Economics plays a pivotal role in the world and not only in terms of the ways in which societies produce, distribute, and use scarce resources but also, and perhaps more importantly, how people can improve the quality of their daily lives through the efficient allocation of those scarce resources (SOAS, 2018). Within this broader endeavor, economists attempt to generate insights into the complex idea of “the economy” and analyze the individual and aggregate behaviors that shape and inform our economic activities (The Economic Times, 2021, November 10). The resultant frameworks for understanding economic behavior and enhancing people’s quality of life provide possible solutions for mitigating many of the world’s social and economic challenges including poverty, environmental destruction, and wealth redistribution. Although economists do not provide a miracle cure for resolving these challenges, they certainly increase the possibilities for engaging with and addressing them in creative ways (Dellink, Rob, & Ruijs, 2008).
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