Applied economics is the application of economic theory to determine the likely outcomes associated with various possible courses of action in the real world.
The purpose of applied economics is to improve the quality of practice in business, public policy, and daily life by thinking rigorously about costs and benefits, incentives, and human behavior. Applied economics can involve the use of case studies and econometrics, which is the application of data to statistical models and comparing the results against the theories being tested.
Applied economics is a popular tool in business planning and for public policy analysis and evaluation. Rasa Consulting utilizes the insights gained from economic theory and research to assist its clients in making better decisions and solving real-world problems. By better understanding the likely consequences of choices made by individuals, businesses, and policymakers, we help our clients establish a hypothetical outcome based on the specific ongoing circumstances, drawn from the known implications of general economic laws and models.
Macroeconomics is the branch of economics that deals with the overall functioning of the economy. Macroeconomic policies are critical in shaping the landscape within which factor markets (such as labor and capital) and product markets (such as shoes, cars, or bread) operate. They have a critical influence on decisions by companies to produce, hire or fire workers, or export and import goods, for example. They also determine household decisions to consume, save, and borrow, as government decisions to invest in infrastructure education and many other aspects of development.
Agriculture can be an important part of a post-war country’s economy in several ways; it can be a vital source of nutrition where food security is weak, it generates revenue for rural areas by providing income to farmers and farm workers, and job opportunities in areas such as processing. Agriculture ultimately can provide export revenues for these countries. Moreover, a majority of post-war countries’ population live in rural areas, and most of the rural poor depend on agriculture or rely on natural resources for their livelihood. Thus, the linkage between rural poverty and natural resources is necessarily close.
We at Rasa Consulting offer studies focused on agriculture, rural, and natural resources. These studies will help sustainably manage natural sources in fragile countries. Getting to know the agriculture sector not only may result in the improvement of economic opportunities in rural areas but will also help mitigation of rural poverty.
Post-conflict countries majorly lack suitable technology, policies, management capacity , and financing to utilize their renewable energy resources. A low portion of the country’s rural population has access to electricity, making life harder for families, local businesses, and public services such as schools and clinics. At the same time, climate change threatens post-conflict and developing countries more than other countries by making it harder to grow crops and causing frequent natural disasters. Less rain has resulted in extensive droughts, while the more rapid melting of mountain ice in the summers has brought devastating floods.
Pollution also poses threats to life and well-being. Unregulated mining, pesticide use, and poorly sealed septic tanks and landfills have degraded water quality – majorly in urban areas. Vast amounts of water are also lost through inefficient irrigation, which is an urgent issue for many poor and post-conflict countries.
Through environmental sustainability studies, Rasa Consulting examines strategies and policy options for achieving sustainable development and offers a cross-disciplinary approach to the study of environmental management, policy, the circular economy, sustainability, and sustainable development.
Human Development, introduced in 1990, is an approach to expanding the richness of human life, rather than sampling the richness of the economy in which human beings live. People are at the center of this approach, and it focuses on people and their opportunities and choices. The first Human Development Report defined human development as “a process of enlarging people’s choices. In principle, these choices can be infinite and change over time. However, at all levels of development, the three essential ones are for people to lead a long and healthy life, to acquire knowledge, and to have access to resources needed for a decent standard of living. If these essential choices are not available, many other opportunities remain inaccessible” (UNDP, 1990). The main concern of the human development approach is to build human capabilities, which consist of a set of “doings” and “beings” that help humans to lead the life they have reason to value. In this approach, the Human Development Index (HDI) measures the well-being of humans, which is made up of essential ingredients of human well-being, including health, education, and income. As the international community moves toward implementing and monitoring the 2030 agenda, the human development approach remains useful in articulating the objectives of development and improving people’s well-being by ensuring an equitable, sustainable and stable planet.