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you are here: > Self > 18.
EKELOS
| 18.6 |
Economics- the "front cover" version
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| The modern "jazzy" text book definition of economics is as a science of making sense of "limited resources and limited means to unlimited ends". A kind of balancing act between all the possible uses for limited resources and somehow cutting the cake so every one gets a piece. | ||
| In that sense, economics is nothing new from the management of scare resources that has faced every generation of human beings since the dawn of civilization. What is relatively new (over the past 200 years or so), is the attempt to document rules, methods and systems for economic behaviour and outcomes. | ||
| In other words, how do we work? how can we work in a more optimized way? how can a government better manage its industry policy? how can economic growth be improved? | ||
| 18.6.1 | The birth of economics in methods of work and trade | |
| Adam Smith is considered the father of economics for his works in attempting to define systems and procedures for efficient production of repetitive items (the birth of manufacturing processing). | ||
| And from that point on, the hallmark of economics has been its intimate association to the concepts of money, wealth, profit, work and trade. | ||
| 18.6.2 | Modern statistical economics | |
| Today, economics has evolved in to a slick and sophisticated "science" providing amazing statistical models of predicting future economic trends as well as mathematical justifications for certain optimum decisions. | ||
| Modern economic theorists have been at the forefront of many of the major social and structural changes experienced by many countries in the past few decades, especially in seeing the push towards dropping trade protection to increase global trade. | ||
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