Lessons in Economics Learned from the Legal Field

It’s true what they say that economics is very intricately linked to politics, but there aren’t that many lessons one can learn from politics to perhaps apply in other fields such as economics, so the next best thing is to look towards the legal field. It’s not even the next best thing actually, but rather taking it a step up.

If you want to crack it in the field of economics which we’re all made to have to participate in, look no further than the legal field for some valuable lessons you can apply to considerably increase your chances of success. It’s not explicitly about trying to get ahead by trying to be rich as that is just a bonus really. What it’s mostly about is mere survival.

In the overly financialised world we’re living, unless you were swimming in the green stuff then there is perhaps no way of living parallel to the world’s monetary system, at least not in a manner which will afford you a good quality of life. So we have no choice – we have to make it work by way of our finances within the greater field of economics.

So what are the lessons to be taken away from the legal field?

Know the rules

If you have any chance of success when it comes with a legal issue you’re dealing with, you have to know the law or have access to a professional who does. The same applies in economics – if you know the rules you have a better chance of success.

Try to gain an advantage

Once you know the basics then you can try to gain the required advantage to advance. For example, financial success can be directly associated with knowing the laws of economics and then using whatever tools you have at your disposal to get ahead or even just to survive.

An active approach is better than a reactionary one

In the same way that it’s better to hire a lawyer at a cheaper price as an advisor, than to hire one when you’re in legal trouble, it’s better to plan your finances proactively instead of reacting to situations that come up.

Don’t lose sight of the point

There is perhaps no lesson transcending the field of law into economics which can be applied in a more straight-forward fashion quite like that learned from a divorcing couple that seeks to go the route of an out-of-court divorce. Divorcing couples that consider getting a collaborative divorce instead of going through the traditional channels that will have them attending a court hearing or more, demonstrate some astuteness in getting to the point and dealing with the meat of the matter.

It’s an unfortunate situation, yes, but one for which the delivery of the solution can be made less painful with the simple application of some mutually beneficial agreement terrace.

The same should be applied to your financial decisions – think about what the point of each decision is and you’ll save a lot of time and money which would otherwise be wasted unnecessarily.