Our satisfies maximum of his desires on priority basis. He achieves his satisfaction up to a maximum level with the help of available and alternatively used resources. Similarly, a community also utilizes her natural and artificial resources, time and manpower to maximize her social benefits in the light of various policies formed by the experts and on return results into achieving higher standard of living. Through the application of all economic policies, laws, principles and methods an economy can become able to get full employment level without inflation or deflation. Thus, economics can solve the practical problems.
According to Prof. Dr. J. M. Keynes:
“Economics is a method rather than a doctrine, an apparatus of mind, a technique of thinking which helps its experts to draw correct conclusions.”
According to Prof. A. C. Pigou:
“Our impulse is not the philosopher’s impulse, knowledge for the sake of knowledge but rather the physiologist’s knowledge for the healing that knowledge may help to bring.”
References:
Munir Ahmed Bhutta. Economics, Azeem Academy Publishers, Lahore.
Abdul Haleem Khawja. Economics, Khawja and Khawja Publishing House, Islamabad.
Manzoor Tahir Ch. Principles of Economics, Azeem Academy Publishers, Lahore.
Muhammad Irshad. Economics, Naveed Publications, Lahore.
K K Dewett & M H Navalur. Modern Economic Theory (Theory and Policy), S. Chand Publishing.
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