What Does An Economy Really Mean?
The objective of this article is to get an understanding of the role of Industries
, agriculture, human resource in the development of the economy & in meeting the needs of customers including individual consumer, industrial consumer and government projects. The understanding helps in getting a clarity over different factors contributing to the economy and plan overall improvement of these factors and hence the economy in a constantly changing business environment.
A countrys economy may depict its advancement in technology, the strength in human resource skills and services, natural resources and agriculture. It is not necessary that all of these have to significantly contribute at par with other economies for the development of an economy. The economy is an aggregation of industries, agriculture, natural resource, human resource skills and the performance of these.
Financial market is an exception and contribution to the economy cannot be directly related or linked to the countrys economy. Basis of integration between the different economies of countries becomes difficult when a countrys economy changes because of its performance of industries, services and agriculture and farming.
The needs of the population of the country collectively represent the economy. The needs of the population may vary from time to time. Technology is the area of IT / Manufacturing / Energy / Telecom / Bio Sciences/ Space Research etc represents the trend of technology and hence the need or vice versa. Infrastructure supports these developments.
It is a wrong idea to target an ambitious GDP growth rate without meeting the basic needs of the population. This rather misrepresents the economy. It is unlikely that an economy, without fulfilling the basic needs will be able to sustain the growth. One of the main reasons is the constant change in technology and obsolescence.
Technology is a constantly changing phenomenon. Industries, government policies miss out on understanding the fundamentals and focus on GDP growth that is not sustainable. It is necessary to understand Industries and technology is one of the major factors in addition to agriculture, natural resource and human resource and not the only factor. Infrastructure of a country plays the major role in supporting the growth from Technology & Industries, Agriculture and Human Resource and natural resources.
Having understood fundamentals plays a major role, it is necessary to devise policies that help sustain the growth. As a company investment in constantly changing technology is less worthy as compared to addressing fundamental issues of the economy. And continue R&D investments in sustainable technologies rather than technologies that become obsolete in 2-3 years time. Investments in sustainable areas and industries naturally meets the market needs and hence growth for the company and better revenue generation and profits for the stake holders in case of industries. Improved cultivation and salability for agricultural products and hence reduced inflation due to supply in agricultural products. Better utilization of the human resource since investments will be in the direction of sustainable growth.
To conclude, economy is actually an aggregation of the sustainable developments in various areas rather than unsustainable growth in few segments. Well planned economies are sustainable and address fundamental issues.
by: Ganesh Raj
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