

Question

Delving into the compelling world of economics, we've gathered insights from a diverse range of professionals, including economic analysts and professors of economics. From understanding the daily impact of economics to empowering both individuals and businesses, here are the top twelve reasons these experts are passionate about the field.

Cody Powers · Answer

Economics impacts everything around us. From the vehicles we drive and the residences we stay in, to the food we eat, economics impacts us daily. Working in the field has allowed me the opportunity to explore the 'why' in 'why is this happening?' Leveraging economic indicators, evaluating models, and researching historical economic events are just a few of the reasons I enjoy economics. The economic story is ever-evolving, and it's up to me to be able to determine why it's happening.

Suresh Babu · Answer

I am passionate about economics because pursuing economic science can help us better understand how to improve human welfare with the limited resources that are available at our disposal. I am currently applying economic principles to address the climate crisis the world is facing. By applying the principles of economics to climate change-induced natural disasters, one can guide policymakers to adopt policies aimed at adapting to the climate disasters and mitigating the effects of climate change on the welfare of humanity and future generations.

David Andolfatto · Answer

My passion for economics stems from its ability to help me understand and interpret the world around me. Economics is not just about money and finance; it is better understood as a methodology that can be applied to any social phenomenon one is interested in understanding. The methodology is capable of generating surprising insights that promote a deeper understanding of socio-economic behavior. It can also be used to identify what we do not know—but need to know—to answer important policy questions. Economics has helped me make sense of the world, and this is a great feeling.

Samra Siraj · Answer

What makes economics the most interesting for me is that it makes you think; it makes you dig deeper into the data and make sense of your surroundings, enhancing your critical-thinking skills. It is also connected to the real world, and so it provides you with a sense of purpose to work on and solve real-world challenges.

Ankur Bhatnagar · Answer

My passion for economics was not something that I 'discovered' or had an epiphany about. I was a science student until senior school, and my father suggested I take Economics in college. Since then, I have been in love with the subject, and my passion for it grows every time I learn a new concept that I try to explain to my students and friends alike. My love stems from the learnings from Economics that I can apply to my decisions each day. There is no aspect of life that remains untouched by the foundational principles of the subject. Whether it is opportunity cost, rationality, behavioral biases, or world problems like development, ecological disasters, climate change, this subject offers a handle to understand and deal with the issue at hand logically.

Shiona Deliozar · Answer

With a seven-year academic and professional background in economics, I've had a lot of time to explore the various and often contradicting schools of thought. The subject first caught my attention in high school, and it was then that I knew I wanted to pursue economics to some degree in college.Fast forward to 2024, I am now a Ph.D. candidate at UMKC, an institution that offers a niche heterodox program that contributes more to the economics field than just the standard orthodox ideas. What intrigues me about economics is that it is constantly evolving to match the landscape of the world.Sure, we fundamentally understand money and taxation, supply and demand, but as the world evolves due to innovation and improved technology, economists have to change the way we view consumer behavior and, consequently, the markets. We should not rely on archaic, normative views and instead analyze data through a progressive lens if we want our applied theories to be useful in policymaking.

Jon Torres · Answer

While my primary focus is digital marketing, I find a unique passion for economics because it's the heartbeat of market dynamics. Understanding economic principles helps me strategize campaigns based on consumer behavior, market trends, and the financial scene. For instance, when analyzing economic indicators like inflation or consumer spending, I can tailor marketing approaches to resonate with current economic conditions. This insight allows me to anticipate shifts in consumer preferences and adjust digital strategies accordingly. My passion for economics stems from its direct impact on shaping effective marketing strategies, ensuring campaigns are creative and strategically aligned with the economic pulse, contributing to campaign success and business growth.

Mike Kojonen · Answer

My passion for economics, especially surrounding retirement planning and financial strategies, stems from my experience in the financial services industry since 2002. As the founder and owner of Principal Preservation Services LLC, I've seen how dynamic the economic environment can be and its impact on individual financial decisions, especially for those nearing retirement.One compelling aspect of economics that fascinates me is the behavior of markets and how it affects retirement planning. For example, during episodes of market volatility, I've observed and helped navigate the effects on retirement portfolios through strategic adjustments and risk management. The unpredictable nature of markets underscores the critical need for adaptable financial planning, which is both a challenge and an opportunity to safeguard and grow assets for retirement.The evolving landscape of interest rates also highlights the importance of economic understanding. With the recent rise in interest rates, our approach to what constitutes 'lazy money' has been a focal point. We've had to adapt strategies to ensure that clients' savings and conservative investments are positioned to benefit from higher yields without unnecessarily increasing their risk exposure. This interplay between economic conditions and individual financial health exemplifies why I find economics so pivotal in achieving long-term financial success.Moreover, working with high earners has underscored the significance of economic principles in avoiding common financial pitfalls and maximizing wealth accumulation. By applying economic theories on savings rates, investment diversification, and compounding interest, I've helped clients transform sizable incomes into lasting wealth. This experience has reinforced my belief in the power of economics to shape personal finance strategies that are resilient, growth-oriented, and tailored to the contemporary economic climate.My career has provided me with a front-row seat to the real-world application of economic principles, witnessing their profound impact on financial well-being. This, combined with the joy of educating and guiding individuals toward financial security and prosperity, fuels my passion for economics.

Eric Croak, Cfp · Answer

As a Certified Financial Planner (CFP), my passion for economics is closely linked with my work in financial planning. Understanding economic trends is crucial not just for guiding my clients' decisions but also for ensuring that they save or spend their disposable income in a favorable economic environment.Economics offers the analytical tools necessary for making well-informed financial decisions and managing money effectively. It also helps investors grasp how national policies and events can impact business conditions. Knowing about economics enables investors to foresee macroeconomic conditions and comprehend how these forecasts might affect companies, stocks, and financial markets.

Steve Pogson · Answer

I'm Steve Pogson, an e-commerce growth specialist with over two decades of experience in driving growth and scaling online businesses to their peak potential. My fascination with economics, particularly within the realm of e-commerce, has been fueled by experiences overseeing the strategic operations of my agency, First Pier. The dynamic interplay between global market trends, consumer behavior, and technological advancements highlights the profound impact of economic principles in the digital commerce landscape.Delving into the realm of global e-commerce, I've grappled with complexities such as international inflation pressures, supply chain disruptions, and the necessity for adaptive pricing strategies. For instance, the challenges posed by global inflation have underscored the importance of meticulously calibrated pricing strategies to maintain profitability while ensuring customer satisfaction. This was vividly demonstrated when we adjusted our pricing models in response to inflation rates in target countries, a decision grounded in economic theory yet applied with a nuanced understanding of the e-commerce environment.Moreover, the evolution of consumer preferences towards mobile commerce and the demand for seamless, localized online shopping experiences have been focal points of my work. Addressing these trends by integrating technologies that cater to personalized consumer journeys showcases the application of economics in crafting strategies that not only meet but anticipate market demands. For example, our efforts to enhance the shopping experience through smart search tools and multiple payment options have directly contributed to boosting conversion rates and customer retention, illustrating the direct correlation between economic insights and practical e-commerce solutions.In navigating the e-commerce landscape, the power of data-driven decision-making cannot be overstated. Leveraging e-commerce analytics tools has enabled us to glean insights into customer behavior, market trends, and the effectiveness of various strategies, embodying the principle that knowledge is indeed power in the realm of economics. This analytical approach facilitates a deeper understanding of the economic factors driving online trade, allowing us to adapt with agility to the ever-changing e-commerce environment.In summary, my passion for economics is deeply intertwined with the challenges and triumphs of navigating the e-commerce sector.

Eric Novinson · Answer

Economics gives you a broader perspective that goes beyond simply recording the balances in your company's bank accounts and the revenue that you're receiving from customers. For example, instead of just considering your business successful if it generates any income, you can learn about concepts such as economic profit, which consider how much you would earn if you were an employee of another business instead.

Priyanka Swamy · Answer

My name is Priyanka Swamy, and I am the CEO of Perfect Locks LLC. I have a deep passion for economics because it has impacted my life and business. Growing up in India, I simultaneously saw the effect of economic factors as well as social and cultural dynamics. I faced challenges of beauty standards and bullying as a child. This taught me a lot about economic empowerment.Economics isn’t just about numbers or markets; it’s about people and their lives and dreams.At Perfect Locks, our ethical sourcing practices reflect a conscious economic decision that puts fair compensation and the well-being of our supply chain at the center of everything we do.Not only does this align with my core values, but it also helps to sustain and grow our business.In addition, economic knowledge has been a key factor in understanding the beauty industry’s competitive environment. From pricing to supply chain management and beyond, economics provides valuable insights that inform business decisions and strategic planning.By staying current on market trends, consumer trends, and macroeconomic drivers, we can adjust and thrive in today's ever-evolving business landscape.My love for economics is grounded in its capacity to empower people and businesses to grow, innovate, and make a difference in the world. Through the power of economic principles, we create opportunities for economic growth, promote inclusion, and ultimately make a difference in people’s lives.

Why Are You Passionate About Economics?