Sept. 19, 2022

31: How Economics Can Save The World In 120 Seconds

31: How Economics Can Save The World In 120 Seconds
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RBA Studying Economics Economists
How economics can save the world in 120 seconds with Burgernomics host Ross MacDowell. A 2 minute 'cheat note' great for dinner party conversation, impressing your boss...or anyone else! Economics is the solution to most of the worlds issues, net zero, poverty, famine, to name a few. Yet younger Australians are not studying economics enabling these problems to be solved quicker. After the 'cheat note' listen to our detailed podcast when Reserve Bank economists Tanya Livermore & Mike Major discuss their recent research detailing the plummeting number of secondary students studying economics with Burgernomics host Ross MacDowell.

Economics Can Save The World In 120 Seconds

Real wages, aren’t what you earn after tax.

An inverted yield curve, isn’t a gastro intestinal problem.

And stagflation, isn’t a condition effecting Australia’s deer population.

These terms refer to problems effecting everyday people, yet economists have a habit of turning problems into phrases only they understand.

That’s not going to help you understand why your mortgage payments are skyrocketing or why the cost of petrol just ate up your last tiny wage increase.

Economics can be alienating.

No wonder there has been a 70% decline in students studying economics in Australia over the the last 30 years.

It’s concerning that many young Australians are very vocal about the future of the entire world. They’re screaming out for net zero, income equality, health care, food security and now sovereign security, yet these same vocal people aren’t studying the one course that can effect the changes they demand ...economics. Australia isn’t producing enough economists to make the changes happen sooner.

Economics needs a repetitional makeover. The technocrat economist image needs to be replaced with a rockstar economist image.

IT is demanding more economists, Amazon & Uber employs hundreds..every year.. Carbon trading schemes require economists. Our financial markets are solely dependent on economics for their smooth running. The transition to electric cars is solely dependent on economics with car manufactures screaming out for economists. Economists even play critical roles in the make up of sporting team selections....just read the book Moneyball by Michael Lewis.

Economists and their sanctions are as important as Generals in fighting the war In Ukraine.

For more details on what people are thinking about economics and how economists can save the world join Reserve Bank economists Tanya Livermore & Mike Major on the Burgernomics podcast when we discuss Economist Can Save The World.

And please, forward the Burgernomics podcast onto any younger person who wants to change the world.