“The Economics of Practical Thinking”

In the middle of May, with the students of the Faculty of Business Economics and Development we organized the Department’s Book Review, where the contributions of the students in the reference of the book “Economics of practical thought, which was financed by the Economic Fundamentals Initiative, addressed the main issues of how the economy affects people’s everyday life.

In our daily lives, the economy has a major impact on our purchasing decisions. It helps us better understand the advantages and disadvantages of these choices, such as the potential savings compared to the risks or quality changes. Thus, we can more easily decide on what we like and what our budget allows us.

Moreover, the economy plays a very important role in addressing social issues. Take poverty as an example. If we understand the economic factors that influence the occurrence of poverty, politicians can develop effective programs and policies to reduce it. Economists, by focusing on analyzing income distribution, access to education and job opportunities, offer a perspective that helps us create more inclusive societies and reduce inequality. Thus, the economy has a significant impact on serving people’s interests and needs.