Are we falling behind in the education of economics?

BY: Sidra Iqbal

As much focus is placed on the education of science and technology in Pakistan for advancement and progress, I believe some focus should be placed on the education of economics in schools and colleges, as it would help people to understand the causes of some of the issues that deeply affect their pockets and clear their misconceptions about economic issues.

An example under consideration is declining inflation being mistaken for falling prices. Inflation is an economic phenomenon of rising pricing over a sustained period of time. However, a decline in it doesn’t mean that prices are falling, it simply depicts that prices are elevating in a slower pace. It simply depicts that prices are now increasing but at a slower rate as compared to previous years/periods. This is the main reason that public reacts in anger when the government claims that inflation has come down as people feel that the commodities are still selling at old or even higher prices.

Another case in point is the overuse of Economic growth measured by GDP growth rate and taken as a sign of improvement in lifestyle of people. However, improvement in living standards is not captured by economic growth. Economics presents an alternative concept of economic development. Unfortunately, our government and politicians have stuck to a single measure (GDP) as a sign of economic progress.

Therefore, in light of above examples, I feel that an elementary study of economics should be made compulsory as it would help people to develop an understanding of their country’s problems and make them see through the claims made by politicians in their election campaigns and evaluate their performance once they are in power.