1/🧵 #threadstorm
This is my 3rd threadstorm for this day. The topic is about 3 Lessons I Learned After Reading Basic Economics.
1/🧵 #threadstorm
This is my 3rd threadstorm for this day. The topic is about 3 Lessons I Learned After Reading Basic Economics.
2/🧵 #blacklions
The first lesson I learned is about the importance of economic decisions in a world of limited supply or scarcity.
3/🧵 #blacklions
One popular thought these days coming from the personal development literature is the idea of abundance. This is the same idea we read a lot these days in the digital space.
4/🧵 #blacklions
In personal development literature, we are told that the world is like a vast ocean of energy freely available for those who are open, who possess the right frame of mind, grateful, etc.
5/🧵 #blacklions
The economic idea of “scarcity” is foreign, unacceptable, and perceived as negative thought by personal development gurus. Accepting it does not help your personal growth.
6/🧵 #blacklions
The second lesson I learned is the idea between macro and microeconomics. Macroeconomics is the economics suitable for states and the international community.
7/🧵 #blacklions
Microeconomics, on the other hand, is the economics of the household or the economics from the point of view of an individual.
8/🧵 #blacklions
There are economists who affirm that the two realms are to be separated. For Reem Heakal, the Investopedia writer, the two are intertwined; but for Peter Schiff, there is only one type of economics.
9/🧵 #blacklions
Again for Schiff, macroeconomics is only appropriate for “quack economists.” Nevertheless, this is the dominant idea that we see in the world of finance and banking today.
10/🧵 #blacklions
The third and last lesson I learned is about the importance of focus after seeing again the graphs and complicated formulas.
#blacklions
To be honest, I find your ability to articulate all of this in only 10 short threads admirable!
It takes me a lot of effort to shorten things I learned, and you've summarized all important economic fields in 10 paragraphs.
1/ Well, these are articles I wrote beginning in 2012. I just made them for my lifelong learning and I never expected that there will come a time when I will find them useful. #blacklions
Oh, so they were already prepared. I loved how you repurposed them here, though.
Yeah, I already had a kind of repository. Threads are very useful in breaking down difficult ideas in a digestible format.
#blacklions
2/ Who would have thought that LeoFinance could come up with this idea of microblogging? #blacklions