IMPORTANCE
OF THE STUDY OF ECONOMICS
This is an age of economics as
people all over the world have become economic minded. People living in the
third world countries in particular have realized that the study of economic
can provide a solution to their economic and solution to their economic and
social problems. Hence, the subject off economics has gained tremendous
importance these days. We now discuss (a) Theoretical uses and (b) practical
uses of economics.
(A) THEORETICAL USES
1) WIDENING OF MENTAL HORIZON
The study of economics widens
the mental horizon of the people because it enables them to understand the
economic realities of life e.g. the usefulness of saving and investment,
behavior of general price level, the need to boost exports and to control
imports, the role of banking in business etc.
2) ADJUSTMENT WITH ECONOMIC
SITUATIION
We can learn to adjust to the ever
changing economic situation of the economy country provide we have studies the
subject of economics. We know that the problems of inflation, unemployment,
deficit in the balance of payments, the structure of taxes, agricultural,
industrial, monetary and fiscal policies of the government effect all the
people living in a country. Hence, all of us must have at least general
awareness about economics to cope with any economic situation.
3) SENSE OF REPONSIBILITY
Economics teaches us the importance of
economic activities by which resources in the form of goods and services are
produced for the satisfaction of wants. Thus, us responsible citizens of a
country, we undertake economic activities to solve our economic problems.
4) ATTITUDE TOWARD THRIFT
The consumption theory in economics
leads us to the maximization of utility by minimum expenditure and therefore it
helps to develop an attitude toward thrift. This helps us to promote the level
of saving and investment for growth and development of the economy.
5) THE WORKING OF ECONOMIC SYSTEMS
By the study of the subject of
economics we can learn the working of different economic system e.g. capitalism,
socialism and Islamic economic system. This enables us to go for the best
system for the welfare of people.
(B) PRACTICAL
USES
1) SOLUTION TO ECONOMIC PROBLEMS
The study of theoretical and
applied economics us enables to identify the economic problems of a country and
leads us to measures for their solution. We know that Pakistan is inundated by
economic problems like inflation, unemployment, population explosion,
agricultural and industrial backwardness, inequality of income distribution,
deficit in the balance of payments etc. these problems are big obstacles in our
way to economic development. Economics has given us the solution to these
problems. That is why government of Pakistan is taking up concrete measures to
solve the problems.
2) O
There is a lot of wastage of
resources in the third world countries which is mainly responsible for their
poverty in general. Hence, they must learn the subject of economic development
so that they are able to make the optimum use of the available resources. This can
help them to raise their standard of living.
3) GUIDANCE FOR THE FINANCE MINISTER.
4) GUIDANCE FOR INDUSTRIAL /
BUSINESSMEN.
5) PROTECTION OF THE RIGHTS OF LABOUR
CLASS.
6) GUIDANCE FOR POLITICIAN.
7) FAIR DISRIBUTION OF WEALTH.
8) IMPORTANCE FOR BUREAURATS.
9) DEVELOPMENT PLANNING.
10) RESTRAINT ON ILLEGAL SOURCES OF
INCOME.
11) CHANGE IN SOCIAL VALUES.
12) POLITICAL STABILITY.
0 comments:
Post a Comment