ECONOMICS

In my opinion Economics is the most essential social science today because of the cut-throat competition conditions of the globalizing world. Monetary policy, financial policy and public finance are some of the branches of this social discipline. An economist has to deal with not only inflation, interest rates or monetary issues but also the distribution of income, developing countries and so on. So, one can say that economics has a political approach. The first economist of the major world was a Scot, Adam Smith. He wrote the book “Wealth of Nations” which is a masterpiece. However, perhaps the most well-known economist in the world is John Maynard Keynes. He designed an economic policy in order to overcome the conditions of “1929 Great Economic Depression”. Even though Keynesian policies became very successful during 1930’s world, they were useless during 1970’s. In 1970’s the world economy was in a recession. An American economist, Milton Freidman opened a new world with his monetary policies.