Economics is one of the most important fields every person should know, and we think that it should be taught to kids at school as part of their basic education. It is an essential life skill in today’s society, together with things like cooking and cleaning. Most people are functionally financially illiterate. The system is sometimes arbitrarily designed to be complicated, so only professionals know how to use it, even though all information tends to be available about how a country’s financial system works.
In essence, economics goes from the adage of a person’s first business venture in Capitalist propaganda – the lemonade stand – to multi national corporations with recognizable brands of 20th century Western economic dominance. It goes from simple ideas of supply and demand, currency as a medium of exchange and others, to vastly intricate mathematical formulas, simulations and models regarding economic functioning and predictability.
In addition, business intelligence is vital to the success of a business. There are many things that economists can forecast beforehand, but as all fields, economics is a matter of professional disagreement. So how can we effectively assess business intelligence and transform it into a viable and sustainable economic plan, both for ourselves, for our business and for our society?