Modern Labor Economics Theory and Public Policy

Question: Discuss about the Modern Labor Economics for Theory and Public Policy. Answer: Introduction: Economics is my favorite subject and it is considered as a scientific study of the ownership as well as exchange of scarce resources. Economics is regarded as a social science as it makes the use of scientific techniques in order to build theories that help to describe the behavior of individuals (Ehrenberg and Smith 2016). The essay provides a brief overview regarding economics and the way it has influenced me. Economics is a field of increasing significance as research for both a diversity of careers as well as programs of higher study. Economics has influenced me in the way that I work, eat, invest money as well as lead a lifestyle on a daily basis. It has helped me to reflect on different choices as well as alternatives. Some of the most imperative choices are related to money. With the help of this subject, I am able to use the scarce resources more efficiently. It also helped me to make use of valuable products and also distribute them among diverse individuals. I am also able to make decision regarding whether I should invest an hour or a week volunteering for a commendable charity or send them some money through my mobile phone. These decisions are all part of economics and are considered as economic decisions. With the help of my favorite subject, I am also able to gain knowledge about wealth structure of the world and also the socioeconomic structure of the world. It has also helped to enhance my career with the help of strong considerate and analysis of up to date events that will be improved by the study o f economics. Economics endows with a better knowledge of the economic and public policy environment in which almost every profession will be practiced. It has also helped me to work directly with department faculty on research projects. I have gained a broad understanding about the basic concepts such as inflation, budgetary deficits as well as unemployment. I feel that the subject has proved to be very useful to build by future. An understanding of economics had also provided relevance to advanced study in the field such as, history, geography, political science and sociology (Atkinson and Stiglitz 2015). It can be concluded that economics provides imperative elements of social and political changes that are in turn predisposed by economic factors. An perceptive of economics is imperative for mastery of related disciplines. References Atkinson, A.B. and Stiglitz, J.E., 2015.Lectures on public economics. Princeton University Press. Ehrenberg, R.G. and Smith, R.S., 2016.Modern labor economics: Theory and public policy. Routledge.