Economics (Introduction-6)

The nature of economic problems and their solutions is closely linked with the structure, progress and development of the economic system. Economic problems faced by a more efficient industrial economic system are expected to be different from the ones underdeveloped simple agricultural economy faces. In a simple economy, human beings are mainly confronted with the problems of poverty and economic
insecurity. In contrast, in a developed industrial economy, the problems are mainly of distributive justice and economic instability. The discipline of economics modernized at a pace of world development.