I took business economics freshman year and I honestly cannot say a single thing I learned that year. With that said, I have no idea how to fix the economy. It’s too subjective and there are way too many circumstances to know how to handle it. I don’t understand anything about interest, taxes, where the money goes, who should pay what, etc. but this post isn’t 150 words yet so now I have to make something up. I have one solution that would not solve the problem: go back to the barter system. Personally, I don’t want to go back to bartering but who knows, other people might. I think the barter system is like the reciprocity norm in psychology where people reciprocate actions. If someone did something for you, it is logical to pay them back by doing something for them. If life were so simple, then this would work but unfortunately society today is not like that. What worth would an iPhone have? What about private education? All in all, the economy is not something that can be fixed by me.
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