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Economics Principles , Problems and Perspectives

A society may have several objectives. Some may be non-economic in char- acter, while others may be classed as economic goals. Choices concerning appropriate religious, political, and legal organizations and the relative de- gree of freedom or control in these areas illustrate some of the non-economic objectives. No one should deny their importance. Indeed, in many instances they dominate the actions of individuals and groups. Nevertheless, here we are primarily concerned with how people make their living, how they be have in a market environment, and the economic targets they strive to obtain.

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Howard S.Dye

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Poruḷātārak kōṭpāṭukaḷ, cikkalkaḷ maṟṟum muṉṉōkkukaḷ


United States Of America

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Essentially, the economic objective is to satisfy wants and to improve the material well-being of the population. This goal involves decisions. both as to the appropriate use of existent resources and the best methods to achieve growth in the quantity and quality of resources over time. The greatest material benefit results from an efficient utilization of present stocks and adequate provision for future economic growth. Of course, people may disagree as to what is needed, while non-economic considerations may force decisions that seem detrimental to the achievement of economic goals. Economics, then, may be defined as the study of why and how individ- uals and groups decide to use scarce resources in the satisfaction of human wants. As individuals we want all sorts of things-television sets, automo- biles, houses, vacations, and fur coats. Collectively, as members of a society, we want security in our old age, public parks, national security, and many other things. If all of these were as free as air, there would be no need for economizing or economics. But they are not so abundant.


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