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Author Topic: Why do we need Economics?  (Read 810 times)

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James Cormack

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Why do we need Economics?
« on: August 08, 2009, 18:01:49 PM »
(Just decided to play devil's advocate.)

Economists have come under attack as a consequence of the financial crisis. It's been 233 years since Adam Smith published The Wealth of Nations, often seen as the starting point of Economics as a discipline. If Economists can't avoid catastrophic failures like the one we've witnessed so recently, what's the point?

What does Economics have to offer the world?
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wqqll

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Re: Why do we need Economics?
« Reply #1 on: June 19, 2010, 08:33:14 AM »

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Re: Why do we need Economics?
« Reply #2 on: May 02, 2011, 10:45:48 AM »
Right!
I know all of us are aware of this. As economics is one one our subject in school.
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Augustus

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Re: Why do we need Economics?
« Reply #3 on: November 08, 2011, 11:52:26 AM »
To understand these important questions i guess..!
How prices and quantities of items are determined
How much value markets create for society
How taxes and regulation affect economic value
Why some goods and services are under-supplied in a market economy
How firms compete and maximize profit
How households decide what to consume, how much to save, and how much to work
Why some economies grow faster than others
What effect monetary and fiscal policy has on economic well-being
How interest rates are determined
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