Why should we study Economics? In the first place it may be said that economics is a training in clear thinking. It enables us to trace cause and effect carefully. It teaches us to consider alternatives.
Secondly, knowledge of economics may enable us to earn living.
Thirdly, businessmen require a knowledge of the economic problems that relate to their particular enterprises. A businessman has to adjust himself to changes in the supply of land, labour or capital required for his organisation. He has to endeavour to obtain maximum efficiency in production. He has to know the ”ins and outs” of business economics if he expects to survive.
Fourthly, intelligent citizenship calls for some familiarity with economic problems. Today, there is large-scale collective actions in industry and government. Social security schemes may be the concern of millions of individuals in a nation. People are upon to vote, directly or indirectly, on matters of the greatest economic significance.
A fifth argument in favour of the study of economics has to do with its general cultural value. Economic discourse has become involved in economic argument. Wherever one goes, one may become involved in economic argument. Not only in the classroom, but in the restaurant , on the train, or at the golf club, one is expected to know something about the trend in the cost of living or the dangers of an inflated currency or the seriousness of the unemployment situation. The great Einstein once said: ”Economic institutions exist for man and not man for economic institutions”. It is our task then to study these institutions since they have been designed for our good, to reform them when they need reforming, and it necessary to eliminate such of them as may have outlived their usefulness.
1. a training in clear thinking – навчання чіткому мисленню
2. to trace cause – простежити (виявити) причину
3. to effect carefully – діяти обережно
4. to consider alternative – обміркувати альтернативу
5. to earn living – заробляти на прожиття
6. to require knowledge – потребувати знання
7. to relate to – стосуватись, мати відношення до чогось
8. to adjust oneself to – пристосуватись до чогось
9. supply – пропозиція, постачання
10. to endeavour – намагатися
11. to obtain efficiency – досягти ефективності
12. ”ins” and ”outs” – за і проти
13. to call for – вимагати
14. large-scale – широкомасштабний
15. social security – соціальна безпека
16. in favour of – на користь
17. economic discourse – економічне обговорення
18. economic argument – економічний довід (дискусія, опір)
19. to eliminate – усувати (помилки)