This document discusses the purpose and importance of economics. It notes that for most of history, around 90% of mankind lived in poverty and misery. However, starting in the late 18th century in England, living standards began to rise significantly due to advances in technology, trade, and the industrial revolution. By the late 19th century, the view emerged that economic conditions were not predetermined but could be improved through human effort and knowledge. This led to the rise of modern economics which aimed to study and influence the "social mechanism" to continue creating more opportunities and raising living standards for more people worldwide.