20110904

The Importance of Economics

(This is an essay for Social Science 1 at Bohol Island State University)

Economics is the social science that studies the production, distribution, and consumption of goods and services. It applies this scientific principles on a social context wherein people makes choices on how to exploit resources based on availability and necessity.

The earliest discussion on economics dates back to the ancient Greek society where the first democratic impetus originated. Back then, such discussion was not separate from Philosophy since the dynamics of a slave society places such intellectual discourse only at the academics. It was not until the Industrial Revolution where social realities made it imperative to establish focus on exploitation of resources that it became a discipline on its own.

In the advent of Capitalism, economics became indispensable. Since capitalism nurtures social consumerism, economics graduated from being an academic subject into being an everyday sociopolitical reality.

Household
While ancient feudal societies are governed by the master-servant distribution of wealth system down to a single family, modern household has become an economic front line all by itself. It has become the basic unit of economic activity wherein production and consumption of resources are planned and processed.

Business
The most obvious beneficiary of economics as a discipline is business. From small entrepreneurs to multinational corporations, economics is not only indispensable but is actually the lifeblood of its system.

Nation Building
While politics dominated national policies until recent history, economics is emerging to be the single most important issue any aspiring national politician must knowledgeable about. This is because, with the onset of free enterprise and globalization, the exploitation of resources by nations has become brutally competitive. Such is so that any national policy without sound economic vision is deemed weak or untenable.

Globalization
The international embrace of free trades and the principles of free enterprise has ushered in a new era of globalization. Now we not only talk about economies of individual nation or region or group of nations, the term global economy was born. For nations the economic relationships between nations have become so intertwined that the failings of one will inevitably affect the other. Thus the term global economy, to stress the point that we are one global economy. Thus was the case of the Asian Financial Crisis which started in Thailand, and the recent Global Economic Crisis, which started in the US.

E-conomics
Another interesting modern development is the emergence of virtual economy. This is with the onset of e-commerce... eBay, PayPal, Amazon, Google AdSense, even marketing through Facebook and Twitter... this new dynamics builds a new dimension to the term economy which at times challenges the established principles of modern economics as applied to physical realities.

The importance of economics in all facets of modern human condition cannot be overstated. We live in a world of competition and as such our processes of production and consumption are governed by the dynamics no less extensively studied and examined by the discipline called Economics.




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