The state of Economics today.

I am always fascinated by the prospect of discovering a new definition of economics and its role in shaping the dynamics of our society. Some of you are probably still caught up in a maze of figuring out what this phenomenon called “Economics” actually is.

A number of people perceive it differently and so have varying views on this subject. Some say economics is a way of life, others say its a science that enables society to utilise scarce resources by making decisions based on individual preferences.

When asked, a colleague of mine just narrowed it down to being some complex subject having lots of incomprehensible jargon, that is apparently only meant for the “elite economist!” Well, I beg to defer. I believe that economics is meant for everybody. From the lady vending maize along the streets to the tycoon owning a number of shopping malls in town, from the illiterate kid digging somewhere in a shamba to the rich kid anxiously waiting for the release of IPhone 8! The only difference is that all these individuals look at economics through varying lenses.

Recently, while chatting with some friends of mine, an interesting topic came up involving economics, its evolution and subsequent impact on our society over the years. We were later on joined by a fellow who was quite learned and knowledgeable in economics based on the thoughts he shared. What stood out for me was his argument that economic knowledge without political power in this day and age is hardly effective. He then posed an intriguing question; “Is economics dead?” To which we all responded almost in unison “No! Of course not!” “Economics cannot die, it’s part of life!” One of us added.

In my humble opinion, economics has been put in an ideological box and maliciously suffocated by the major players who use power backed by their selfish and myopic interests. As a result, key policy decisions that affect the multitudes are taken by the minority.

Ironically, most of the interest groups have no clue that this is happening!

Until next time…