Why "STEM" and NOT "STEEM"?

                       

In today’s slang driven world, STEM: Science, Technology, Engineering, and Mathematics often feels like the beautiful juvenile of instructional and professional paradigms. It’s the superhero team, the Avengers of the educational world, seemingly equipped to address all our contemporary challenges. But here’s a thought: shouldn’t we be discussing "STEEM" : Science, Technology, Engineering, Economics, and Mathematics ? Now, Before you roll your eyes and think , Here comes another wannabe economist bothersome to be offended and hear me out.

Let’s face the facts,while STEM fields are undoubtedly influential, they sometimes miss out on the practical aspects of implementing their innovations. Imagine developing an exciting new gadget without understanding its real-world applications. That’s where Economics steps in, acting as a sensible guide to ensure the new innovations don’t become obsolete or impractical.

First, let’s tackle the issue of practicality. Sure, creating a top-notch technology is exhilarating. But in the real world, where resources are finite and budgets are limited, we need help from Economics. Think of it this way: having a sophisticated gadget is one thing, but understanding how to finance it, market it, and ensure its practical utility is another. It’s like buying a sports car without knowing the fuel costs or maintenance—impressive but not very practical for daily life.

Consider the example of renewable energy. Scientists might develop a solar battery that runs solely on sunlight, and engineers might find a way to install it nationwide. However, without business acumen, we’re left scratching our heads over why the installation costs are so high. Economics helps us navigate these challenges by analyzing costs, benefits, and potential returns. It’s like having a GPS in an unfamiliar city—without it, you might end up lost.

Next, let’s address the issue of global inequality. Imagine a world where advanced technology is available only to a select few who can afford it. This sounds like a dystopian novel, but it could become reality if we don’t integrate Economics into the STEM framework. Nobel laureate Amartya Sen’s Capability Approach argues that progress should be measured by people’s ability to lead meaningful lives, not just by flashy technological achievements. Incorporating Economics ensures that technological advancements benefit everyone, not just the elite.

Sustainability is another area where STEM alone might fall short. We all appreciate technological progress, but if it’s not sustainable, it’s like putting a fresh coat of paint on a crumbling wall. Environmental economist Kenneth Boulding once quipped that anyone who thinks rapid technological progress can continue indefinitely in a finite world is either a madman or an economist. Economics helps us consider the long-term implications, ensuring that today’s innovations don’t create problems for future generations.

Let’s also consider the importance of return on investment (ROI). If you’re investing heavily in research and development, you’d better hope it pays off. Without Economics, we’re navigating blindly. It’s like opening a new restaurant without knowing anything about food costs, pricing strategies, or customer preferences. Economics helps us plan effectively to ensure that investments in STEM yield tangible, beneficial results.

Finally, let’s dwell on policy and practical implementation. Technologies are only as effective as the systems supporting their deployment. Imagine a groundbreaking medical device that could save lives but is hindered by outdated policies and bureaucratic obstacles. This is where Economics comes to the rescue, helping to shape policies that ensure innovations reach the people who need them the most.

To be more precise,while STEM has certainly propelled us forward, adding Economics to the mix—creating "STEEM"—provides a more comprehensive approach. It’s not about overshadowing the brilliance of STEM fields but about ensuring that their innovations are practical, sustainable, and beneficial for all. So, the next time someone praises STEM, consider suggesting that including Economics isn’t just a good idea—it’s essential for ensuring that our technological dreams become reality.