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7.19. The World Economic System
Author(s) -
Caver Troy V.
Publication year - 1998
Publication title -
incose international symposium
Language(s) - English
Resource type - Journals
ISSN - 2334-5837
DOI - 10.1002/j.2334-5837.1998.tb00132.x
Subject(s) - world economy , population , world population , economy , business , economics , economic system , developing country , economic growth , political science , demography , sociology , law
: The world social environment is made up of many systems. One of those is the economic system. When each nation was younger, with less ability to transport between nations, they could fashion their economies to accommodate the needs of the internal national population without much regard or risk from the economies of other nations. Now as we move into another century, the world is much more interrelated. The economy of each nation is influenced by the economies of others, especially trading partners. When the economy of any nation is not sound or is built on a weak foundation, it puts a larger segment of the world population at risk. This paper provides a means of examining the world and national economies from the perspective of a system. As a system, each economy is subject to systems engineering and optimization just as any other system. It is up to the economist to identify the elements that are most critical to the success of the world economic system and to provide a methodology by which each nation can evaluate its economic structure and to develop an economic system which will optimize the domestic economy and enhance the economy of the larger world system. As an optimized system, the economies of the nations will consume fewer resources and achieve greater gain from the resources consumed, thus permitting the populations to achieve higher standards of living.