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Unit VI the power of economics and economists

More than half a century ago John Maynard Keynes, one of the most influential economists of the twentieth century, said:

“The idea of economists and political philosophers, both when are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by nothing else. Practical men, who believe themselves to be quite free from any intellectual influences, are the slaves of some defunct economist”.

Most of the ideologies of the modern world have been shaped by prominent economists of the past – Adam Smith, David Ricardo, John Stuart Mill, Karl Marx, John Maynard Keynes, and many others.

And current world leader routinely solicit the advice and policy suggestions of today’s economists. For example, the President of the United States benefits from the recommendations of his Council of Economic Advisers. The broad range of economic issues facing US political leaders is suggested by the contests of the annual Economic Report of the President. Areas covered typically include unemployment, inflation, economic growth, taxation, poverty, international trade, health care, pollution, discrimination, immigration, and education, among others.

In spite of many practical benefits, economics is mainly an academic, not a vocational, subject. Unlike accounting, advertising, and marketing, economics is not primarily a how-to-make-money area of study. Knowledge of economics will help you run a business or manage your personal finance. But that is not its primary objective. Instead, economics ultimately examines problems and decisions from the social, rather than the personal, point of view. The production, exchange, and consumption of goods and services are discussed from the viewpoint of society’s best interest, not strictly from the standpoint of one’s own pocketbook.

Vocabulary

influential

влиятельный, авторитетный

century

столетие

commonly

обычно

indeed

на самом деле

influence

влияние, веяние

slaves

рабы

defunct

умерший

prominent

выдающийся

current world

современный мир

solicit

настойчиво просить

advice

совет

suggestions

предложения

benefits from

извлекать пользу, пользоваться

Council of Economic Advisers

Консультативный экономический совет

broad range

широкий спектр

economic issues

экономические вопросы

annual

годовой

include

включать

unemployment

безработица

economic growth

экономический рост

taxation

налогообложение

poverty

бедность

international trade

международная торговля

health care

здравоохранение

pollution

загрязнение окружающей среды

education

образование

in spite of

не смотря на

accounting

бухгалтерский учет

advertising

реклама, рекламирование

primarily

в основном

knowledge

знание

ultimately

в конечном счете

decision

решение

point of view

точка зрения

consumption

потребление

society

общество

standpoint

точка зрения, позиция

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