Human development theory
||The English used in this article may not be easy for everybody to understand. (January 2012)|
Even though economics is all about choice on the basis of what is available rather than what should be available, the big question relates to who decides how resources should be distributed and how economics can embrace a trade-off between different groups which each seek to make the most of their allocation of resources. If "what should be" cannot be incorporated, the subject of economics will be as dry as desert as described by Ayn Rand. The challenge therefore is to construct a model combining "what is" to "what should be" and make the same acceptable to common man as well as politicians. Not being able to sell the idea as such is a defeat to the discipline. The issue is that of influence and not of theory, as Adam Smith perceived that no group of business men ever met other than to exploit the consumer.