If we are not already economists, it is time to consider doing a makeover. There are too many things going on in the world involving finance, economics, money, costs, business expenses, and taxes to avoid learning about what is driving (and wrecking) the economy.
In the past many of us have probably relied on financial experts such as bankers to tell us what we needed to know about mortgage loans, working capital, and banking services. This strategy lost most of its credibility when the big banks almost destroyed the financial system by over-leveraging themselves with real estate derivatives and sub-prime mortgages. If banks do not understand risks any better than this, do we really want them advising us what to do with our investments and assets?
Small business owners in particular owe it to themselves and their families to learn more about what they can do to protect and improve the financial health of their company.
Answer: Yes, we are all economists.