I wrote this blog in response to an article about more and more high school students interested in studying economics and I immediately reflected back to a time in college when I studied economics. My professor (and I do not lie) told our class on the first day, “If you do well in this class there is something wrong with you.” I didn’t realize my economics teacher also a taught psychology, but I didn’t complain. Tuition was really too high. I was getting a 2 for 1 education, and that is good economics.
He continued to tell our class, that he preferred to teach us socialism, but because of our nation’s lust for capitalism he was required to teach us that. (I swear this is the truth.) In the end I was happy with my education in which I scored a B. Okay, so I guess there is something moderately wrong with me, but I was glad to receive a fair and balanced education between the likes of capitalism and socialism. Yes, it is possible the two can work side by side in perfect harmony. It is of course the extremes of both economic philosophies that get us into troubled times. There are those who believe captialism and socialism cannot work together, but then I gather they have never been to Europe.
Sadly, kids in our country today feel that in order to be successful adults they need to study economics, i.e. money. We spend so much time reading about finances, buying 500 page books to learn how to manage debt and read countless articles and blogs that really all say the same thing. When it comes to fiscal responsibility here is what you need to know.
- Spend within your means.
- Pay your bills on time.
- Put part of your salary in savings.
- Use credit cards sparingly.
- Live simply. Don’t overindulge on things you can’t afford.
Look here, it doesn’t take a financial mastermind to figure that out. It doesn’t require mind numbing economics classes. Trust me although I got a B, it was mind numbing and all I can tell you is during my final I had “Swing Out Sister's BREAK OUT” (an ironic song for a fashion design major) repeating in my head. I know there will be many who will disagree, but as I checked my daily George Bernard Shaw quote, “If all economists were laid end to end, they would not reach a conclusion.” If it was good enough for good ole George, it is good enough for me.
So I guess my crackpot, most likely pot smoking, hippie economics professor (who was a dead ringer to Paul Newman, which is why I probably earned a B) was right. It’s not about being financial master minds. It is about common sense, moderation and understanding the value of life. Somehow to me it seems that most people have a harder time learning this lesson, then economics. But economics classes and books cost money and is that really good economics? For some I guess, if it is not in a text book, how could we ever learn?
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