Will gaining an understanding of the fundamentals of Economics help me to make more money and be more successful in general in life?
I feel like I simply don't understand the system in which we live and powerless to make money in whatever I do. I just don't know what action to take to improve myself economically.
Do all succesful businessmen and entrepreneurs have a natural understanding of economics? Is that why they are able to succeed whilst others fail?
>>1247621
I reckon it would. I wish they teach it in primary school instead of socialism studies and crap/
>>1247621
>I feel like I simply don't understand the system in which we live and powerless to make money in whatever I do
Be more specific?
>>1247637
Whenever I hear economics discussed on TV in business news etc, I don't understand what they are talking about. I don't understand how interest rates are affected, the housing market, the stock market is an alien language to me, taxation. And the fundamentals of building a profitable business
I just struggle to take it all in, probably because I've never been taught any of that stuff
>>1247656
The "business talk" you hear on TV about interest rates, housing markets, or stock markets is whats called Macroeconomics. They don't pertain to your personal day to day life. Microeconomics is personal finance, staring a business, moving product. You only need to know Microeconomics in order to succeed as an entrepreneur. Research the shit out of it and forget about stuff you hear on TV, its all garbage.
>>1247661
Thanks. But I figured that Macroeconomics is essentially the parameters in which the "game" of Microeconomics is played. By understanding the bigger picture of how the system itself works, would that not be an advantage? Or is it only a concern for the truly rich, bankers etc?
>>1247664
If your goal is simply to make lots of money, you only need to understand microeconomics. Macroeconomics deals with entire populations and countries and doesn't pertain to individual lives
>>1247675
much obliged, I know where to focus my interests now then
>>1247621
All one really should know to start with is: the difference between investing money and spending money.
>>1247621
..think about what you do when you BUY something Think about what you do when you SELL something. how do you come up with a price how do you bargain. Why do some things sell and others not. all those things they talk about are all extremes of the basic principle of what is the buy/sell demand/supply of our everyday life. also corruption of those principles is a big topic too.
Just some general thoughts I'm no expert by any stretch of the imagination.
some of man are genius in this shit, because they know that economics is just study of human behaviour with assumption they are rational beings earlier.
you need to be perspective about human especially when they are in /biz/ situation, like always assume they were rational and want to gain maximum profit in short/long run or probably you believe most of them is still stupid especially in the long run/complex cases.
intro to macro/micro economics, business and game theory will help you to understand or probably meme books like rich dad poor dad or other shit.
>Will gaining an understanding of the fundamentals of Economics help me to make more money and be more successful in general in life?
yeah, understanding economics and human behaviour will help you to make better possibility to gain profit because you're not just lucky bastard.
>Is that why they are able to succeed whilst others fail?
it's depends on how they success. it's all about luck or hardwork. taleb's fooled by randomness will help you further to this understanding.
>>1247664
Macroeconomics is useful only if you want to invest, the anon replying to you is right though. If you want to understand how to 'make it', microeconomics is the way to go.
No you can hire an economist for less than they make you by fitting you to their equilibrium model. Ergo it is a waste of your time.
Learn finance instead.
>>1247656
Tastytrade.com
investopedia.com
