Economics to any country should be the very first priority among others. This is what keeps the country going. A goal oriented country should have great economists who stimulate or rather mobilized people to appreciated economics and gear the country towards development and growth. Remember, a country can only grow if economies of scale is being practiced by many individuals especially those in top positions. When all the resources available are managed well by a country or anybody concerned, more achievements are bound to be experienced.
Economists help a country a lot, especially when it comes to resource allocation. This is a very tough but crucial part of decision making and budget creation, where all government bodies contribute something towards finding the best ways ever to allocate these resources evenly. A major negative issue about economics and he economy of anything is scarcity. This implies that one’s wants or a county’s wants and more that the available resources. No matter the resources a country has, equitable distribution should be the key towards the allocation.
Economists insist on dealing with market failure accordingly. They see a planned economy to be the best option ever as compared to a market or economy that is free. A free economy or market is always predicted to have problems like producing a lot of negativities inclusive of pollution, scarcity in the production of goods plus positive results like; transport, education and health care. In addition, there is usually no provision nor production of public goods. When all these matters are considered and put in place, the county’s economy is bound to grow more.
Efficiency is always well represented by economists when putting the country’s issues at par. They play a very good role where the efficiency of all production factors is improved. The supply of a certain product or goods and services may be monitored so as to make everything work efficiently for the growth of the economy.
These amazing people called economists insist on individual economics. This goes hand in hand with the decisions that people make individually. In any case one is making a decision, especially concerning business or money, then they should be considerate since an opportunity cost has to be there.
Dr. Christian Broda is one man that many people loved and still love due to the way he handled matters relating to economics. We are told that, at the University of Chicago, Broda lectured was economics. He even published a good number of books and journals, all talking about finance. Many of his articles have been published in the New York City. This man was and is still a good symbol of national development as he offers a lot of advice to individuals, companies and nations.
Last but not list, efficiency and Equity are key ways towards a nation’s development. Incomes and profits are to be maximized. Through economics, a country or an individual can decide whether to increase output and make reductions in inequality.