Apart from the theoretical knowledge one can get by the study of Economics,there are many practical advantages also of this subject.The study of economics is of great practical advantage to individuals as well as to society as a whole.Some of these are as follows.
A.Utility to individuals.
1.Utility to the householders.
The study of economics is of great utility to a householder. When a householder studies in economics the laws of expenditure of money,the utility of keeping proper family budget,etc,he becomes capable of spending his money more prudently,and thus becomes able to manage his expenditure in a much better way. During these hard days,when the prices are rising day by day,a householder can be more benefited by the study of economics. The study of economics would enable him to know the desirability of his expenditure on necessaries,comfort and luxuries. By such a study,he would check his disproportionate expenditure,which would help him to lead a much better life.
2.Utility to businessmen and industrialists.
To the businessmen and industrialists in particular,the knowledge of economics is of great importance. By the study of economics the businessmen and industrialists come to know the laws that govern demand and supply,the merits and demerits of speculation,division of labor,rationalization,large scale production and different aspects of international trade,distribution and taxation and the like.The knowledge of these enable businessmen and industrialists to avoid pitfalls and follow the best course.
3.Utility to laborers.
Even such a simple man as a laborer can also be benefited by the study of economics. By the study of economics,a laborer comes to know that why he gets a particular amount as wages,neither more nor less,and how can that amount be increased. He also studies about the factors affecting the efficiency of labor,the role of trade unions,etc. The study of all these aspects encourages him to act properly. Now-a-days trade unions do a lot for the welfare of laborers,but sometimes they start disputes with employers and Put forward unreasonable interruptions in the smooth running of economic system. By the study of economics,a laborer himself would be able to study the whole situation prudently,and would not be swayed by the unsound decisions of their fellows or selfish labor leaders.
4.Utility of statesmen and politicians.
The study of economics is of great importance to the statesmen and politicians also,economics apprises the statesmen and politicians current economic problems and also suggests their remedies. It also teaches the ways and means of promoting taxation and running state finance on Proper lines. Since the growth and progress of a country depends largely on its financial resources,it can be said that economics indirectly helps the statesmen and Politicians to solve the problems of the country. By the study of economics,the statesmen and politicians may be able to know in a better way how to remove poverty and unemployment and raise the living standards of the countrymen.
5.Utility to social reformers
The study of economics is also of great utility to social reformers. The main aim of the social reformers is to increase the welfare of the society. Since economics also studies how social welfare can be achieved through materiel means its study is of great help to the reformers countries like China and India has an acute problem of over population,which is an economical problem of the country. The social reformers can be off great help in solving this problem. They can start a movement in favour of family planing through the exercise of self control and the use of birth control devices. To eradicate social problems,like the caste system,beggary,etc,Which have a great impact on the economic standard of the country,the social reformers can work more effectively when they study economics and get acquainted with their effect on the economic development of the country.
B.Utility to the society
There are certain economic issues which are not concerned with individuals,but which are of great interest to the society as a whole. Economics studies such issues of the society and encourages the statesmen,politicians and the economists to make statutory recommendations to solve them. The issues like free trade,protection,export of gold,the development of cottage industries,nationalization of banks and various industries and the like,affect the society as a whole very much. Under macro economics,these problems are studied very carefully in the light of the social welfare of the country. By the study of economics,the society as a whole can form an unbiased opinion regarding a system of planing,viz,capitalistic economy,socialistic economy or mixed economy,which can be of advantage to the society.