Some experts argue as the importance of economics increases over time nowadays, university students should learn more economics, as economics can arguably help us to understand many current affairs and improve people's abilities to avoid some exogenous risks.
Economics does not precisely model the real world economies as there are countless factors and some of the factors are even not yet realized by some experts as well. Studying economics can help to understand some very basic concepts of the markets, and apply the concepts to think of some real world problems by simplifying the models. Economics can be thought to be a subject of social science but using natural science methodology and thinking. Moreover, economics also helps to give some special preferences numerical values and model the social problems as natural science problems. Economics provides logic thinking process and rationale when analyzing social issues. Economics will be useful to making individual decisions, especially those targeting specific goals. However, when dealing with some complicated issues with multiple goals, the use of economics will be less effective and is more likely to cause some results that can be significantly different from the reality. Of course, such issue occurs in all kinds of modeling, when modeling more complicated issues, the models become less accurate and reliable.
Economics has another issue, economic models and theorems are sometimes lagged behind the real world progress. In natural science, the environment and the experiment field do not change; however, in social science field, factors are always changing. Many economics models are developed from the last period, they may be good at explaining the facts at specific time, but as time progresses, things change and the models become less reliable. This is why everytime when there is a new financial crisis, there is no pre-existing effective policy to correct economies immediately.
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