Fundamentals of Economics. Доловова Н.Н - 49 стр.

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total_____, the general level of prices, and so forth, in analyzing various economic
problems.
6. His books encompassed such widely ranging topics as probability theory,
_____ economics, and the economic consequences of the World War I peace treaty.
7. The economy might languish indefinitely in depression and _____.
LESSON 12
Economic Goals
It is important at this point that we note, and reflect upon, a number of
economic goals or value judgments which are widely, though not universally,
accepted in our society and, indeed, in many other societies. These goals may be
briefly lis ted as follow s:
1 ECONOMIC GROWTH The production of more and better goods and services,
or, more simply stated, a higher standard of living, is desired.
2 FULL EMPLOYMENT Suitable jobs should be available for all who are willing
and able to work.
3 ECONOMIC EFFICIENCY We want to get the maximum benefits at the
minimum cost from the limited productive resources which are available.
4 PRICE LEVEL STABILITY Sizable upswings or downswings in the general price
level, that is, inflation and deflation, should be avoided.
5 ECONOMIC FREEDOM Bus iness executives, workers, and consumers should
enjoy a high degree of freedom in their economic activities.
6 AN EQUITABLE DISTRIBUTION OF INCOME No group of citizens should
face stark poverty while other citizens enjoy extreme luxury.
7 ECONOMIC SECURITY Provision should be made for those who are
chronically ill, disabled, handicapped, aged, or otherwise dependent.
8 BALANCE OF TRADE We seek a reasonable balance in our international trade
and financial transactions.
This list of widely accepted goals (There are other goals which might be added.
For example, improving the physical environment is a widely held goal) provides the
basis for several significant points. First, note that this or any other statement of basic
economic goals inevitably entails problems of interpretation. What are "s izable"
changes in the price level? What is a "high degree" of economic freedom? What is an
"equitable" distribution of income? Although most of us might accept the above goals
as generally stated, we might also disagree very substantially as to their specific
meanings and hence as to the types of policies needed to attain these goals. It is note-
worthy that, although goals 1 to 4 and 8 are subject to reasonably accurate
measurements, the inability to quantify goals 5 to 7 undoubtedly contributes to
controversy over their precise meaning.

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