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 individuals who have gained economic knowledge through lifetime experience. These are people who have worked in the economic sector for a long time and they are able to determine the outcomes of economic behavior based on the past experience of such occurrences (Hazlit, 2012).
Nevertheless, all these parties have a big influence n the movement of economic programs and the conduction of economic activities. This has resulted to major impacts on the economic sector across the whole world due to frequent conflicting of views from both parties. There are various issues that have hit a world threatening level due to the influence created by the confusion from these groups (Hazlit, 2012).
In the current world, many countries are faced by the challenge of concurrent debts. 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 dete...
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...o have to project a better means to acquire the money that would be used to pay the new recruits (Chafuen, 2015).
Most countries face the threat of unemployment due to the ignorance of most economists to foresee the effects of these economic decisions on other sectors. Brilliant economists in this case have to recommend an alternative way of making the money to pay for these new employees. If this is not considered, the policies may result to the loss of many lower jobs in order to pay for the few higher jobs. This has taken great effect in many countries since most economists operate on the foreign exchange scale. This has made t more difficult for them to consider the effect of their financial policies on the lower groups whose effect is not felt at the higher scale. This is what determines the fallacies that are overgrowing in the modern economics (Chafuen, 2015).
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