IMPORTANCE OR SIGNIFICANCE OR UTILITY OF ECONOMICS AS A SCHOOL SUBJECT: Dr. Sukhwinder Singh Cheema

Famous economist Malthus has said rightly: “Economics is the science about which it may be said that its ignorance not only deprives us of all that is good, but also generates great evils.”

In present era of LPG its popularity is the highest among all the social sciences; the reason is being that Economics is not only light-giving, but also fruit-bearing. It helps in solving the problems of the practical life besides increasing knowledge. It is only living subject which is ever changing and a dynamic.The advantages of Economics can be divided into two parts;

Advantages of Economics According to Prof. J. H. Dodd, Importance of economics can be divided in following two parts:- (a) Theoretical Advantages (b) Practical Advantages.

Theoretical Advantages or Conceptual Values 1. Increase in Knowledge: Help in broaden the knowledge horizon of the students about : Economic Concepts, theories, principles and Laws, Problems of Economy, Society, Nation and Human Being/ Individual. 2. Development of the Power of Reasoning: The study of content of Economics is helpful to develop the Reasoning Power of the Students. Being a Science, Economics’ students develop the habit of Scientific Enquiry to understand the fact related to any Economic Problem. 3. Development of the Power of Analysis: The nature of the Economics is scientific so it study is helpful to develop power of scientific analysis among students of Economics

Theoretical Advantages 4. Cognitive Development: Economics play its role in cognitive development of the students Being a Science, Having Broader Area of Scope, Scientific Methods of Enquiry are helpful in cognitive development of the students. 5. Knowledge of the relation with other sciences: Economics is so Correlated with other Social sciences that it Study is helpful in broadening the knowledge horizon of the Students. 6. Development of Problem Solving Competence: Scientific enquiry training of the students of Economics is helpful to develop Problem Solving Abilities among Students.

Theoretical Advantages 7. Development of Desirable Attitudes: Because facts are forgotten easily, while attitude continue to last in an individual’s mind. Study of the content of Economics is helpful to develop right attitude, Broader Outlook and National thinking among Students. 8. Provide Training of cooperation: study of the content of the Economics develop understanding among the Students that problem of society and aims of the Nation can’t be achieved with individual efforts. So, emergence of WTO, and LPG era is a contribution of Economics Curricula.

9. Development of national attitude: Its only Economics which discuss various problems( i.e, Population, inflation, Poverty, illiteracy and unemployment) of society in national perspectives. In this way it is helpful in developing national outlook among students. 10. Development of International understanding: Its only Economics which discuss various problems( i.e, Terrorism, communalism, Population, inflation, Poverty, illiteracy and unemployment in international perspectives. In this way it is helpful in developing international outlook among students.

11. Development of habit of adjustability and flexibility: Study of the content of the economics( Knowledge of the Scarcity of resources, alternative Uses and need of choice) is helpful in developing habit of adjustment and flexibility in nature. 12. Development of skill in responsible group participation: Students of economics are aware about the facts that to achieve the aims of the society group efforts are must, so the play role of responsible participants.

13. Development of skill in enquiry and decision making: Being a scientific subject Economics develop the skill of Enquiry of Cause and effect relationship. The student became able to take right decision on the basis of the facts of enquiry. 14. Development of Skill in reading and Learning: By developing Cognitive domain, logical thinking, reasoning power of the Individuals it is helpful in developing reading and Learning Skills among students. 15. Useful Citizenship: By developing above mentioned traits among the students economics is helpful in making them useful citizens.

Practical Advantages (1) Advantage to Students: Barbara Wootton is right to observe, “You cannot be a good citizen until and unless you are a good economist to some extent.” (a) Selection of Curriculum (b) Basis for Advance Studies (c) Helpful in Career Building (d) Helpful in Skill Development: cognitive, conative and Affective and Communication, Expression power, (e) Selection of Occupation (f) Helping them to discharge their duty as a member of society (g) Helping them to discharge their duty as democratic citizen.

Practical Advantages (2) Advantage to Producers: TO KNOW ABOUT 3- W’s or about basic problems What to produce? How to Produce? For Whom to Produce? (3) Advantage to the Labourers: How to prepare for job. Where is demand? Where to Sell himself ? At what Price? To Whom? What are Labour Laws? What are Rights of Labourer? What is Minimum Labour? What are Labour welfare Schemes of the Govt.? How we could get Benefit? What is Grievance redressal mechanism ?

Practical Advantages What are major Evils of the Society? (4) Advantage to Consumers: About Market Laws, About Taxes, Inflation, Demand and Supply relationships, About consumer Rights, About Consumer Duties, Various forms of markets, (5) Advantages to Social Reformers:- According to Marshall, “The main objective of Economics is to find a solution to the social problems.” What are major Evils of the Society? How we can create Equity in Society? How to remove poverty and inequalities? How to fill the gaps in income distribution? How can improve the status of Deprived sections of the Society? How we can control Population growth, child marriage, corruption, smuggling and black money ?

Practical Advantages (5) Advantages to Politicians: In planning In policy making How we can create Equity in Society? How to remove poverty and inequalities? How to fill the gaps in income distribution? How can improve the status of Deprived sections of the Society? How we can control Population growth, child marriage, corruption, smuggling and black money ? (6) Advantage to Nations: To improve GDP, per capita, employment, tax income To Reduce poverty, corruption, black-money, exploitation Better economic planning, Efficient Policy making.

(8) Advantage to Indians:- In the end, Heary Clay seems apt to remark: “Some studies of Economics is at once a practical necessity and moral obligation.” Hindrances in the way of Progress of Industry:- Low Living Standard Poverty Pitiable condition of Agriculture Unemployment Unequal Distribution of wealth Industrial Unrest