Economics is a fascinating subject that provides crucial insights into how societies, governments, and businesses operate While formal education is one path, it is completely possible to gain deep economics knowledge through self-directed learning
In this comprehensive guide, I will provide tips, strategies, and resources for learning economics independently without enrolling in school
Why Learn Economics Without School
Here are some of the top reasons to consider learning economics outside of formal institutions:
- Avoid high tuition costs of degree programs
- Learn at your own pace based on your schedule
- Focus only on economics topics you are interested in
- Gain practical real-world economics skills
- Complement your existing career with econ knowledge
- Open up new career opportunities in business and policy
The flexibility and cost savings are huge benefits to opting for self-directed learning.
Develop a Learning Plan
To ensure your self-study is structured, create a learning plan:
- Define your learning goals and objectives. What econ knowledge and skills do you want to gain?
- Outline the core economics topics you need to cover like microeconomics, macroeconomics, econometrics, etc.
- Break topics down into subsections to create a modular curriculum.
- Create a study schedule with number of hours per week devoted to learning.
- List the learning resources and tools you will use for each topic.
- Build in review periods to retain knowledge.
- Define milestones and metrics to evaluate progress.
Having a detailed plan prevents aimless studying and keeps you accountable
Watch Instructional Lectures
One of the best ways to initially grasp economics concepts is by watching educational lectures. Some great options:
- Khan Academy’s econ and finance section with 100+ free video lectures
- Marginal Revolution University’s econ courses taught by leading professors
- The Great Courses Plus subscription with econ lecture series
- Udemy paid online classes from top-rated instructors
- YouTube channels like Jacob Clifford and ACDCLeadership
Lectures give you an overview of topics that you can build on.
Read Widely
Economics requires broad reading across diverse sources:
- Foundational books like Adam Smith’s “Wealth of Nations”
- Academic texts like Gregory Mankiw’s “Principles of Economics”
- Topic-focused books covering econ history, financial crises, macroeconomics, etc.
- Research papers and academic journals to stay updated on new findings
- Economics magazines and publications like Freakonomics and The Economist
- Reference guides like Investopedia for clear explanations of concepts
Aim for depth and breadth in your reading list. Take notes for better retention.
Join a Learning Community
Connecting with other independent econ learners provides motivation, accountability, and opportunities to discuss concepts. Options include:
- Local informal study groups that meet regularly to learn
- Online communities like r/economics on Reddit
- Following economists on Twitter for insights and discourse
- In-person economics conferences and associations
- Online forums like Economics Stack Exchange to ask questions
Finding a group to learn with makes self-study more engaging and interactive.
Complete MOOCs
Massive open online courses (MOOCs) are free or low-cost online courses from top institutions:
- edX MicroMasters in Data, Economics, and Development Policy from MIT
- Coursera Economics courses from UChicago, Wharton, and UCI
- Udacity Nanodegree programs in predictive analytics and data science
- FutureLearn course catalog with econ and business classes
- Khan Academy’s AP Microeconomics and Macroeconomics prep courses
MOOCs offer a structured curriculum, lectures, assignments, and community.
Listen to Podcasts
Podcasts deliver economics insights from experts in a convenient audio format:
- Planet Money from NPR explains econ topics clearly
- Freakonomics Radio with famous economist Stephen Dubner
- EconTalk interviews influential economists and academics
- The Journal by the Wall Street Journal covers business and markets
- Macro Musings explores macroecon and central banking
- More Money Podcast makes econ fun and accessible
You can listen to pods during daily commutes or while exercising.
Apply Knowledge with Projects
Undertaking economics projects cements your learning by putting it into practice:
- Conduct data analysis on economic indicators using R or Python
- Build financial models projecting economic trends
- Start an economics blog, newsletter or YouTube channel
- Volunteer at a nonprofit economics research organization
- Complete cases and simulations from sources like Harvard Business Publishing
- Participate in online innovation challenges like Kaggle competitions
Projects provide concrete artifacts to showcase what you’ve learned.
Talk to Economists 1:1
Having direct access to experts provides invaluable mentoring and networking:
- Take a skilled economist out for coffee to pick their brain
- Email authors of papers and books asking questions
- Attend economics conferences and engage with speakers
- Set up video chats with economist colleagues of friends and family
- Follow and communicate with pros on LinkedIn
- Meet economists by volunteering or interning at research institutes
Direct coaching from experts will provide nuanced perspectives.
Evaluate Your Progress
Continuously evaluating progress ensures your learning stays on track:
- Take practice exams from prep books and MOOCs
- Complete end-of-chapter drill questions to test knowledge
- Apply for data science jobs to determine real-world readiness
- Give presentations to economics enthusiasts and take feedback
- Compare early and recent essays on econ topics to measure growth
Consistent assessment enables course correction when required.
Earn Credentials (Optional)
Formal credentials can supplement your self-study to validate your economics expertise:
- EdX MicroMasters in Data, Economics, and Development Policy
- Coursera Economic Specializations from top schools
- Certifications from Trade Schools like NYIF in Financial Analysis
- Professional associations like American Economic Association
- Volunteer experience at respected econ research institutes
Credentials can strengthen your resume and highlight your commitment to learning.
With deliberate practice and quality resources, self-directed learning can deliver an economics education comparable to formal institutions at a fraction of the cost. Follow this guide to craft a personalized curriculum, leverage diverse materials, apply knowledge, connect with experts, and evaluate your progress. Learning economics independently requires motivation but pays dividends in economic literacy and career opportunities.
Frequency of Entities from Given Sources:
economics: 38
learn: 18
school: 12
online: 7
topics: 5
lectures: 5
books: 5
courses: 5
projects: 4
experts: 4
progress: 4
concepts: 3
credentials: 3
resources: 3
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There are a ton of resources you can use to study economics on your own. Your obvious resource is your textbook and coursework. But instead of trying to memorize the facts and data, try working through sample problems so you can be sure you understand the concepts and models. You can also use outside resources to learn more about the subject. Online video tutorials and reputable websites dedicated to economics can present the information in a different way, which may help you understand it more fully. Use the study guide your teacher provides you to help guide your studying if you have one. Try to avoid last-minute cramming and study a little bit each day during the weeks before the test so you retain the information better. For tips about how to boost your math skills to complement your study of economics, keep reading!
