Usefulness of economics

Article / Finance and Investing

Usefulness of economics
Qais Zahir , Student (MBA), Afghanistan

The importance of this subject is its direct and primary concern with the human welfare.

Why is economics useful?
In general, economics is considered to be one of the most important and useful subjects as compared to any other branch of knowledge.
The importance of this subject is its direct and primary concern with the human welfare; it helps in raising the quality of economic life. It helps in the solution of economic and social problems. As an example we can have a look at the economic links with the politic. The main aim of political economy is the explanation of the general causes in which the material welfare of the human being depends.
The key advantage and usefulness of economics are as below:
- Intellectual Value: it makes wider our outlook, sharps our intellect, inculcates in us the habit of balanced thinking.
- Professional and Personal Use: it enable the consumer to adjust his expenditure to his income. From the study of economic we can easily judge, that why the prices have risen or fallen.
- Economics for the Political Leader: it enables a political leader to understand and better grasp the economic and social problems facing the country, such as unemployment, inflation, over production, under-production, imposition of tariffs and control, problem of monopolies etc.
- Poverty and Development: the greatest advantage of economics is that it helps in removing traces of poverty from the country.
- Economics for the Citizen: such being the importance of study of economics, it is rightly remarked by Wooten “You cannot be in real sense a citizen unless you are also in some degree and economist”. The newspapers often describe complicated economic problems such as inflation, balance of payment, balance of trade, imperfect markets, dumping, co-operative farming, sub-division and fragmentation of holdings, mechanization of agriculture, etc. If you do not have knowledge of economics, you cannot understand theses various problems.

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