Scribd
Upload
60 views16 pages

Economics As An Applied Science: Lesson 4

This document discusses several key topics in applied economics: - Applied economics involves applying economic theory and analysis to specific contexts to evaluate potential outcomes. - It aims to improve human welfare by investigating and addressing real-world economic problems. - Understanding economic principles can help analyze how to maximize limited resources and address issues like poverty, unemployment, and population growth facing the Philippines economy. - The example of Lee Kuan Yew shows how applied economics can help leaders overcome basic economic problems and promote growth, as Singapore developed into a prosperous nation under his leadership.

Uploaded by

shobe tolentino
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
60 views16 pages

Economics As An Applied Science: Lesson 4

This document discusses several key topics in applied economics: - Applied economics involves applying economic theory and analysis to specific contexts to evaluate potential outcomes. - It aims to improve human welfare by investigating and addressing real-world economic problems. - Understanding economic principles can help analyze how to maximize limited resources and address issues like poverty, unemployment, and population growth facing the Philippines economy. - The example of Lee Kuan Yew shows how applied economics can help leaders overcome basic economic problems and promote growth, as Singapore developed into a prosperous nation under his leadership.

Uploaded by

shobe tolentino
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 16

ECONOMICS AS AN

APPLIED SCIENCE
LESSON 4
Applied Economics

 application of economic theory and econometrics in specific


setting with the goal of analyzing Potential outcomes

 2 sets of fields of economics


- Core ( theory )
- Application (implementation and application of
the core)
John Neville Keynes

 British economist

 first to use the phrase applied economics to designate the


application of economic theory to the interpretation and
explanation of particular economic phenomena
John Neville Keynes
Applied Economics

 Improve human welfare among Filipinos by the investigation


and analysis of economic problems in the real world.

 Applying economic theory in our lives means trying to address


actual economic issues and be able to do something about it
Applied Economics in Relation to Philippine Economic Problems

 Solid understanding of economic principles and how they are


applied in real life situations can serve significant tools to help
address country’s economic problem

 Understanding the existence of scarcity can help Economics


students analyze how to maximize the use of available resources
Philippines Basic Economic Problem

 Despite admirable growth, people especially the poor, have been


complaining of non-inclusive growth.

 Millions of Filipinos are claiming they experience hunger or they


still live below poverty level

 Unemployment – still a main problem of the Philippine economy


despite improvements reported by the National Statistics office
Philippines Basic Economic Problem

 Poverty – another significant socio-economic


problem in the country

 Booming Population - another basic economic


problem that can be connected to the issue of scarcity

 The country’s problems vary with times and circumstances


ASEAN ICON
Lee Kuan Yew
 An economic icon and an example of how a
leader of a previously undeveloped country
can lead to overcome its countrys’ basic
economic problems and move toward
economic growth.
Lee Kuan Yew

 Longest-serving prime minister in history of the world

 During his long rule, Singapore became the most prosperous


nation in Southeast Asia

 Lee has left behind a legacy of an efficiently run country and as


a leader who brought prosperity unheard before his tenure
Lee Kuan Yew

 By the 1980s, Singapore , under Lee’s guidance, had a per capita


income second only to Japan's in East Asia and the country had
become a chief financial center of Southeast Asia envied by
many Asian countries including the Philippines
Lee Kuan Yew

 When he became the PM of Singapore in 1959 introduced 5


year plan focused on the following

1. urban renewal
2. public housing
3. women’s rights
4. education reform
5. industrialization
In economics, one of the most
important concepts is 'opportunity
cost' - the idea that once you spend
your money on something, you can't
spend it again on something else.

Malcolm Turnbull

You might also like