The paper "Introduction to Economics" is a great example of a report on macro and microeconomics. The economist, Ha-Joon Chang's book, is a masterpiece that eloquently brings out insights on the global economy. The work covers economic histories and theories, behavior, and strengths, and how the economic impact in people's lives as consumers. Economics, in his works, is described as the study on the production and distribution of economic resources by the use of qualitative and quantitative analysis. Quantitative is the part that addresses statistics and calculations in which qualitative is conclusions and inferences made from the statistical calculations. Ha-Joon Chang is a Cambridge economist and a consultant for the World Bank, so under his wing is experienced in modern-day capitalism.
The book supports that free markets are a gimmick since they are all affected by legal entities, that stability is not measured by low inflation, and tells of dynamic economies. He notes that economists have advocated stifling policies and implemented them which has led to inequalities and financial crises the world over. He further points out the inequalities in the manufacturing sector and its change and how efficient it is. There has been much pride in the service economy in Anglo-Saxon nations that Chang argues misplaced as it is as a result of low world trade in services.
This contends that the country’ s perceived success in the service industry say the UK is not as efficient as economists claim. Chang does not refute capitalism totally but contributes that another model is necessary to balance out the global economy equation by a said state putting tariffs on imported items and subsidies on exports. Moreover, the state should regulate economies through markets and ban them where it is necessary if we want independent, successful economies.
Obsession Complex structures like tertiary education should be done away with unless they have long-term beneficial effects on economies like industrial policies.