The Utility of Economics to Society
Individuals are members of the society and their action affect the society favourably or adversely. Economics carefully studies these individual action which are injurious to the society as a whole and recommends the methods of their prevention.
The problem of luxury is an example of this nature. Similar is the case with drinking. If a man is habitual drunkard he not only spoils his own moral and reduces his own efficiency but he also passes on this evil to others. Economics by its statutory recommendation for preventing this injurious habit does immense good to society.
There are then certain economic issues which are of direct interest to the society. The problem of free trade is protection, incidence of taxation, gold export, the development of cottage industries and the like affect the society as a whole.
Economics carefully studies these problems in the light of social welfare and gives its biased opinion. Since the most notable trend of modern politics has become the key note of socialism, Fascism and planned capitalistic economy. Socio-economic problems are fast increasing in number and urgency.
There are indeed some very important social problems to which economics has to address itself. Of all such problems the problem of poverty is the most stupendous extreme poverty, especially intensely crowded places tend to deaden the higher faculties. Those who have little opportunity for friendship they know nothing of the decencies and the quiet and very little even of the unity of family lives and religions often fails to reach them.
There are vast numbers of people both in town and country who are brought up with insufficient of food clothing and house room whose education is broken off. Early in order that they may go to work for wages who henceforth are engaged during long hours in exhausting toil with imperfectly nourished bodies, and have therefore no chance of developing their mental faculties. Their poverty is a great and almost unmixed evil to them. Even when they are well their weariness often amounts to pain, while there pleasures are few and when sickness comes the suffering caused by poverty increases tenfold. It is broadly true that the destruction of the poor is their poverty. Economics by studying the causes of poverty and suggesting method of their removal does real service to mankind.
