The Role of Economics Essay Example | Topics and Well Written Essays - 1500 words

The Role of Economics - Essay Example According to Schumacher, economics plays a central role in determining as well as setting the criteria that is used to determine what is economic or not. There are many factors that are involved when one talks about the economy of a given region. Therefore, economists will be in place to determine how the factors can be brought together to ensure that there is maximum production or the returns that are realized are at the peak. An economist will therefore be given the role of deciding whether a given idea or investment is economic or uneconomic. This is done by weighing the inputs that need to be put and the returns that are to be realized after the idea has been actualized. Schumacher (1973) notes that when an economist makes the verdict above the questions that arise are on the criteria that was used to make the final verdict. This should therefore be explainable by the economist to a layman or another individual who does not have a sound understanding of the subject. On top of tha t people are interested in understanding how the verdict means. Can one continue with the investment or should they halt it at the grounds? Are there any options that can be adopted and make the idea work? All these need to be addressed by the economist. Schumacher goes back in history to bring the concept of professorship which was founded for political economy at Oxford about 190 years ago. He cites Edward Copleston who was among the people unhappy about the introduction of a science into the curriculum .