Mr. Shaikh
New member
Human wants are unlimited. Means to satisfy those wants are limited. Those limited means have alternative uses. Thus, there are three aspects, i.e. 1) Prioritisation of human wants, 2) discovering the alternative uses to which every resource could be put and lastly 3) Efficient Utilization of every resource As far as Prioritisation of Human wants is concerned, Education and Religion guide people towards achieving orderliness and control over wants and desires and also planting the message that broadview of things is superior to self centred and selfish thinking. Research and Development backed by scientific techniques continuously discover and rediscover newer uses of resources at hand. Management Accounting and various other Branches of Accountancy keep a check on efficient utilisation of resources in the economy. Even in this area, Research and Development has its role to play in suggesting newer techniques of production that reduce the Input to Output ratio and granting more leverage in the process with due course of time. This also includes production planning to avoid wastages of resources. The profit motive of the manufacturer and others in the chain serves as a built-in catalyst towards giving the best to the buyer but here again Environmentalists and NGO’s play their role in seeing that the profit making of the Entrepreneurs is not at social costs like pollution, deforestation, wage-cutting etc. Thus, Economics in true sense is nothing but a continuous matching of Prioritised Human wants with efficient utilisation of resources to meet those wants. True Economic Wealth is not represented by the market prices of shares and stocks in the Market. True Economic Wealth is reduction of input to output ratio as much as possible without compromising on quality of the output represented by goods and services produced.
Don't you think that Economics as a field of study is wrongly perceived in a limited sense by majority of the people ?
Don't you think that Economics as a field of study is wrongly perceived in a limited sense by majority of the people ?
