Normal disclaimers apply: I try not to make this a political space. I'm not an economist, but I've studied it both in academia and in real life.

Fundamentally, I believe that a basic understanding of it is required to have any significant success... well, for the common man. If you happen to be one of the elite - or otherwise be unconnected with real life - it's not quite as necessary. As demonstrated here by Senator Clinton about Alan Greenspan

"Not only that, but the Fed didn't act while he was there. But he has a calming influence still to this day on Wall Street -- don't ask me why because I never understand what he's saying -- but nevertheless people respond to that Delphic oracle approach. I think it would be wise to include him. And recently he's come out and vert smartly so [sic] that we have to deal with housing and maybe we need to have some kind of buyout mechanism for mortgages. So he's moved on his understanding and depth of the problem -- but you know you could pick three others.