Micro Wk10: Macroeconomic Readings - Macroeconomics Essay Example
Micro Wk10: Macroeconomic Readings
The systematic field of economic is designed towards the pursuit of studying the broad and complex relationship between the field of needs and wants and the available resources in the environment towards the sufficient survival and development of the society - Micro Wk10: Macroeconomic Readings introduction. Included in this aspect are the operations and interactions in the social and economic fields that pertain to the allocation, distribution, production, and management of the available resources towards their sustainable continuity for the social system. Under this aspect, the individual and organizations in this field operate in line with their inclination of finding an effective design and efficient management system for the best economic interest.
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Under the said concept that the contemporary economic concept presented in the paper entitled “Intelligent Design” manifests to be a promising and effective strategy in market management. The concept of mechanism design as presented in the said paper explains that much benefit and advantage will be achieved if the market and social system operate as inclined to one specific manner. The management approach given in this design is governed by the economic activity and is designed according to hierarchy in the system. The application of this design approach will likely result to a systematic organization of the market aspect towards a single interest, which in turn will benefit the entire social organization. As such, this mechanism design of the social and economic market will indeed effectively and efficient organizes the interaction and allocation of the available resources and processes towards fully satisfying the needs and demands of the macroeconomic scope.
Developing a systematic design that will organize the processes and interactions in the social aspect can significant affect the economic field of the said social system. Applying an effective strategy towards developing an efficient and comprehensive relationship between each of these interactive forces will result to the effective management of the social system towards the best interest and common good of the entire economic and social community.
Myerson, Roger & Hurwicz, Leonid & Maskin, Eric (2007). A Theory of an Intelligently Guided Invisible Hand Wins the Nobel Prize. Intelligent Design. The Economist. Print Edition.