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Essay on Economy's Main Economic Problems
Economics is one of the societal sciences. Any culture has to address the dilemma of how and what to produce for its material survival, and how goods and services which are produced should be distributed among its population. Economists explore how people and institutions behave and function when producing, exchanging and using goods and services. Our main motivation is to find mechanisms which encourage efficiency in the production and use of material goods and resources, while at the same time producing a pattern of income distribution which society finds acceptable.
A lot of the problems which control our newspaper headlines are monetary problems. Why a few countries are poor with very low growth rates at the same time as a small number of countries enjoy high living standards and high growth rates? What are the role of international trade, and the movement of capital from one country to a different, in explaining these global inequalities? Why are some countries so much more successful at creating employment or reducing unemployment than other countries? Within countries, why do some people earn so much more than others, and what are the best ways to tackle and reduce poverty? Is it probable to chase economic growth and still protect our natural and physical environments? How should governments try to raise the finance needed to pay for health and education services and income support programmes? What is the proper role for government in the economy? Would we be better off with much lower taxes but also poorer social services than we presently enjoy? Calling economics a social science also reflects the way economists analyze problems, in that economists aim to develop theories of human behavior and test them against the facts.........
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