Much of the language used to describe monetary policy, such as "steering the economy to a soft landing" of "a touch on the brakes" , makes it sound like a precise science. Nothing could be further from the truth. Economists have been particularly surprised by favorable inflation figures in Britain and the United States, since, conventional measures suggest that both economies, and especially America's, have little productive slack.
No clear-cut distinction can be drawn between professional and amateurs in science: exceptions can be found to any rule. Nevertheless, the word "amateur" does carry a connotation that person concerned is not fully integrated into the scientific community and, in particular, may not share its values.
In the past year, however, software companies have developed tools that allow companies to "push" information directly out to consumers, transmitting marketing messages directly to targeted customers.The examples of Virtual Vineyards, Amazon.com, and other pioneers show that a Web site selling the right kind of products with the right mix of interactivity, hospitality, and security will attract online customers.
Besides, this is unlikely to produce the needed number of every kind of professional in a country as large as ours and where the economy is spread over so many states and involves so many international corporations.But,for a small group of students, professional training might be the way to go since well-developed skills, all other factors being equal, can be the difference between having a job and not.
If, on the other hand, producing more of a commodity results in reducing its cost, this will tend to increase the supply offered by seller-producers, which in turn will lower the price and permit more consumers to buy the product.In the American economy, the concept of private property embraces not only the ownership of productive resources but also certain rights, including the right to determine the price of a product or to make a free contract with another private individual.
