Most people confuse economics with money, finance, and issues related to supply and demand. While these are very imperative elements, they do not adequately define economics. Economics is a study that provides its students with an opportunity to understand decisions made by business people, governments, and corporations. This study provides a means to understand effectively interactions that are through government policies that affect jobs, families and enterprises.
In more professional terms, economics is defined as a social science that examines how societies, businesses and individuals manage their scarce resources that may be for instance land. Because there are no resources that exist in quantities that are unlimited, communities are forced to establish priorities and decide the best way to allocate them.
Economics is divided into two main branches; macroeconomics and microeconomics. Microeconomics lays emphasis on decisions made by individuals and businesses that are entirely related to supply and demand. On the other hand, macroeconomics deals with issues that tend to have a wider perspective. It examines the economy of an entire region or nation considering economic issues that affect the entire country and unemployment rates.
In society, economists like Christian Broda are endowed with providing a scientific approach to analyzing and understanding decisions made by governments so as to ensure that the economy growth remains high while the levels of inflation and unemployment remain low. These professionals have methods that provide tools that they use to analyze possible costs, benefits as well as the effects that government policies might have on the population. Economists are used by governments and corporations to advise them on economic policies and other policy areas as well. They help guide in making better decisions that are important in fostering a better economic society.
Economists have been around for a very long time. Since the 18th century, they have been very instrumental in making governments and businesses make better economic progress. They have been used to evaluate benefits and costs of public policies where funds are to be allocated.
Christian Broda is a perfect example of a professional economist. He is a managing director at Duquesne Capital Management and prior to that, he was a Professor of Economics at the University of Chicago. He has made a tremendous contribution to society through several publications on international trade and finance. His exemplary research has also been featured in many economic journals as well as in the press.
In 2005 and 2008, he was given two National Science Foundation Grants so as to assist in his research. In 2006, he was made the James S. Klemperer Scholar. He has also served appointments at various institutions including Columbia University, Barclays Capital, and Lehman Brothers. He is a faculty fellow at the National Bureau of Economic Research and a member of Latin American Association Economia journal.