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Economics and Our Life - Essay Example

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The author states that economics is supposed to act in such a way to wipe out a tear from all the human eyes in the world. It should address the issues of poverty, famine and basic needs. All the theories may be different in ways of action but aim the same target: bring prosperity to the human race. …
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Economics and Our Life
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Download file to see previous pages Fortunately, Economists are getting their due importance in policymaking. It's economists who shout both in praise and against all policy decisions of different countries. And at least in a few cases, they themselves get divided into ideas and concepts. Regarding certain policies, a group of economists comes up with words and swords against another group of economists. Each group depends upon different theories at different times. Basically, they keep in mind their own basic view and proceed. Forgiving stress to their views depend on theories according to their convenience, that's all.
From theories to application - here starts the real game. Economists have made so many jargons familiar to the common man. But what's the end result Did it take us anywhere they planned or predicted This question stands as a very big unanswered question before mankind, especially these days.
In the initial years of the new millennium what the Economic World has been experiencing was boom, boom, and boom. The IT boom, banking boom, insurance boom, etc. could be cited as shining examples. Predictions also were aplenty. It was pointed out that the IT boom will stand for many more years. According to economists, banking and insurance were also going to record a trajectory of growth. Many reasons were given numbered one by one to substantiate their point of view. Banking habit is not developed among a large number of people. And an attempt was started by governments of various countries to bring more citizens of theirs to banks. Different packages were announced including zero balance accounts and any time money withdrawal facility. Similarly, it was observed that a major chunk of the population remains outside the insurance net. Studies were conducted which revealed that there are countries which have only up to a mere 10% of their population keeping insurance policies. ...Download file to see next pagesRead More
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