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Starting With The Basics: Economics 101, Time Management

If the Black Community is to rebuild & replenish itself, we have to take the time out to study & learn economics.

What Is Economics?

Politicians, intellectuals, activists all want to argue over policies to help the poor, but they all support policies that inadvertently hurt the poor. This is because very few people take the time to study economics.

from Lionel Robbins,

“Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.”

Robbins, An Essay on the nature and significance of Economic Science, p. 15

Economist Thomas Sowell explained it more simplified definition dabased off this,

“Economics is the study of the use of scarce resources which have alternative uses.”

Sowell, Basic Economics, p1

The use of scarce resources that have alternative uses.

This can be land, natural resources (eg. Timber, coal, water etc.). Whether you’re born rich or poor, middle class, or upper class, we can all make better use of the one last resource we all share in common – our time.

Better time management is key to success in life. For example take a look at the Asian community,

…African-American adults watch about 3 times more traditional TV per day than Asian-American adults, and twice as much as Hispanic adults.

The State of Traditional TV
Asian vs Black TV watching data
Traditional TV: averaged in Q3 2018

There is also a growing gap between Asian American students & their White counterparts that’s quite interesting.

While certain researchers may claim that cognitive abilities are innate, I disagree with this. It is simply that one group spends their time differently. What would be the effect if Black children where encouraged spend less time on the internet, watching TV & doing other wasteful actives & instead set aside that towards reading & studying.

But, not just the children. How do you use your time? How much internet do you consume? Facebook? Twitter? YouTube (although, to be quite honest I see YouTube as a breakthrough resource for learning, study & research.)? Imagine instead using that same time to learn a new skill set that can increase your earning potential or start your 1st business.

Some Time Management Hacks:

  • Write down your goals: set daily, weekly, monthly as well as weekly goals in order have a well defined plan of action
  • Prayer\daily meditation: Inorder to keep your mind centered & better focused
  • Turn notifications off on your device to better cut out distractions
  • Create a schedule: keeping a journal can help you set manage your time

In closing, to be more economical relates to using scarce resources that have alternative uses. In the BC our 1st step, seeing as we have very few other resources at our disposal (limited, land, gold, oil etc.) is to make better use of our time. Success starts with a change in ones perspective.

Thomas Sowell,

Basic Economics