How important economics in our life and in our country?

Question

How important economics in our life and in our country?

Answer 1

Are you asking about economics as an academic subject? economics as it is practiced in government and industrial planning? or economics as the part of life that has to do with production and consumption?

Given people's general tendency to believe what they want to believe, economics as an academic subject doesn't have all that direct an effect on our lives. It does have an indirect effect in that politicians do take economics courses when they are in school, the better to come up with justifications?

The practices of government (taxation, trade policies, fiscal and monetary policies, etc.) have an incredible effect on our lives. For one example, what made the Great Depression "great" was bad government policies (based on deliberately ignoring all that academic economics had to say on the subject)

http://en.wikipedia.org/wiki/Smoot-Hawle...

As for the part of life that has to do with production and consumption? Well, without it, we'd all be dead.