User:Pandu 3737

Universal Economics

Universal economics is the study of managing existing scarce means to discover new resources using modern science and technology.

Here discovering new resources means transferring available resources into usable form.

This is very time taking procedure. So as to remove time hindrance all nations should form together and provide funds for advanced space technology.

Managing existing resources means effective usage of means for both satisfaction of human wants and discovering new resources without harming ecological structure

In economics we learn that means are scarce but human wants are unlimited so there is high posibility of resources being exhausted. so it is required to discover new means and we need existing resouces to find them.

Universal economics is a long chain continous process, as the new resources are discovered they should be again used to satisfy human wants and again to discover new means

(Note: here resources are scarce in earth but resources are not scarce in universe but they are just not in usable form)

why do we need this: Now a days we are seeing a lot of improvement in space technology and this facilitates humans to utilise resources in entire universe. As we can't imagine the size of this universe it is assumed that resources are not scarce in this creation and the resources on earth are getting exhausted so the necessity for discovering new means is increasing. To discover new resources we need to use existing resources. The real problem arises here as existing resources must be used to satisfy human wants and to discover new resources also. The scope of economics is now diverting from managing scarce resources to managing existing resources to satisfy both human wants and to discover new means.

This concept is basically found in everyone's life. A person earns enough to satisfy his day to day needs as well as some portion as savings for future use. Universal Economics is same concept like this.

If all nations form together money and time are not big problem in discovering new resources. so Universal Economics doesn't deal with money required in finding new means. The money factor is to be considered if all nations follow their own policy in discovering new means