The study of economics is helpful in several ways .

Some of these I will

comment on . First of all , technology levels affect a societies economy , so by
learning what products are produced and how they are produced , you can
see how technologically advanced a society is . By examining where the
produced goods are sent/used you can get a better idea of what type of
government the society is run by . By studying an economy and seeing how
the economy uses resources , you can learn what resources the society
controls and which ones the society needs . Tied in with this factor of
resources you can get an idea of which countries have leverage over other
countries .
An economist how a society or government meets the needs and wants of
the populace , either through production or commerce . Economists see the
world as a) profitable b) unprofitable c) and they see opportunity costs . By
viewing the world in such a manner they are able to help in the decision
making involved with money and industry . They can help to save money ,
resources , labor, and time .
Microeconomics is the study of an overall economy . In studying
microeconomics you study a wider range of services , productions , exchanges
.
While not as discriminate as macroeconomics , you can get a broader picture
and grasp the basic concepts of an economy .
Macroeconomics studies the study a single aspect of an economy , lets say
the mining of coal . You don't research the delivery , the ‘market' ; all you
study is the actual mining process . While this may be more limited in scale ,
you can learn more about that specific process . You don't see the whole
picture but you can find the specifics on that subject .
Personally I don't think that the physiocrats theory would work . I think that if
we tried to follow there theory and have the government abstain from
interference , many of the smaller businesses would quickly be closed down .
I think that a great many monopolies would be created and we would have
the ‘ railroad barons' problem that we had in the 20th century . I feel that the
government is hindering at many times , and still they seem to be helpful in
some areas .