Question

Name a few problems economics has solved with practical results.

Answer 1

1) How to efficiently allocate resources ? is one problem solved by free market.Free market was able to do it better than communist central planning. This is the greatest benefit of free market economy.
2) Monetary policy devised by Keynes solved the Great Depression of 1930s.
3) Fiscal policies and monetary policies are used to control inflation in short term.

Answer 2

Micro Economics is used extensively by corporation to maximize profits.

Answer 3

Almost every problem in human history can be traced and related to economics. Without an economy, a society with many individuals can't function. Economy allows Farmer A and Farmer B to exchange apples for beans. Similarly, without an economy, the research and production of medical equipment and practice would be impossible. Economics has solved the problem of "how do we make society work."

Answer 4

It sure beats the old system.