The field of economics uses scientific methodology to unveil truths about its nature. Economists often perform experiments and use scientific tools for crafting analyses. However, much of the attention paid to economics focuses on its non-scientific aspects.Know More
At its core, the field of economics tries to uncover basic universal facts. Like many sciences, economics has a strong foundation in mathematics, and it is developed by testing hypotheses. In many ways, economics can be viewed as a field of applied psychology. Understanding how humans behave in certain situations and respond to changes is essential for the field's development.
Unlike the so-called "hard sciences," however, many economic hypotheses are difficult to test. Economic systems are run by governments, and it is immoral to cause economic harm to individuals and populations. With its strong mathematical foundation and its reliance on human behavior, economics straddles the gap between more basic types of science and so-called "soft sciences" such as anthropology and sociology.
In the media and in politics, however, the scientific aspects of the field are often ignored. Politicians might discuss the morality of different economic policies, and they might make promises based on faulty economic premises. Because economic policies have such a dramatic effect on the lives of voters, politicians spend a considerable amount of time developing a message that influences voters.Learn more about Economics
America is considered the land of opportunity among immigrants because the country is able to provide them with a variety of life options that they would not have had in other countries, such as economic stability and educational resources. However, immigrants can have a difficult time achieving their dreams in the "land of opportunity" because they often have language, educational and cultural factors that are obstacles to their success.Full Answer >
Australia is considered to be a mixed economy because it is characterised by private enterprise coupled with strong regulatory oversight by the government and government provision of public goods such as roads. In 2011, Australia ranked third on the Economic Freedom Index and second on the United Nations Human Development Index.Full Answer >
According to the Canadian Government's Foreign Affairs, Trade and Development Department, Kenya is considered a developing country because it faces numerous challenges in development of its society. The country's ongoing development problems include issues with constant droughts leading to food shortages and a high unemployment rate.Full Answer >
The GDP (gross domestic product) is not considered to be a good measure of economic well-being by many because it only measures the sales and income from economic purchases rather than looking at any moral implications. An example might be an increase in gun sales, which raises the GDP and would be considered positive; however, that raise in gun sales might have been due to sales among the criminally-minded.Full Answer >