Economics

... is defined as the study of how resources, profits and losses are allocated to maximize happiness.

I just completed a regional course on Refinery and Supply Economics; its arguably the best learning course I've gotten so far in my corporate stint.

My favorites:

1) Application of John Nash's "Game Theory" (global optimum is achieved when everyone thinks in their best interests AND the interests of others), and seeing how the default behavior of most economic deals are a result of Adam Smith's "Invisible Hand" theory ("the best solution is achieved when everyone thinks in their best interests, and an 'invisible hand' takes over to guide them to the optimum solution). John Nash was right, Adam Smith was wrong.

2) Investment economics is loosely based on the story of the bear chasing two men. Don't worry about the bear; worry about being better and faster than the other guy.

3) Risk management is about the rabbit in the middle of the road. If the rabbit stayed in the middle of the road, there's no risk management. If the rabbit chooses whether to stay on the left lane or the right lane of the road because it thinks it won't get roadkilled there, that's risk management.

4) Oil futures and Trading Economics is nothing but a paper market of guarantees. Only smart people can make money using Trading Economics, but engineers can't make sense of how is it possible to make profit out of guarantees. Therefore, engineers aren't smart enough to take Trading as an occupation.

5) Accountants will give you a numerical answer for a "How much is...." question. An economist must give you a counter-question of "Why do you want to know?". The accountant's answer is absolute, the economist's answer is always relative.

It's been great to be in a classroom again.