The Importance of Economics

Gary Becker (1930 –  2014) was an American economist who helped to spread economics into fields of social science, such as sociology, demography and criminology. Becker undertook economic analysis in areas such as racial discrimination, the incentives of crime, drug addiction and family relationships. Becker also helped to popularise and develop the concept of human capital.

Becker was awarded the Nobel Prize in Economics (1992) for “having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including nonmarket behaviour”

Role of Banks in the Economy

Banks are one of the most important parts of any country.A modern bank provides valuable services to a country.commercial banks play an important role in the financial system and the economy.As a key component of the financial system, banks allocate funds from savers to borrowers in an efficient manner.these financial services help to make the overall economy more efficient.Some of the important role of banks in the development of a country is:

^{Play vital role in the social- economic development of the country}

Development of industries in the country according to the requirements of the economy

perform an invaluable service by encouraging savings among the people

Transfer saving into Investment