Why Economists Disagree?

In: Business and Management

Submitted By tinusia70
Words 1052
Pages 5
Why economists disagree?

To understand why often economists do not agree with each other, first we have to know what is the economics, or who are the economists? According to the ancient Greek it means “one who manages and administers all matters relating to a household”. It is natural that human have needs and wants that they want to satisfy, and they do it by physical and non-physical objects. The physical ones are defined by people as goods (food, clothes, houses, etc.), the non-physical by services (education, health care, entertainment). To satisfy human needs and wants we need resources, which unfortunately are scarce. This scarcity leads the economists to making choices on what to produce, how to produce and for whom, also it is very important to avoid resource wasting as much as possible. This is one of the sources of all the conflicts between them. It is important because it is directly related to people and their lives. The other reason is that economics is a social science based on theories rather than hypothesis. Social science means that it deals with human society and behavior, how people organize their activities and what they do to satisfy their needs and wants. Social science’s approach to studying human society is based on the social scientific method.

There are four main aspects of economists’ disagreement. They include the importance of the economic growth and the economic development; how sustainability should be achieved in economics; whether the government intervention is necessary in creating the most efficient market or not; and how equity and efficiency affect each other, and if equity adds any complications.
In further paragraphs you will find the evaluations of those problems that I will try to make.

First of all, the economists deal with the problem of economic growth and economic development. The economic growth, in other…...

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