At present, the whole human world is powered by the wheels of the economy, some argue that some species can conduct market-based transactions. Our family, society and state are all included in this economic transaction. The need for economics lessons is explained in detail in this post. I hope you add it to your own or your children's curriculum.
Economy in daily life:
Economic recession continues in people's daily life. In everyday life, people's needs are gradually increasing. And to fulfill this need, people often face finite wealth and unlimited liability in worldly life. And during this economic downturn, people suffer from various dilemmas. And when people gain a detailed knowledge of economics, they can overcome the economic downturn very quickly.
Economy in social life:
People are social creatures. And to solve different problems at different times of society, economic transactions have to be exchanged. Commercial transactions also take place to carry out essential functions for the development of a community such as poverty alleviation, the well-being of street children, the development of education, and the medical system. And if this transaction is not performed correctly, there will be various consequences in society. Therefore, socialist humans must acquire knowledge of economics in the management of society. This is not possible since the voluntary transactions in total provide a decentralized ‘brain’ of people’s predictions of the future. This decentralization leads to better economies as people are free to make their own market decisions, and not those in Ivory Towers.
Want to learn about the driving force behind the great depression? Check it out:
John Lambrechts
“As is well known, Ludwig von Mises's book is the best defense of capitalism ever written” with scientific explanations about coercive intervention into voluntary market transactions, which always harms the economy and individuals. [2]
Economics in politics:
It is not possible to be successful in politics without economic knowledge. To be proficient in politics, a politician must first have a good idea of the economic transactions of the country. So a politician must have sufficient knowledge of economics, debt policy, trade policy and monetary policy. Unfortunately, we live under a Monopoly of Central Banks working in concert issuing paper money since 1971 worldwide.
The Bretton Woods Agreement created two institutions, the IMF and the World Bank, which rape and pillage economies Large and Small for the benefit of the rich. Their propaganda, political sluts, and Violence backed paper money is an insult and a crime against humanity. [1] [2]
As this system is based on inflation, those that have the money first get to spend it before it loses value. This monopoly over money creation is causing massive distress in the economic and the political world. The first politician to support voluntary market transactions without government interference will change the world. A modern day example is the Congressman Thomas Massie, in America.
Currently, all governments around the world have the false notion their bankers can help everyone on the totem pole. That political notion is an insult to any human, we know what we need, and we can make our own decisions. We are human with amazing senses and the ability to learn, no matter what change occurs. The government isn’t some magic human who knows what’s best for everyone.
Economics in business:
Traders must have knowledge of transactions in business. So first, you need to know about the demand for commodities because investing in a commodity even when there is no demand is going to hurt the business. Secondly, you need to have knowledge about the banking system for financial transactions, thirdly you need to know about the stock market and foreign inflation. It is usual for a business to incur losses if it invests capital without acquiring knowledge on these issues.
Economy in government departments:
The government is a servant of the people. And the main functions of serving the people are done by the government through economic transactions. And so government officials must acquire knowledge about the country's economy. This is because the areas of taxation, borrowing, inflation and budgeting are related to the economy.
Economy in developing countries:
The better the standard of living of the people of a country, the more developed that country is. The higher a country's food system, better health care, and better civic services, the more advanced the country is. And to provide services in all these sectors, a country must properly lend itself to the economy. Moreover, the standard of living of economically less powerful countries is underdeveloped. So the importance of the economy is immense to take the country forward.
Economy in planning:
The importance of the economy in national life is vast. A Socialist state produces, distributes, and controls various goods to meet the needs of its people. A Free Market state allows businesses and individuals to meet all the needs of the people.
Businesses have an incentive to keep you buying their products. That is called profit. The government is inept at planning and can barely build a right road, they can’t even protect Humans against a Socialist Country’s virus epidemic. And keeping all these objectives in mind, how much of a product will be produced, how it will be produced, and what products will be produced, in all these cases, economic transactions take place and can be studied. I hope you enjoyed this analysis of economics and its importance in creating a better world.
Sources:
[1] https://www.investopedia.com/terms/b/brettonwoodsagreement.asp
[2]https://en.wikipedia.org/wiki/Bernard_von_NotHaus
[3] https://mises.org/library/human-action-0
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