(Lamin Sanneh, Final Semester Economics Student, School of Education, University of The Gambia)
Date published: 1st August, 2024
Publisher: IPRO-MINISTRY, EDUSA
MISCONCEPTION ABOUT ECONOMICS. DOES IT REALLY TEACH STINGINESS?
Often, non-economics scholars and students alike term the subject as one that teaches stinginess. However, combing through the nuts and bolts of Economics, one will find out that this is far from reality. As a social science, Economics banks on tangible and unarguable words to define its principles and modus operands. Economics says: “Wants are unlimited and resources are limited”. Would anyone disagree with this statement?
It is obvious that all that we intend in this world are not all achievable. This is the more reason why Alfred Marshall defined Economics as a “study of mankind in the ordinary business of life”. Before Alfred Marshall, the ‘father of Economics’ – Adam Smith published “An Enquiry into the Nature and Causes of the Wealth of Nations” which buttresses tangible areas and reasons for the growth of developed nations. This concept helps developing countries to arm themselves with the facts to become developed as well.
Economics from its birth in 1776 to date has always been walking on these principles and no nation can be termed developed without attaining high standards of economic growth and stability.
When an Economics student becomes stingy, would you blame the subject for that? Going through the above teachings of Economics, one should see how distant the subject shies away from teaching stinginess. Teaching people how to manage their limited resources to live a challenging life of ups and downs is no way close to being stingy. Knowledge indeed has a big impact on one’s life and way of living. However, these extreme doings of people do not necessarily negate the significance and incredible lessons of the subject.
I remember back in 2009 when my Economics teacher, in our first class, started with the differentiation of Economics from miserliness. As the latter is one’s reluctance to spend money out of stinginess, the former teaches one to rationally spend money to satisfy one’s desire. Drawing such important lines of division would send away any misconception about the subject.
Article By: Lamin Sanneh
PUBLISHER: IPRO MINISTRY, EDUSA