Understanding the current economic thought and principles is a key point of influence in every organization. Economists play a very crucial role in developing a company’s economic status. Significantly, a company’s economic status directly affects the strategic planning of any organization. It is, therefore, imperative to consider the current trends in the economy within a specific organization to ensure synchronization of the contributing factors to the company’s success. It is therefore important for economists in various organizations to be farmiliar with various economic principles as they are the major contributing factors to the success of organizations.
First and foremost, economists are both scientists and policy makers. Economics is in itself described as a social science. What economists do majorly is to study the relationship between human behaviours and the scarcely available resources. They develop models and hypothesis from their studies which are testable via data (Mankiw, 2012). They then come up with predictions in regards to their study thus making them scientists in one way. Economists are also policy makers. They help in analysing winners and losers in public policy changes. Additionally, they also come up with certain policies to help maintain economic flow within an organization.
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