Why study Economics in Commerce?. MYTH : Economics is all about MONEY…
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Economics is all about MONEY
A First-year student had the following to say about this myth: “Economics is not about the money. Economics is a social science as well. Economics is about the demand and supply. There is microeconomics and macroeconomics (looking at the big picture).”
Tax cuts help the economy by “putting money in the consumers’ pockets”
The right tax cuts help the economy by creating incentives to work and save.
Free gifts are free.
The economists’ motto is There ain’t no such thing as a free lunch! This simple statement is the root of the economists’ problem, opportunity cost. Economic theory says that whatever goods and services are provided, they must be paid for by someone.
GDP is a valid measure of human well-being and progress.
GDP is not a valid measure of human wellbeing as it does not capture the material wellbeing of society but rather a monetary wellbeing that usually does not approximate the average person in society.
Budget deficits are bad
Budget deficits are bad when they are used to fund current consumption or wasteful expenditure. Budget deficits are bearable, beneficial or even necessary when used for public investment or to assist the economy in times of severe recession.
SCHOOL OF ECONOMICS
Freakonomics, inside one economist’s mind…
“Which is more dangerous, a gun or a swimming pool? What do schoolteachers and sumo wrestlers have in common? Why do drug dealers still live with their moms? How much do parents really matter? What kind of impact did Roe v. Wade have on violent crime?
These may not sound like typical questions for an economist to ask. But Steven D. Levitt is not a typical economist. He is a much-heralded young scholar who studies the riddles of everyday life-from cheating and crime to sports and child-rearing — and whose conclusions regularly turn the conventional wisdom on its head. He usually begins with a mountain of data and a simple, unasked question. Some of these questions concern life-and-death issues; others have an admittedly freakish quality. Thus the new field of study contained in this book: Freakonomics”
Some of our leading research economists…
Below: Corné van Walbeek
Research Focus: Tobacco
Left: Edwin Muchapondwa
Research Focus: Environmental Economics
Left: Murray Leibbrandt
Research Focus: Labour & Poverty
Right: Nicoli Nattrass
Research Focus: HIV/Aids
Right: Lawrence Edwards
Research Focus: International Trade
Above: Johann Fedderke
Research Focus: Growth Theory & Macroeconomics