Question

What are some questions usually left unanswered by economists and what are some questions that have yet to be answered by economists?

Answer 1

Economics is the study of the production, distribution and the consumption of services and goods. However, the ambit of economics has today reached far beyond only the study of production, distribution and consumption, Economics, today has an impact on all the spheres of life with applied economics spreading its tentacles to every other branches of social and political study. In the many years of human civilization, economics has been the answer to many of the human queries. However, there have been some intriguing queries and questions which are yet left unanswered by economics. Let us see which those questions are.

                            One of the questions yet to be answered by economics is the root of the Industrial revolution. Industrial revolution has been studied in great detail and many economists have created various economic theories on the basis of those studies, however, the question as to what caused the great industrial revolution is yet to be answered. Economics is also yet to clearly answer as to what is the role and scope of the Governments of the countries in the economic activities in their nations. Although there have been some of the roles specified at distinct economic activities, a through and articulated and specified role has not been put forward. Along with the unanswered query about the root of the great industrial revolution, economics is also yet to clearly put forward the reasons that caused the Great depression. The great depression has been one of the turning points in the economic history of the world, and hence the root cause of this depression must be disclosed. Yet another question that needs to be clearly answered by economics is how the economic causal effects can be accurately and definitively be deducted using mathematical means. Mathematics cannot not guarantee the economic returns from an economic activity; therefore, how can the causality be derived through mathematics. Inflation and its root at the microeconomic level is another important question yet to be answered by the economic thinkers. The formation of price in the market is also another scathing question that needs to be clearly answered by economic. Economics also needs to be very specific about what are role of the society and the various ethnic groups in the economic activities and in the overall economic development of a nation.