When I was at University, I found the content of my economics degree extremely theoretical which left me believing it had no real-world value or apparent applicability. Fair enough, concepts such as “moral hazard”, “selection bias”, “risk aversion” and “in-elasticity of demand” (which neatly explained my family’s penchant for cigarettes no matter what the price!) were all very insightful, but that was about it for three years of academic study! Beer and music became my area of expertise!
However, I did one module where hidden in the textbook was a little Latin expression, “Sapere Aude”, and it has stuck with me ever since. The textbook translation was ‘have the courage to use your own understanding’. I found this incredibly uplifting at a challenging time in my life when things were not running as smooth as I’d envisaged. I was struggling a fair bit – seeing things differently to many of my peers and still recovering from a crazy car accident where I had been a wee bit wild behind the wheel. I was shorn of confidence and in need of such a fillip. (more…)