The power of economics and economists

More than half a century ago John Maynard Keynes, one of the most influential economists of the twentieth century, said:

“The idea of economists and political philosophers, both when are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by nothing else. Practical men, who believe themselves to be quite free from any intellectual influences, are the slaves of some defunct economist”.

Most of the ideologies of the modern world have been shaped by prominent economists of the past – Adam Smith, David Ricardo, John Stuart Mill, Karl Marx, John Maynard Keynes, and many others.

And current world leader routinely solicit the advice and policy suggestions of today’s economists. For example, the President of the United States benefits from the recommendations of his Council of Economic Advisers. The broad range of economic issues facing US political leaders is suggested by the contests of the annual Economic Report of the President. Areas covered typically include unemployment, inflation, economic growth, taxation, poverty, international trade, health care, pollution, discrimination, immigration, and education, among others.

In spite of many practical benefits, economics is mainly an academic, not a vocational, subject. Unlike accounting, advertising, and marketing, economics is not primarily a how-to-make-money area of study. Knowledge of economics will help you run a business or manage your personal finance. But that is not its primary objective. Instead, economics ultimately examines problems and decisions from the social, rather than the personal, point of view. The production, exchange, and consumption of goods and services are discussed from the viewpoint of society’s best interest, not strictly from the standpoint of one’s own pocketbook.

 

 

Vocabulary

influential	влиятельный, авторитетный
century	столетие
commonly	обычно
indeed	на самом деле
influence	влияние, веяние
slaves	рабы
defunct	умерший
prominent	выдающийся
current world	современный мир
solicit	настойчиво просить
advice	совет
suggestions	предложения
benefits from	извлекать пользу, пользоваться
Council of Economic Advisers	Консультативный экономический совет
broad range	широкий спектр
economic issues	экономические вопросы
annual	годовой
includ e	включать
unemployment	безработица
economic growth	экономический рост
taxation	налогообложение
poverty	бедность
international trade	международная торговля
health care	здравоохранение
pollution	загрязнение окружающей среды
education	образование
in spite of	не смотря на
accounting	бухгалтерский учет
advertising	реклама, рекламирование
primarily	в основном
knowledge	знание
ultimately	в конечном счете
decision	решение
point of view	точка зрения
consumption	потребление
society	общество
standpoint	точка зрения, позиция

 

Vocabulary exercises

1.Which of the following statements are true/false according to the text? Correct the false sentences:

1. More than half a century ago one of the most prominent economists of the twentieth century, said…
2. Practical men are the slaves of some modern economist.
3. Most of the ideologies of the modern world have been shaped by prominent economists of the future.
4. And current world leader routinely solicit the advice and policy suggestions of the economists from the past.
5. The King of the United Kingdom benefits from the recommendations of his Council of Economic Advisers.
6. The broad range of economic issues is suggested by the contests of the annual Accounting Report of the President.
7. Economics is mainly an academic subject.
8. Economics is primarily a how-to-make-money area of study.
9. Economics ultimately examines problems and decisions from the personal point of view.
10. Knowledge of economics will help you run a business or manage your personal finance.

 

2. Fill in the gaps with the words and expressions from the text:

1. The world is _____ by nothing else.

2. Most of the ideologies of the _____ world have been shaped by prominent economists of the past.

3. Areas covered typically _____ unemployment, inflation, economic growth, taxation, poverty, international trade, health care, pollution, discrimination, immigration, and education, among others.

4. Current world leader routinely solicit the _____ and policy _____ of today’s economists.

5. The President of the United States benefits from the _____ of his Council of Economic _____.

6. The _____ Economic Report of the President _____ such areas as typically unemployment, inflation, economic growth, taxation, poverty, international trade, health care, pollution, discrimination, immigration, and education, among others. 7. Knowledge of economics will help you _____ a business or _____ your personal finance.

8. But that is not its primary _____.

9. Economics ultimately _____ problems and decisions from the social, rather than the personal, point of _____.

10. The production, exchange, and _____ of goods and services are discussed from the viewpoint of society’s best interest.

 

3. Find in the text English equivalents for the following:

сталкиваться
предлагать
годовой
влиятельный
современный мир
совет
бедность
налогообложение
экономический рост
здравоохранение
реклама
бухгалтерский учет

 

 

4. Translate into Russian:

century
current world
powerful
to benefit from
to manage
primary objective
advertising
health care
consumption of goods
vocational subject
economic growth
taxation
poverty
international trade

 

 

5.Fill in the gaps with the proper words and phrases: