Economics essay Example | Topics and Well Written Essays - 1250 words

Economics - Essay ExampleFortunately, Economists are acquire their due importance in insurance making. Its economists who shout both in praise and against all policy decisions of unlike countries. And at least in a few cases, they themselves get divided in ideas and concepts. Regarding real policies a group of economists come up with words and swords against another group of economists. Each group depends upon different theories at different times. Basically they keep in mind their own basic view and proceed. For endowment stress to their views, depend on theories according to their convenience, thats all.Economics is supposed to act in such a way to wipe out tear from all the human eyes in the world. It should address the issues of poverty, shortage and basic needs. All the theories may be different in ways of action but acquire the same target bring prosperity to human race.From theories to application - here starts the real game. Economists have do so umpteen jargons famil iar to the reciprocal man. But whats the end result Did it take us anyplace they planned or predicted This question stands as a very big unanswered question before mankind, especially these days.In the initial years of the new millennium what the Economic World has been experiencing was boom, boom and boom. The IT boom, banking boom, insurance boom, etc. could be cited as shining examples. Predictions also were aplenty. It was pointed out that the IT boom will stand for many more years. According to economists, banking and insurance were also going to record a trajectory of growth. Many reasons were presumptuousness numbered one by one to substantiate their point of view. Banking habit is not developed among a puffy number of people. And an attempt was started by governments of various countries to bring more citizens of theirs to banks. Different packages were announced including zero match accounts and any time money withdrawal facility. Similarly, it was observed that major chunk of the population remain impertinent insurance net. Studies were conducted which revealed that there are countries which have only upto a mere 10% of their population memory insurance policies. Based on these sorts of observations and statistics, so many new economic concepts were introduced by economists. Since the economists were having crucial determination in policy making, their views and beliefs turned out to be policies. Political leaderships were depending much on economists in homework future. Since they themselves were ignorant of economic concepts, believed blindly what was advised. There are cases where enough studies were not conducted or even common sense was applied before reaching in far reaching policy decisions. And such policies touch the concerned economy very badly also. Offshoring of jobs is a typical example.Kathy Sanborn writes In an article by capital of Minnesota Craig Roberts (How the Economy Was Lost), he explains how the offshoring of jobs hel ped to create a lower tax base for American communities. Because US workers could no longer keep their IT and software engineering jobs due to 1) offshoring and 2) foreign workers coming in on H-1b work visas, our highly trained technical workers salaries plunged. In addition, corporations began a mass exodus of manufacturing jobs