Dealing with economic issues appears to most as a strenuous and unnecessary endeavor. The economy shapes our daily life in many ways – whether as consumers, voters, or employees. Basic economic knowledge should, therefore, be part of the common good.
No political responsibility without the necessary knowledge
The exercise of political responsibility as a voter is important – especially in times when the social order of your country is increasingly burdened due to the enormous demographic change of the population. A well-founded discussion of the strategies of the political supporters and a decision based on factual questions as to which party to vote for is not possible without basic economic knowledge. A simple example is the collective bargaining between unions and employers: The unions argue that higher wages, especially in bad economic times, boost consumer demand and that the economy grows as a result. Employers, on the other hand, point to the additional cost burden due to higher wages, which ultimately leads to job losses.
The arguments on both sides sound initially plausible. In order to weigh them up against each other and to be able to decide on one, however, basic economic knowledge is required about the relationships between wages, price levels, and employment. The situation is similar to issues of the labor market, pension, health and tax policy: Almost all legislative projects have a direct or indirect influence on the labor market and the financing of the economy, social systems, and the state. The economic consequences of a political demand can only be estimated by those who know the possible mechanisms of action.
Business knowledge in everyday life
However, you do not only need knowledge about the economy as voters and employees but as a consumer as well. Economic knowledge of money and financial issues is essential, especially for building up wealth and providing for old age. Online gambling sites such as bandarqq are gaining popularity these days especially for people who are dealing with economic issues.
The economy concerns everybody – as voters, employees, consumers, investors. Only those who know the economic fundamentals and relationships can make sound judgments and act accordingly and responsibly. At the same time, the state is called upon to ensure that the knowledge is widely accessible.