The Money Game

What make Economist so demanded?

Economics is the study of how societies, governments, businesses, households, and individuals allocate their scarce resources. This discipline has two essential characteristics. First, we develop theoretical models of behavior to predict answers to changes in policy and market situations. Second, we use the precise statistical investigation to review these changes.

Economists are well known for advising the president and the NITI aayog on economic issues, forming policies at the Central Bank and analyzing economic requirements for private banks, brokerage houses, real estate firms, and other private sector companies. They also contribute to the development of many other public policies including health care, welfare, and school reform and efforts to reduce imbalance, pollution, corruption, and crime.

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The study of economics can also bring worthy knowledge for making choices in everyday life. It offers a mechanism useful for approaching questions about the usefulness of a particular financial investment opportunity, whether or not to attend college or graduate academy, the advantages and costs of alternative careers, and the likely consequences of public policies including national health care and a higher minimum wage.

A parallel study of econometrics which is a primarily quantitative method used in this discipline enables scholars to become critical consumers of statistically based reasoning about numerous public and private matters rather than passive heirs unable to sift through the statistics. Such awareness enables us to ask if the evidence on the desirability of a particular policy, medical procedure, claims about the likely expected path of the economy, or many other issues are really compelling or alternatively if it sounds good but fall apart upon closer inspection.

From the above analysis, we learn the importance of this subject as a science applicable to our society formation and sustainability. Simply having a huge wealth is not enough unless we learn to utilize it in the best possible way.

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