This in an excerpt from this book
Applied Economics is a recent development in the subject of economics. By Applied Economics, the application part of any economic policy is to be considered without which an economic theory in itself would be rendered useless. Economic Theories are propounded every other day, but without a practical use to itself, the same may not be fruitful. Presently, all major countries are reluctant to develop their own economy and make the same powerful owing to the reason that only a strong economy is an identification of the fact that whether the country is growing or not. Competition has increased within the country and outside and these factors have further compelled governments to adopt one or the other way. Though applied economics is not a policy, it is a newly derived subject within economics which walks with it hand in hand and without the attributes of the subject, deriving many factors would not be possible.
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