Why is it worth studying economics? A course proposal for non-economics students

Abstract

At an early life stage, students must choose a degree, a crucial decision that will shape their professional life. Whatever the studies chosen, these are very topic specific, and the current higher education system does not have the mechanisms to make this choice less focused, allowing students to open their minds to other areas of knowledge. This situation is particularly critical for students who do not choose a major in a business-related discipline. Basic economic knowledge is paramount as it provides individuals with a better understanding of human behavior and the rules of the marketplace. Knowledge of its foundations is valuable for daily life (e.g. making better choices, allocating resources more effectively, and understanding policy options). However, in some countries, economics is compulsory at neither high school nor university; and thus, it is usually overlooked. Focusing on Spain’s particular context, this study underlines the key reasons for including economics in non-economic university programs. A survey gathering students’ perceptions of the fundamentals of economics and their level of understanding is presented and discussed. Building on the literature and the survey’s results, we identify three core blocks that should be taught. A panel of experts is consulted to evaluate our proposal.