Black economics is the study of the "economics" social science from the perspective of Black people of the world. Among other things, it is a process of answering the following types of questions from a "Black" perspective: What must Blacks do to enhance our economic circumstances and outcomes? Are existing economic theories consistent with Black realities? How does the Black experience uniquely inform economic concepts and issues? What are the future economic visions for Blacks? What are the first-best methods for integrating Black economics into world economics? In essence, Black economics is Black Nationalism.
As part of the Black economics process, we ask: Why are there so few Black economists?
We know that economics concerns the distribution of scarse resources, and that economists possess the tools to comprehend, analyze, and shape life for individuals, communities, nations, and for the world.
As a priori responses, we recognize that economics primarily concerns a very simple event: One economic agent's (i.e., an individual, a household, a firm, a government) willingness to trade a good, service, asset, or liability with another economic agent in exchange for another good, service, asset, or liability.
Economists master the social science of describing these basic transactions in a variety of contexts: e.g., under perfect or imperfect competition, in capitalist, socialist, or communist environments; in a barter exchange or money economy; when money is backed by gold or other precious metal or is fiat money; in an open or closed economy; and under fixed or flexible exchange rates
Black economics is the process of using these basic concepts to answer the more complex questions that were posed at the outset.
We welcome your comments.
Listen as Maya Angelou sets the scene for consideration of Black Economic issues.
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