Learn Economics from the scratch, ECO04 is the fourth of a five Economics course series.
By studying this course, you can discover new factors that may lead to increase the national wealth. Modern governments are actively engaged in economic Planning. The purpose of planning is to remove poverty by increasing the national income and wealth and also by effectively distributing the wealth. Without the knowledge of economics, this is absolutely impossible.
The knowledge of economics is very essential for the Finance Minister, It helps in framing the just system of taxation. It helps in formulating the budget for development and for removing unemployment. Supply of money, effective credit system, efficient working of the banking system can be had in the country only by having a thorough knowledge of economics by the people who administer these sectors.
The knowledge of economics is very essential for the legislators and parliamentarians. They will be able to frame laws effectively only by having knowledge of the subject. As citizens and voters and people. electing the representatives, the knowledge of economics will be much helpful. It will help the people to understand many economic programmes presented by the political parties in their ‘Election Manifesto’. The people can wisely judge the truth of the statements in the Manifesto.
Economics is not a bundle of theories and principles. It is a practical social science. The study of the subject is not undertaken merely for the sake of knowledge. It is done to lay down principles and policies for removing poverty and increasing human welfare