I learned today that I should have taken a course in economics when I was at university.
Reading a history of India from the 17th to the 20th century, I became acutely aware that parts of the book made no sense to me. I had no difficulty following the accounts of social, cultural and political developments, of uprisings and mutinies, of victories and defeats, of bravery and treachery, of famines and epidemics. But when the authors began describing monetary policies, taxation, tariffs, gold and silver standards, and the import and export of specie, I was completely out of my depth. And when they rolled out statistics and census data, I felt like giving up.
I used to number several economists and economic historians among my colleagues. Now I regret not making use of their expertise while I had a chance. Recalling, however, some of the complex mathematical formulae with which they decorated their papers and books, I wonder if I could have kept up with their explanations.
My sad and very depressing conclusion is that you can't understand what's happening in the world of politics and business without a grasp of basic economics. I fear that I'm too old to pick up such knowledge, and even if I did, it would serve for only the limited number of years left to me. There are better ways of spending that time.