Samuelson and Nordhaus also provide some insights into the role of economists in Chapter 1 of their book. Moreover, as they note, economists are studying and trying to explain a wide and expanding array of activities, ranging from international trade to unemployment and inflation, from investing retirement funds to controlling pollution. Economic analysis, both theoretical and empirical, can generate important insights into individual and aggregate behavior and relationships, and help in society's efforts to use scarce resources in a more efficient manner. The ultimate goal of economic science is to improve the living conditions of people in their everyday lives. Increasing the gross domestic product is not just a numbers game.
Higher incomes mean good food, warm houses, and hot water.
They mean safe drinking water and inoculations against the perennial plagues of humanity. Samuelson, Paul A., and William D. Nordhaus. Baumol, William J., and Alan S. Blinder. Harcourt Brace Jovanovich, Inc., Chapter 1. Please review our legal notices , disclaimer and privacy policy .