Application of Knowledge

Application of Knowledge

These class discussions emphasize the importance of investing in the long-term investments. Despite the high costs involved, the benefits and long-term and exemplary. Therefore, the country should consider investing in long-term projects like education and public empowerment. 

I will apply the knowledge from these concepts in two major ways. First, I will use this knowledge to make informed decisions in my everyday life. It serves as a tool that enables me to approach issues regarding the desirability of a certain financial investment opportunity; whether or not to invest in a specific area and the expected impact of making certain investments.  I will apply concepts such as government regulation and capital expenditures to become an informed investor. For instance, this knowledge will enable me to ask questions about the desirability of a particular investment and the likely future path of our economy. By answering such and many more questions, I will be able to determine whether particular investments simply sound good but may fall apart after close inspection.

Secondly, I would apply the knowledge to change economic policies. This may involve bringing a group of policy-makers in a formal setting and together, examine the policy frameworks for knowledge-based or otherwise called the intangible capital. Identifying these knowledge-based assets would serve as the first step towards advancing the country’s economic policy. This would help the government to meet its current economic challenges and promote informed growth and development.

The best practices on managerial economics and globalization include:

  1. The class readings emphasize the importance of investing in long-term investments. Moreover, government can influence and the way the society and businesses allocate their resources.
  2. The knowledge gained from the readings can help inform and change economic policies in a country.
  3. We can use the knowledge to make an informed decision regarding financial investment.