Background of the Program
There are fundamental facts that each society faces, i.e., resources are scarce and human wants are unlimited. This imbalance necessitates efficient allocation and utilization of the scarce resources in a way that maximize the benefit of the society. This requires understanding of three, i.e., how individuals make decision? How people interact? And how the whole economy issues works? Economics deals with the three issues rose. Alternatively, Economics is the science concerned with how society best allocates and utilizes its scarce resources to maximize its benefit. It is plain fact that given the scarce resources to satisfy all societal want, nations need to know how to efficiently allocate and utilize their scarce resources and Economists can help in this regard.
Several great issues that confront us today-unemployment, inflation, environmental problems and poverty- have economic roots. In order to diagnose and remedy these ailments, we must first understand their complex nature. Economics helps us in this regard and it enable us prescribe remedies. In general, it is of no doubt that the study of Economics can illuminate much about the world and that the lessons learned if properly applied can make the world a better place to live.
Owing to these facts, the program in Economics will be of great significance in producing citizens that try to better understand how the economy works and more importantly how to affect the economy through economic policies in a way that the society desires.