What Are the Benefits of Economics Study?
No one would need to study economics if resources were plentiful. However, there is always a desire. Human desires are infinite in the modern world, and what was formerly considered a luxury can suddenly become a necessity. Humans in the primordial era had desires similar to those of modern ones. We could not live happily in our modern society without economics. The Wealth of Nations by Adam Smith was published in 1776, just as Britain was entering the Industrial Revolution. Only a few years ago, the first cotton-spinning factory was established. Workers in factories and mines earned pennies a day at the time. The majority of employers believed that low wages were required for poor people to survive. Smith contended that these workers did not need to work for such low salaries to flourish. The amount of capital invested determines a country's future income. The more money is spent on more efficient production processes, the more wealth will be created in the future. Furth...