10 facts about economics your teachers wouldn’t tell you

The Greek word oikonomos, which means “one who administers a household,” is where the English word “economics” originates (Begg, Fischer, Dornbusch, and Dornbusch, 2000) 10 facts about economics your teachers wouldn’t tell you. Any student studying or planning to obtain a degree in economics must be interested in the subject’s nature. What are the subjects that would be covered in the new economics courses?

While any student with a sincere interest in the subject should already be familiar with all the basics, there are a few things you might not be aware of. Ten facts about economics are listed here that your teacher would not normally share with you in your regular classes:

1.Economics was not initially known as economics

Political economics was the previous name for economics. This is because it was viewed as politics rather than a scientific field. Later, simple economics was substituted by the neoclassical school. By virtue of its dominance, this school of thought was able to effect this transition around the turn of the 20th century. They spread the notion that economics was a scientific discipline. However, because subjective value judgments are a part of economics, it has political overtones.

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2.Singapore’s economy and economics

Although the discipline of economics has several theories to describe the economies of other nations, none of them can explain Singapore’s economy. Singapore’s economy has achieved considerable success. However, it is challenging to explain this achievement in terms of a single economic theory. This is so because Singapore’s economic prosperity came from a combination of socialist and capitalist endeavours. Economics theories exhibit bias. So they are unable to adequately convey Singapore’s intricate structure.

3.The majority of poor people do not reside in impoverished countries

In middle-income nations, more than 70% of those who live in absolute poverty. One in five people on Earth, or roughly 1.4 billion people, live in poverty, defined as having a daily income of less than $1.25. (below which survival itself becomes a challenge). However, the majority of the world’s poor people do not reside there.

4.Protectionism, not free trade, was invented by the United Kingdom and the United States.

Britain had the most protected economy in the capitalist world in the late 18th and early 19th century. A large portion of this protection was provided to assist British manufacturers compete in Europe, notably in the Low Countries, against more skilled foreign competitors (what are now Belgium and the Netherlands).

The United States went much further, taking their lead from the British. According to Alexander Hamilton’s “infant industry argument,” a government of a country with a developing economy should support and nurture its fledgling industries until they “grow up” and are able to compete on the international market. The US economy continues to have the best protection.

5.The reality behind the Nobel Prize in economics

Actually, the economics Nobel Prize is not a legitimate Nobel Prize. By the end of the nineteenth century, Swedish businessman Alfred Nobel founded the Nobel Prize. In a number of disciplines, including physics, literature, medicine, chemistry, physiology, and peace, he founded the Nobel Prize. He did not, however, create the economics Nobel Prize.

The Swedish central bank, or Sveriges Riksbank, founded the economics Nobel Prize in 1968. The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is the title given to this award. This position is criticised by the Nobel family.

6.Free commerce was initially spread mostly through non-free means

Over the turn of the nineteenth century, free trade spread around the world. However, colonial masters forced conquered nations to completely open up their commerce, which was a clear path to “unfree free trade.” Therefore, force, or at the very least the fear of employing it, was largely responsible for its growth. This isn’t something you’d typically associate with the word “free.” On the other hand, several non-colonized nations were pressured to accept free trade.

7.The world’s first welfare state was established by arch-conservative Otto von Bismarck

The welfare state was initially a “rightwing” invention. Although many people hold the opposing view.

It was first put forth by the avowed conservative Otton von Bismarck. He discovered that if you don’t offer them a minimal safety net, the socialists will influence them. In order to maintain worker satisfaction, he established the first welfare state in history.

8.Between the 1950s and the 1970s, when there was a lot of regulation and hefty taxes, capitalism thrived

Advanced capitalist economies grew the fastest between the 1950s and 1970s, a time of numerous limitations and high taxation.

Even the United States, which had the slowest rate of economic growth in the world at the time, saw historically high growth of 2.5%. When they slashed taxes on the wealthiest and liberalised their economies between 1980 and 2010 help with assignment, the per capita income in these countries only increased by 1.8 percent annually.

9.Germany and Belgium are more unequal than the United States in terms of tax and social spending

It is feasible to significantly alter a nation’s inequities through welfare state programmes and progressive taxes. Before taxes and transfers, many European nations—including Germany and Belgium—are more unequal than the United States. Only after taxes and transfers do they become significantly more equal.

10.The US government, not Silicon Valley, invented the internet

The Pentagon initially provided funding for the development of computers, and a research project supported by the Pentagon gave rise to the Internet. The semiconductor, the engine of the information economy, was initially created with assistance from the US Navy. Many individuals think that the United States has advanced in emerging technological fields thanks to private sector entrepreneurship. This is untrue. The American government created each of these industries.

There is no denying that many businesses, particularly startups, are investing in AI technology (help with dissertation, 2021). Thus, it’s possible that the dynamics will change in the future