Health shocks can also cause economic shocks (ceteris-paribus). The coronavirus pandemic is one of the health shocks that might unravel another global economic shock. Why is that the case? Fact number one, health is a basic human need. Consequently, the satisfaction the health needs requires human decision-making in all economies. Decision-makers face the challenge of managing the synergies between health and economics amid a health shock. How is the Scenario?
Each national economy, in accordance with its economic order, pursues a number of quantitative and qualitative economic policy objectives in order to maximise the social welfare and economic welfare of an economy. The quantitative economic policy objectives are grouped together under the magic square, while the qualitative objectives add two more objectives to the magicContinue reading “The magic square and hexagon of macroeconomic policy objectives of an economy”
Econometrics is part of the economic as a science, which deals with the statistical (empirical) modelling of economic theories (hypotheses) in order to explain, confirm or disprove economic theory empirically.
You are a leader! Leadership and management skills are the fundamentals of social and organizational behavior.
The economic concept of opportunity costs is the most fundamental issue of economics as a social science that explains the decision-making and behavior of economic subjects. Economics subjects are private households, firms and the government as a public household. While explaining opportunity cost, focus on the question: why do people choose to do, consume orContinue reading “The Economic Concept of Opportunity Costs”
What is economics? Economics is an interdisciplinary, social, and behavioral science. Economic research focuses on explaining the behavior of decision-makers and the implications of behavior for society at the microeconomic, macroeconomic, and political levels. Decision-makers in economics are private households, firms, and governments. Microeconomic level At the microeconomic level, economics explains the human nature of making both individual rational and irrational decisions, social interactions, and behavior underContinue reading “What is economics?”