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What is the most important issue facing the economy today

Subject: Consumer Behavior

Paper Model: APA

Paper Type: Assignment

Total Words: 1445

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Since the beginning of organized life, economics played an instrumental role in shaping societies and politics.


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Since the beginning of organized life, economics played an instrumental role in shaping societies and politics. As the tool of implementation or labor improved, so the realm of economics redefined and restructured itself. Precepts of economics matured with in phases and that is why when we study different phases of human civilization, we observe that in every phase, the structure of economies and precepts of economics, which were soul of these economies, are dissimilar.

In ancient Greece-City-States, Political Economy was considered the supreme science. The great philosophical minds were of the view, that to reach the zenith of any civilization, it is imperative to exploit the instrument of Political Economy (EconomyWatch , 2010).

The significance of Economics, in ancient Greece-City-State could be comprehended by observing the fact that Economics was considered the integral component of Politics. They believed that political and social objectives could be realized by using economic tools.

The most evident watershed, in the development of Human Civilization, was Industrial revolution, from where the Human Civilization evolved in a different direction. The change in the instrument of labor or tool of implementation had remarkable social-political-economic ramifications, a strong imprint. The aftermath of Industrial Revolution, where gave birth to new political scenarios, organized and defined new society, it yielded new Economic notions and precepts.


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