Resuscitating the Economy

04/11/2013 09:52

by Paul J. Dejillas, Ph.D.

1.    The term “economics” is more popularly known as the science that deals with the allocation of scarce resources in order to meet the basic needs of the individual, family, or society. But there is more to this than meets the eye. Etymologically, the term comes from two Greek words meaning household and management. During the ancient period, household management encompasses several affairs, other than the “allocation” character, that directly affect the welfare of the family or nation.

2.    Economic transactions or exchanges are made possible only because of the so-called “mediators.” The mediators keep the economy going and vibrant. They turn the wheels of the industry. They are the engines of growth and development. They influence individual decision making and behavior. [Read more] ...