Significance of Research
Progress is possible due to increased research. Research develops scientific and inductive thinking as well as logical habits of thinking and organization.
In recent years, research in several fields of applied economics, whether related to business or to the economy as a whole, has significantly increased.
Business and government have become increasingly complex, which has prompted attention to the use of research to solve operational issues.
Both government and business are recognizing the importance of research as an aid to economic policy. Nearly all government policies in our economic system are based on research.
Government budgets, for example, are partly determined by the needs and wishes of the people, and partly by the amount of revenue available.
Research is needed in this area in order to figure out how to balance the cost of needs with the possibility of revenue. By conducting research, we can design alternative policies and examine each alternative’s consequences.