Task Making economics relevant Economics is a critical issue in the current contemporary world. It requires that people understand its concepts and use in their day-to-day activities as in relation to monetary issues. During the last two or three decades most of companies did not want to employ professional economists with PhDs (Hodgson 23). This leads to a marked reduction in people who were willing to enroll for higher education in the same field of study. The article of 1996 that was written by John Cassidy indicated that economics did not matter in those days, can denote this clearly. The last decade has seen the issue come to realize a strong come back to matter in real; issues of the world.
It has left economists as storytellers explaining the real experiences in the world and offering better reasons why most people have poor attitude towards saving. In most cases, economics explains why people fail to save and proposes better methods to follow when you desire saving. For example increasing the minimum wage do not affect working environment negatively. This has enabled many nations to come up strongly to advocate for economics thus increasing the number of students in economics worldwide.
A recent research revealed the other benefit of economics. It identified that most people use economics knowledge to make the world a better place for staying. Jameel Poverty Action laboratory under the leadership of Duflo and Banerjee have the greatest experience of the effects of economics on the world. They are determined to make changes on using of monetary aids to enable programs that have positive influence on the world’s economy be in place.
This will be able to answer several questions concerning the increased poverty in the whole world. It also offers the best solutions for economic stability of the world’s poorest nations (Hodgson 67). They deal with the idea that randomized trials applied in medical section can offer a good opportunity for evaluating the aid programs in economics. For instance, when schools are grouped into two, having same conditions apart from one character, old and new, can apply in this context. The new books alone do not make a school to perform well in an examination.
It depends with other factors like administration, teaching staff and support staff. A school may have old textbooks and perform better than schools with new textbooks. The books have the same information the aspect of new and old is not a big deal as applied in economics. The World Bank head, acknowledges this fact and identifies that one should be a wear of the programs’ effectiveness. The economists use this method to determine whether the invested income will receive better management strategies or not.
The failure of textbooks to improve performance does not mark a failure in randomized trials. Other programs can provide effective use of the program. For instance, randomized trial on intestinal worms seemed to improve performance of learners in the Western parts of Kenya. The intestinal worms negatively affected the performance of leaners. When the parasites are done away with the learners feel comfortable and perform in their classes. It is possible that the worms are the enemies of progress in the area. This means that economically there are barriers that hinder development of people and their countries.
If there are better programs that eradicate the barriers then the developing nations can achieve much more economically than during the ancient days (Hodgson 78). Implementation of such programs can adequately stimulate the growth of economy in the whole world. Duflo and Banerjee feel that there are several programs that can be initiated to help the economy to raise fast enough thus reducing poverty in the world. Some nations fail to implement programs that stimulate economics and instead sluggish around spending money on other issues.
It is from their feeling that economics is not only an extension of Math but also a wide spectrum of concepts that affect the whole world in terms of wealth acquisition and spending. Works Cited Hodgson, G.,. Economics and evolution: bringing life back into economics. Cambridge: Polity Press, 2005. Print.