What Exactly Is Economics?

At this point, it is certainly not a waste of time to return to the basics and consider, "What exactly is economics?"

Economics can be defined as "the study that elucidates the real economy." Although economics has only been established as an academic discipline for less than 240 years, economists have always strived for a more livable society by focusing on current economic phenomena and those of the near future.

To be more direct, I personally view economics as a discipline that serves economic policy, that is, concrete policies to enrich the lives of citizens. If economics does not contribute to policy or household finances, it is safe to say there is no need to study it.

The Economy: An Unchanging Priority

There is likely no one indifferent to the economy. It is an undeniable fact that the economy (economic power) takes precedence over all other matters, including politics, education, culture, social welfare, and foreign affairs.
People, regardless of their location, work diligently to secure food, clothing, and shelter, and to achieve a richer society and life. They are engaged in a cycle of production and consumption.

While the economy experiences periods of prosperity, these never last forever, and severe recessions inevitably follow. Anxiety about the future grows among people. The desire for "clues, footholds to the truth" intensifies. There is a strong yearning to grasp, even a part of, the laws that drive the economy or what lies at its foundation.
To achieve this, it is absolutely essential to learn the fundamentals of "economics." However, the ineffectiveness of economics has been a topic of discussion for a long time.

The Folly of Blind Faith, the Greater Folly of Ignorance

For example, Japan's bubble economy collapsed in the spring of 1991, yet the successive economic stimulus measures implemented at the time failed to yield any results.
Despite the presence of renowned economists in government, capable officials in ministries, and private sector economists, this is the outcome. It is only natural to point out the limitations and distrust of economics.

However, I would like to state the following.

"Blindly believing in economics is foolish. However, ignoring economics is even more foolish."