Economics
From The Art and Popular Culture Encyclopedia
| Revision as of 15:31, 16 August 2007 WikiSysop (Talk | contribs) ← Previous diff |
Revision as of 15:32, 16 August 2007 WikiSysop (Talk | contribs) Next diff → |
||
| Line 2: | Line 2: | ||
| '''Economics''' is the [[Social sciences|social science]] that studies the production, [[Distribution (economics)|distribution]], and consumption of [[Good (economics and accounting)|goods and services]]. The term ''economics'' comes from the [[Greek language|Greek]] for ''oikos'' (house) and ''nomos'' (custom or law), hence "rules of the house(hold)." | '''Economics''' is the [[Social sciences|social science]] that studies the production, [[Distribution (economics)|distribution]], and consumption of [[Good (economics and accounting)|goods and services]]. The term ''economics'' comes from the [[Greek language|Greek]] for ''oikos'' (house) and ''nomos'' (custom or law), hence "rules of the house(hold)." | ||
| + | |||
| + | A definition that captures much of modern economics is that of [[Lionel Robbins]] in a [[An Essay on the Nature and Significance of Economic Science#Major propositions|1932 essay]]: "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." [[Scarcity]] means that available [[Resource (economics)|resources]] are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no [[economic problem]]. The subject thus defined involves the study of [[Rational choice theory|choice]]s as they are affected by incentives and resources. <br Robbins's (Brit.) spelling of "behaviour" preserved:> | ||
| + | |||
| + | Areas of economics may be divided or classified in various ways, including: | ||
| + | * [[microeconomics]] and [[macroeconomics]] | ||
| + | * [[positive economics]] ("what is") and [[normative economics]] ("what ought to be") | ||
| + | * [[mainstream economics]] and [[heterodox economics]] | ||
| + | * fields and broader [[JEL classification codes|categories]] within economics. | ||
| + | |||
| + | One of the uses of economics is to explain how [[economy|economies]] work and what the relations are between economic players ([[Agent (economics)|agents]]) in the larger society. Methods of economic analysis have been increasingly applied to fields that involve people (officials included) making choices in a social context, such as [[crime]], [[education]], the [[family]], [[health]], [[law]], [[politics]], [[religion]] , [[social institutions]], and [[war]]. | ||
| == See also == | == See also == | ||
| *[[underground economy]] | *[[underground economy]] | ||
| {{GFDL}} | {{GFDL}} | ||
Revision as of 15:32, 16 August 2007
|
Related e |
|
Featured: |
Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold)."
A definition that captures much of modern economics is that of Lionel Robbins in a 1932 essay: "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." Scarcity means that available resources are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no economic problem. The subject thus defined involves the study of choices as they are affected by incentives and resources.
Areas of economics may be divided or classified in various ways, including:
- microeconomics and macroeconomics
- positive economics ("what is") and normative economics ("what ought to be")
- mainstream economics and heterodox economics
- fields and broader categories within economics.
One of the uses of economics is to explain how economies work and what the relations are between economic players (agents) in the larger society. Methods of economic analysis have been increasingly applied to fields that involve people (officials included) making choices in a social context, such as crime, education, the family, health, law, politics, religion , social institutions, and war.
See also
