You are an everyday economist | Frances Donald | TEDxToronto

Summary

This talk challenges the stereotype of economics as a dry and complicated field, emphasizing its accessibility and relevance to everyone. The speaker, an economist and millennial mom, debunks misconceptions and explains fundamental concepts like supply and demand, using relatable examples. She argues that economics is about making decisions with limited resources and encourages viewers to engage with intimidating subjects, highlighting subfields like environmental and feminist economics that aim to improve societal issues.

Takeaways

• 😀 Economics is often misunderstood as being solely about money, but it's more accurately described as the study of how to allocate scarce resources.
• 👩‍🏫 The speaker, a chief economist and millennial mom, aims to make economics accessible and engaging for everyone, challenging the stereotype of the field.
• 🎓 Economics doesn't require a PhD or a beard; it's about understanding basic concepts like supply and demand, which even non-economists can grasp.
• 👟 The example of limited-edition sneakers illustrates the concept of supply and demand, showing how scarcity and desire can drive up prices.
• 🛒 Everyday choices, like comparing prices online, are economic decisions that demonstrate an understanding of supply and demand.
• 📈 The potential growth rate of an economy is tied to labor force participation and productivity, which can be understood through simple, relatable examples.
• 🍔 By relating economic concepts to familiar scenarios, like a burger joint's output, complex ideas become more digestible.
• 🌐 Economics encompasses a wide range of subfields, including environmental, stratification, and feminist economics, which aim to address societal issues.
• 💪 Economists can be agents of change, using their understanding of economic systems to advocate for improvements and a more sustainable future.
• 🤔 The speaker encourages viewers to engage with intimidating subjects, ask questions, and seek out accessible explanations to demystify complex topics.

Q & A

What is the common misconception about economics mentioned in the script?

The common misconception is that economics is strictly about money, but it is actually the study of the allocation of scarce resources in a given constraint.

What does the speaker suggest is a better definition of economics?

A better definition of economics is that it's the study of the allocation of scarce resources in a given constraint, which is more universal and applicable to various aspects of life.

Why does the speaker believe that economics is accessible to everyone?

The speaker believes economics is accessible to everyone because it involves making decisions about limited resources, which everyone does in their daily life, even if they don't realize it.

What is the fundamental concept in economics that the speaker uses to illustrate the point that economics is not complicated?

The speaker uses the concept of supply and demand to illustrate that economics is not complicated, as it is a basic idea that most people understand even without a formal education in economics.

How does the speaker use the example of sneakers to explain the concept of supply and demand?

The speaker uses the example of limited edition sneakers, where the supply is low and the demand is high, leading to higher prices, to explain the concept of supply and demand.

What is the potential growth rate of an economy according to the script?

The potential growth rate of an economy is the economy's ability to grow, measured as the change in labor force participation rate plus the change in productivity.

Why have economists become concerned about the slowing of economies?

Economists are concerned because economies have been growing at a slower rate than in the past, which could indicate a loss of potential growth and prosperity.

What does the speaker suggest is necessary for economies to live up to and grow their potential?

The speaker suggests that having big conversations about affordable child care, public transportation, competitiveness, and retooling the economy towards sustainability and inclusivity is necessary for economies to live up to and grow their potential.

How does the speaker describe the role of economists in society?

The speaker describes economists as change makers who can contribute to improving the world through various subfields of economics, such as environmental economics, stratification economics, and feminist economics.

What advice does the speaker give to people who encounter daunting subjects like economics?

The speaker advises people to not shut off or avoid daunting subjects but to engage with them, ask questions, and seek out resources that make these topics accessible.

What is the speaker's final message about the importance of understanding and engaging with economics?

The speaker's final message is that understanding economics is critical in the current historical moment and that everyone has the tools and confidence to engage with and learn about economics, even if it seems hard at first.