Can economics be put to pratical use in the business world or is to philosophical for application?
If economics is applicable how much does each level of knowledge benefit an individual(at the undergraduate level, MS and PhD) and in what ways does it benefit an individual?
Answer:
Very good question. And the answer is yes! :)
OK, so I'm a smart ***--but the truth is economics is really both. On the one hand, "economics" as we know it is grounded in and references only one type of economic system--capitalism. Siince in so doing, it embraces certain value choices, it does include a philosophy: the idea of property rights, of reward for investing and risk, of individual choice in market decisions, etc.
But economics is also a highly analytical science--strongly grounded in disciplined quantative analysis. That enables us to (among other things) trackthings like the money supply, productivity trends, and the like. Those figures (toghether with analysis of their importance in a given situation) provide businesses with crucial information used in plannning and organizing their operations.
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If wealthy investors were willing could the world economy and political systems...?
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How does a person make a living on minimal wage?
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Isn't India of today the most ugly, insensitive capitalist society and the rich-poor gap ever increasing?
How can we develop a Country?
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Economics how is it a social science?
Answer:
Very good question. And the answer is yes! :)
OK, so I'm a smart ***--but the truth is economics is really both. On the one hand, "economics" as we know it is grounded in and references only one type of economic system--capitalism. Siince in so doing, it embraces certain value choices, it does include a philosophy: the idea of property rights, of reward for investing and risk, of individual choice in market decisions, etc.
But economics is also a highly analytical science--strongly grounded in disciplined quantative analysis. That enables us to (among other things) trackthings like the money supply, productivity trends, and the like. Those figures (toghether with analysis of their importance in a given situation) provide businesses with crucial information used in plannning and organizing their operations.
More Questions and Answers: