Mapping/ social network analysis

 

 

When it comes to mapping I see it extremely useful to economics. Economics is about understanding factors that influence market, such as interest rates effecting loans and it can keep going and going. Using mapping software would make it easier to see on a broader scale the impact of a variable and how it influences the larger picture. Going back to my example interest rates are determined by the fed and when they lower the rate more people will borrow, more money will be circling the market, which influences a lot of other areas and GDP will increase. To be able to see a map that shows interest rates and borrowing and seeing that there is a correlation, it really helps to understand the topic. Overall I think mapping is important in any area, for example insurance company can map out age vs. car accidents and from that data they can determine their rates.  I think social network analysis is helpful to economics because it helps determine trends and what direction certain things are heading, which all influences the market.

When it come to my interest I think subconsciously we map out things all the time, just not on any software. When making any important decision when it comes to buying something we will determine the pros and cons. When I’m looking to buy a phone I evaluate it to a comparable one and look at what each one of them brings to the table and determines which one is best for me. Also because of social network research has probably already found the best way to advertize to the biggest market, so that has probably impacted my verdict on what phone I “need”.

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