ECONOMICS & MANAGEMENT

Economics is the study of appropriate utility of natural resources. Most theories in economics are based on the concept that natural and economic resources are limited. 

Management is the study of human resources. Economics and management both are studies of resources, and therefore interrelated. Economic progress and management of human resources are related too. Economic progress and human resources development go together. When the gains of economic progress are used improperly, most of the resources utilized, go into waste. Economic equilibrium can be gained by proper utilization of resources, bringing wastage to a minimum. Management of human resources is needed for proper utilization. However, educating people and management of human resources are not the same. Educating people without managing economic and human resources can not be fruitful.

We all know well that economic progress is needed in these times of material abundance. Often, collecting material things is thought as economic progress mistakenly. Economic progress is appropriate utilization of natural resources, instead. Natural resources basically are there for the well being of all human beings and not for the few. Economic progress makes it possible to utilize natural and human resources for the well being of all human beings. That is the appropriate utilization of resources. Economics and management ought to go together for utilizing resources as appropriately and equally as possible humanly for the common good, well being and welfare of all human beings in the present day world. 

By: Ashraf Naushahi

(Educator, Writer, Book-Reviewer, Specialist in English Literature, Translator)