With the intention of both extending my business related interests beyond finance, and also becoming more comfortable taking the role of a leader, it did not take long to convince me that EFL was the perfect summer course. Economics for Leaders is a program in which professors touch upon the basics of Economics in the morning, and then individually work with you in order to boost your confidence and become a leader in your own unique way in the afternoon.
During the very first day of this course, professor Scott Baier of Clemson University, explained how Economics is not only the study of the consumption of goods and services; but also a tool that can be used to better our world. As soon as I heard these words come out of Mr. Baier’s mouth, I knew that Economics was a field worth studying. As an individual who is already fully immersed in the social finance sector, I realized that if I was able to gain a better understanding on some of the world’s biggest problems with an Economic perspective, it would only be that much easier to make a difference on the financial side of things.
The first example Professor Baier provided in order to prove his claim that Economics can also be used as a tool to better our world, was the GDP per capita graph. The GDP per capita graph which essentially measures the economic output of a nation(per person), is also used in many studies to prove the prosperity of a nation.
In the graph located above, a clear correlation between average life satisfaction and GDP per capita can be seen. The most simple takeaway from this graph is that if a nation’s citizens are responsible for a high economic output, their satisfaction level in life will increase. With the continued studies of Economics and Finance, more people will be able to provide developing countries with products and services that will hopefully play a role in boosting their economy and overall happiness.
Even though Professor Baier utilized multiple other examples in order to prove his claim, this simple yet eye opening correlation between GDP per capita and average life satisfaction is what woke up a drive inside me to study Economics. In the future, I am opitimisc that I will be able to use these teachings in order to make a small impact on a certain city or village in a developing country. Economics for Leaders is the reason I am optimistic for this demanding goal.
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