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Economics: Making Sense beyond Common Sense - Essay Example

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Moreover, it is also known as a field of learning that represents human actions related to wealth. In terms of financial perspective, economics is described as a…
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Economics: Making Sense beyond Common Sense
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Download file to see previous pages Moreover, the important concepts of “ideology” and “knowledge” will also be discussed while understanding the impact of “common sense” upon the thinking of the ordinary people as well as the professional economists on the subject.
The ordinary people view economics as a knowledge that focuses upon business and market related activities. The ordinary people do not possess the understanding of the different valuable aspects that are associated with the knowledge of economics. The different valuable aspects include the determinants of wealth, income and purchasing power of the people, production methods, nature as well as the types of production and other relevant aspects related to the financial market activities. In relation to the aspect of production of goods, ‘common sense’ implies that the production is targeted at market sales without possessing the knowledge that the goods are produced at low costs through which certain groups might benefit. In this context, ‘common sense’ implies that the customers are only responsible to those who govern the decisions associated with the production of goods and make free choices with regard to their purchases.
Furthermore, there also lies a broad impact of ‘common sense’ upon the thinking of the ordinary people as well as the professional economists about economics that can be explained while discussing one of the significant aspects of economics i.e. inflation. It has been observed that the professional economists and the ordinary people view the inflation generated costs related to the learning of economics in a different way. The difference in the conceptions may be either due to the fact that the standard financial measures have failed to capture completely the costs created by inflation or the ordinary people are myopic in nature and have failed to recognize the association between the prices and the advantages of inflation. From the perspective of the ...Download file to see next pagesRead More
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