Why is the study of economics important?
Posted January 14, 2009on:
Many benefits can be gained from studying economics. First, economics deals with vital current problems such as inflation, unemployment, monopply, economic growth, pollution and poverty. Economics is a problem-oriented social science, and the problems with which it is especially concerned are among the most disturbing of our age. They fill our newspapers and pervade ou politics. We like to be knowledgeable about a part of society that so many feel is important. Not only is economics relevant to the big problems of society, but it also relates to personal problems – wages, unemployment, the cost of living, taxes and so on.
Second, the accomplishments of economics have established it as the most successful social science. For examples, yours is the first generation never to have experienced a major depression. No other social science has had equivalent success in applying reason to the shaping of humanity’s destiny. Our nation has a Council of Economic Advisers; no such pernament agency exists for any other social science. In addition, in January of every year The Economic Report of the President is presented to Congress.