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
include 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:

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