I have been putting this off for a while, but this semester I’ve finally decided to start my long-overdue column on socioeconomics. I decided to write this column because too many people at Tufts seem to be confused or completely unbothered by the impacts of our economy and how it’s intertwined with social issues. Socioeconomics, by definition, is a branch of economics that explores the relationship between social behavior and economic activity. My goal with this column is to break down these concepts and show how economic forces shape everything from education and inequality to social justice and identity. In this introductory piece, I hope I can convince you of why you should start caring.
First, as Tufts students, we especially need to care because we are in an environment that skews our understanding of most Americans’ socioeconomic realities. For context, in 2017, 18.6% of the students at Tufts came from families in the top 1% (people in Massachusetts earn over $1.11 million per year to be in the top 1%), while only 11.8% of students came from the bottom 60%. With a median family income of $224,800 — nearly three times the U.S. median of $61,372 at the time — our campus environment doesn’t reflect the financial situation of the average household. Because we are surrounded by a wealthy majority, we often misjudge the scale of financial discrepancies we see between ourselves and our peers as representative of the broader society. It is easy to forget that even being the ‘brokest’ person in the room doesn’t make you ‘poor’ in actuality. By learning more about how the average person’s financial background interacts with their social decisions, you can view your own challenges, which you might believe hold great gravity, under a new light.
Moreover, you should know where your taxpayer dollars are going, especially before you make any complaints about high tax rates. As you exercise your right to vote and influence policy by supporting specific candidates, being informed about what you’re advocating for is crucial. Informed decision-making is vital in a democratic society. Understanding how the economy works and how policies surrounding taxpayer money impact your welfare makes you a more engaged and responsible individual.
Last but not least, understanding socioeconomics allows you to be more empathetic to others. Not having to care about socioeconomics alone is a privilege in and of itself. For example, it is easy for us to say that the financial aspects of abortion or unwanted pregnancies aren’t an issue, because as students at Tufts, we have free reproductive health care and education, and many of us can afford abortions. However, the reality is very different for a mother who can’t financially support a child or for a family forced to make heartbreaking decisions due to economic constraints.
So, to put it in simple terms, economic literacy is important. You don’t exist independently from the economy, and the economy doesn’t exist independently from you. Understanding this connection is key to living a more informed life. I hope this article has moved you, even in the slightest way possible, and I hope to see you in my next column.
