Worldwide Money by The Dysania Concept (2023)
In broad terms, economics is the study of the use of resources to produce and distribute goods and services and their consumption and, consequently, the analysis of how these affect human behaviour. Within that definition, economics proposes two umbrella topics. Firstly, microeconomics, which focuses on the choice of individuals, and secondly, macroeconomics, which looks at the behaviour of an economy as a whole. Inside those topics lie Economists, people who dedicate their time to understanding these objectives to help us solve current challenges and prevent or prepare for upcoming ones. So, in this edition of The Mindsets, we’ll explore the qualities, virtues and skills Economists have that allow them to find answers and solutions within such a complex system. As Charles Wheelan said, “Economics is like gravity. Ignore it, and you will be in for some rude surprises.”
1. Curious
Economists rely on their curiosity to establish a clear route towards understanding. Beyond being interested and engaged in their subject, Economists need to have a drive towards comprehending new concepts and situations to find ways to improve the condition of whomever they are aiding. Whether they do it by reading, questioning teachers or colleagues or researching new ideas, Economists thrive based on how much their curiosity drives them towards answers. Hence, when paving a path towards solutions, ask questions, listen to new ideas and perspectives, and, most importantly, be comfortable in the uncertainty of not knowing, learn to use that as fuel and drive yourself towards your destination.
2. Intellectual Independence
Economists lean on their intellectual independence to find the understanding they seek. Economics relies on the accumulation of theories and other people’s work. The communal pursuit of knowledge enables Economists to understand our world better as a team. However, there are bound to be disagreements and obstructions when pursuing some answers. Hence, lateral thinking, meaning finding an answer through indirect and creative approaches, trusting your ideas and being brave to contradict colleagues, is vital to push towards the most trustworthy solution. Therefore, remember the value of independent thinking from your colleagues and surroundings. Knowing how to think laterally will help you develop new and innovative propositions, as the collective sum of ideas, which incites debates and discussions, allows Economists to keep unveiling the wonders of their field of study.
3. Research Skills
Economists count on their research skills to navigate through their path towards understanding. Because Economists explore complex systems, knowing how to research is critical to building a bridge between their curiosity and intellectual independence. Economists must know how to read, write and analyse various sources to paint the most detailed picture of the situation in their mind. Then, using this picture, begin to think, both directly and laterally, to find the best path to solving or preventing the upcoming challenge. Additionally, their research skills enable them to understand new perspectives, aiding them in comprehending the situation in the most accurate, authentic and honest manner. Similarly, we must know how to research correctly, not just to use our time efficiently but to learn and build the best foundation possible to build our minds on top of it.
Economists are some of the busiest minds in our society. The amount of input they need to generate appropriate output is challenging. However, their mindset comes as a tool to deal with the complex systems they face, as it helps them see the big and accurate picture to construct the proper foundation to build their ideas. So remember, be comfortable with your uncertainty and lean on your curiosity to fuel your mind towards an answer. Following that, remain intellectually independent. Understand other people’s work and theories, as those build the understanding of any topic, but think laterally, finding new insights and innovative ideas through indirect and creative approaches. And finally, to properly build a bridge between your curiosity and your conclusions, develop your research skills. Knowing how to read, analyse and write is essential to understanding what surrounds us, and that is the only path towards a real and practical solution. So, we now invite you to adopt The Economist’s Mindset as we attempt to find answers to some of life’s challenges and questions.
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