Do you believe that the ultimate goal of science research is economic development? Justify your answer
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Do you believe that the ultimate goal of science research is economic development? Justify your answer
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question or a challenge? From a personal perspective, the study of economics has provided me with a systematic framework for analyzing, researching, writing, and teaching about a wide array financial and regional economic issues. Economics has provided me with a methodology for understanding and making sense of our complex environment. As a Federal Reserve economist, one of my responsibilities is to share that knowledge through publications, presentations, and Web-based products, so that it may be beneficial to others.
However, enough from Dr. Econ. Let's defer to Professors Paul A. Samuelson and William D. Nordhaus, who define economics as follows in the 1998 edition of their well-known text, Economics:
Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.
Behind this definition are two key ideas in economics: that goods are scarce and that society must use its resources efficiently. Indeed, economic