Applied Economics

By IntroBooks Team

Applied Economics is a recent development in the subject of economics. By Applied Economics, the application part of any economic policy is to be considered without which an economic theory in itself would be rendered useless. Economic Theories are propounded every other day, but without a practical use to itself, the same may not be fruitful. Presently, all major countries are reluctant to develop their own economy and make the same powerful owing to the reason that only a strong economy is an identification of the fact that whether the country is growing or not. Competition has increased within the country and outside and these factors have further compelled governments to adopt one or the other way. Though applied economics is not a policy, it is a newly derived subject within economics which walks with it hand in hand and without the attributes of the subject, deriving many factors would not be possible.

• Language: English
• Publisher: IntroBooks
• Release date: Jan 30, 2020
• ISBN: 9781393759713

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Applied Economics

IntroBooks #662

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Preface

Applied Economics is a recent development in the subject of economics. By Applied Economics, the application part of any economic policy is to be considered without which an economic theory in itself would be rendered useless. Economic Theories are propounded every other day, but without a practical use to itself, the same may not be fruitful. Presently, all major countries are reluctant to develop their own economy and make the same powerful owing to the reason that only a strong economy is an identification of the fact that whether the country is growing or not. Competition has increased within the country and outside and these factors have further compelled governments to adopt one or the other way. Though applied economics is not a policy, it is a newly derived subject within economics which walks with it hand in hand and without the attributes of the subject, deriving many factors would not be possible.

Summary

Applied Economics is undoubtedly one of the most important subjects within the broader subject of economics. Applied economics refers to the branch which is associated with the applications of the economic principles and gives more light to the economic policies as a result. Applied Economics as a subject grew stronger only during the late 19th century and early 20th century. The term was first coined by Keynes in 1917. The period was witnessing the First World War and that’s when the theory of applied economics developed. Applied Economics as a subject was seen with many benefits as it became a pathway to understand the basic economic principles and provided a thorough understanding. With time, another major scholar Joseph proposed during the 1950s the basic postulate which surrounds the definition. According to him, applied economics is a subject which is