User:Einsjam

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Economy and Science:

Before the beginning of discussion, let us go to the role of science in the development of man’s dreams.

               Science is defined as the branch of knowledge involving systemized observation, experiment, and induction: know so gained; pursuit or principles of this; skilful technique. Since they dawn of humankind man has constantly used science to make things luxurious for him. Today science is crossing the frontiers of the impossible.
               Today new technologies are coming through which man is satisfying himself .Science can help boost up a country’s economy. Consider Japan for example, even though it had little scientific background in the past now it has become a competent nation where it excels is technology , technology that satisfies consumer’s demand. By selling it to other countries, it earns profit. Science helps in developing a country’s economy in this way that if one country has an abundance  of technological goods for example china it can export it to a country like Pakistan at cheaper rates it can help digitize Pakistan.
                         Now how does science play a role in developing the economy of nations? Well it is known that man has a multiplicity of wants, his needs are unlimited he is always on the look for something which satisfies his needs, for example when mankind progressed in the 18the century industrial revolution , he needed more work hours so as to overcome the hindrance of dark , candles were already in use so were gas lamps, but not reliable and didn’t have the required luminosity ,so the bulb was invented and satisfied his wants. Now to sell the bulb for the satisfaction of others has now become a matter of profitability just one invention has become job source of many. Science and economy are interlinked .To see how Science and Economy are interlinked let us see another example.

The value of clean air:

                                Air is free in the sense that we do not ay to breathe it. However, the absence of a market for air may help explain why the air quality in some cities has been deteriorating for decades. To encourage cleaner air, the Congress of U.S.A passed the CLEAN AIR ACT in 1963 and has since amended it a number of times. In 1970, for example, automobiles emission controls were tightened .Were these controls worth it. Were the benefits of cleaning up the air sufficient to outweigh the costs imposed directly on car producers and indirectly on buyers?
                                     To answer this question the congress asked the National Academy of Sciences to evaluate emissions controls in a cost benefit study .Using empirically determined estimates of the demand for clean air , the benefits portion of the study determined that how much people value clean air .Although there is no actual market for clean air , people do pay more for houses where the air is clean than for comparable houses in areas with dirtier air. This information was used to estimate the demand for c lean air. The effects of different variables were studied and taken into o account statistically. The study determined demand curve like this: 
                  

The shaded triangle gives consumer supplies generated when air pollution is reduced by 5 parts per 100 million of nitrogen oxide at a cost of $1000 per part reduced .the surplus is created because more consumers are willing to pay more than $1000 for each unit reduction of nitrogen oxide. Therefore, you see that what effect technology and science can have over economy. The Explosive Growth in Computer Demand:

When the first computers were launched in the early 50’s they were too expensive , only used by military or financial institutions , but gradually they became inexpensive and also small fast and interactive , thus helping every field that we human know of. Thus, their demand increases, now when their demand increases now more companies are formed and an n industry is set up thus providing jobs to millions those who earn help stabilize a country’s economy. Conclusion:

       Thus economy and science are interlinked change in one can effect another. These are some of the examples which I have briefly described the subject remains vast.