Economics Case Study

Abstract

In the current world, economics serve as the basis of all other sectors of human survival in most practices of life that every individual gets involved. There is an aspect of economics that requires careful handling in order to make a success out of the activity. This makes economics to be one of the most delicate sectors of human life. Economics can however be viewed in different ways by different individuals. There are those people called professional economists who have basically studied for economics. These individuals view economics from the technical point of view. They carry out calculations and comparison of economic variables to determine the possible outcomes of a certain economic behavior. On the other hand, there exist

This is majorly caused by poor planning and advising from professional economists. For a country to be able to borrow a substantial amount from any financial institution, it relies on the evaluation of economists to determine the short term and long run effects of acquiring the debt. In this case, the economists must be able to determine the possibilities of the country being able to repay the intended debt. They also have to determine the possible challenges that may face the economic situation of the country during the period of the repayment of the debt. Since this involves the acquisition of huge sums of money to fund projects and carry out major development programs, countries rather depend on professional economists rather than experienced economists (Sachs,

Regardless of a country’s financial stability and strive to reduce chances of job equilibrium, there remains to be a big number of people not employed. This has mainly resulted from poor economic policies made in different countries. In this case, most of the economists make policies by concentrating on only one group of people. In modern economics, most economists concentrate on the effect of an economic policy on the target group of individuals. For instance, policies that involve recruitment of a particular group of professionals may result to a high risk of unemployment in other sectors if careful evaluation is not taken into consideration. This mainly occurs when these policies target the recruitment of highly paid professionals. Good economists have to be able to determine the effect that would occur on the other lowly paid workers. They also have to project a better means to acquire the money that would be used to pay the new recruits (Chafuen,