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Welcome to Economics

Economics at Nottingham free school

Why study economics?

We want our young adults to appreciate that economics differs from many other fields of study. This is because it is not a collection of settled facts, to be copied down and memorised. Mark Twain once stated that "Nothing is older than yesterday's newspaper." The same can be said about economics statistics!
Fundamentally, economics is a a way of thinking about the world. Over many years economists have developed some simple but widely applicable principles that help us understand almost any economic situation. We introduce and expand our students' knowledge of these economic principles to become better problem solvers and decision makers.
All situations are economic because resources and time are scarce. We have boundless needs and wants, but we have limited resources and time to meet these. Therefore, 'there ain't no such thing as a free lunch'. As 'junior economists', our students will learn that individual decisions are rationally based on comparing additional costs and additional benefits of an action, which is very useful in dealing with the inevitable trade-offs that scarcity creates.
We hope that having studied economics at Nottingham Free School our students have an idea about how society should work, and their own sense of what is fair. As the awesome economist Joan Robinson once said, "The purpose of studying economics is to learn how to avoid being deceived by economists."

February 2021

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