Modern economics and it's ills then subsidies provided by governments across the globe is an issue In India at present central government is slashing subsidies on many items and people are unable to cope with it. Fuel, fertilizer, power , these items citizens were getting at subsidized rates because they can not afford to buy at market rate. Grass root people in India will be hurt badly if subsidies removed or curtailed. I heard, in USA farmers are getting subsidy 200% Experts can tell us whether is it right? wrong? What is the solution to survive without subsidies or with welfare schemes?
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your answer is informative and got information which i was unknown. Third world nations do not have efficient administration and governance so it is difficult and scarce job opportunities and tranditinal way of income small business and farming
The first thing you have to have, it seems to me, is a gov't who truly cares, without that, a nation is lost. Next, is you need a gov't who truly understands economics, and not quick fixes. Both are almost unknown in the world today.
This sounds like your professor is in favor of the free market. With "proper" education, many problems of wages, prices and lifestyle would be answered.