Economics

By Paul Andrew Bourne, MSc. (candidate); BSc. (Hons); Dip. Edu.

Economics can be likened to a car's engine. The course constitutes a set of distinct but interrelated parts that are systematically connected as one. This allows for the effective functioning of the whole. The various branches of the discipline are synchronized an integrated into a whole. The whole, however, is each part that is properly functioning. Economics set out to explain and offer solutions to many of society's concerns. Those concerns are explained by way of modeling. A good model is a properly functioning engine. The engine assembles a radiator, a battery, a coberator, and other parts into an integrated whole. The entire block of components is the engine that is systematical connected to constitute a final part - an engine. Economics is one of the same as an engine. Without the problem statement, the hypotheses (i.e. the assumptions), past literature, the collected data, the technique of statistical inference and the mathematical equation (i.e. the model) there is no economics.

Economics is not just mathematical formulae: But the discipline is series of steps that are merged by way of a flow chart. After the mechanical steps come the mathematical formulae. A mathematical formula is unlike to be valid without having past through the steps previously mentioned. Furthermore, any aspect to the model that is not followed destroys the pattern. The course becomes a useless set of jargons without validity and predictability, if the researcher overlooks a single step. The pattern is a puzzle. Without a single item to complete the whole, the pattern fails to provide that unified taste like that of a hamburger. Hence, Economics is indeed an engine. It is a pattern. Of many components that are joined together by way of a model- a mathematical formula or a model. All the apparatus of the model irrespective of it order in the sequence cannot be forgone as it directly influence the next stage in the process. Economics is a sequence of interrelated events that are structure in a concise, comprehensive, organic and mechanical manner.