Economics

Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/)[1][2] is a social science that studies the production, distribution, and consumption of goods and services.[3][4]

Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and investment expenditure interact, and factors affecting it: factors of production, such as labour, capital, land, and enterprise, inflation, economic growth, and public policies that have impact on these elements. It also seeks to analyse and describe the global economy.

Other broad distinctions within economics include those between positive economics, describing “what is”, and normative economics, advocating “what ought to be”;[5] between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics.[6]

Economic analysis can be applied throughout society, including business,[7] finance, cybersecurity,[8] health care,[9] engineering[10] and government.[11] It is also applied to such diverse subjects as crime,[12] education,[13] the family,[14] feminism,[15] law,[16] philosophy,[17] politics, religion,[18] social institutions, war,[19] science,[20] and the environment.[21]

Definitions of economics

The earlier term for the discipline was “political economy”, but since the late 19th century, it has commonly been called “economics”.[22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the “way (nomos) to run a household (oikos)”, or in other words the know-how of an οἰκονομικός (oikonomikos), or “household or homestead manager”. Derived terms such as “economy” can therefore often mean “frugal” or “thrifty”.[23][24][25][26] By extension then, “political economy” was the way to manage a polis or state.

There are a variety of modern definitions of economics; some reflect evolving views of the subject or different views among economists.[27][28] Scottish philosopher Adam Smith (1776) defined what was then called political economy as “an inquiry into the nature and causes of the wealth of nations”, in particular as:

Jean-Baptiste Say (1803), distinguishing the subject matter from its public-policy uses, defined it as the science of production, distribution, and consumption of wealth.[30] On the satirical side, Thomas Carlyle (1849) coined “the dismal science” as an epithet for classical economics, in this context, commonly linked to the pessimistic analysis of Malthus (1798).[31] John Stuart Mill (1844) delimited the subject matter further:

Alfred Marshall provided a still widely cited definition in his textbook Principles of Economics (1890) that extended analysis beyond wealth and from the societal to the microeconomic level:

Lionel Robbins (1932) developed implications of what has been termed “[p]erhaps the most commonly accepted current definition of the subject”:[28]

Robbins described the definition as not classificatory in “pick[ing] out certain kinds of behaviour” but rather analytical in “focus[ing] attention on a particular aspect of behaviour, the form imposed by the influence of scarcity.”[35] He affirmed that previous economists have usually centred their studies on the analysis of wealth: how wealth is created (production), distributed, and consumed; and how wealth can grow.[36] But he said that economics can be used to study other things, such as war, that are outside its usual focus. This is because war has as the goal winning it (as a sought after end), generates both cost and benefits; and, resources (human life and other costs) are used to attain the goal. If the war is not winnable or if the expected costs outweigh the benefits, the deciding actors (assuming they are rational) may never go to war (a decision) but rather explore other alternatives. Economics cannot be defined as the science that studies wealth, war, crime, education, and any other field economic analysis can be applied to; but, as the science that studies a particular common aspect of each of those subjects (they all use scarce resources to attain a sought after end).

Some subsequent comments criticised the definition as overly broad in failing to limit its subject matter to analysis of markets. From the 1960s, however, such comments abated as the economic theory of maximizing behaviour and rational-choice modelling expanded the domain of the subject to areas previously treated in other fields.[37] There are other criticisms as well, such as in scarcity not accounting for the macroeconomics of high unemployment.[38]

Gary Becker, a contributor to the expansion of economics into new areas, described the approach he favoured as “combin[ing the] assumptions of maximizing behaviour, stable preferences, and market equilibrium, used relentlessly and unflinchingly.”[39] One commentary characterises the remark as making economics an approach rather than a subject matter but with great specificity as to the “choice process and the type of social interaction that [such] analysis involves.” The same source reviews a range of definitions included in principles of economics textbooks and concludes that the lack of agreement need not affect the subject-matter that the texts treat. Among economists more generally, it argues that a particular definition presented may reflect the direction toward which the author believes economics is evolving, or should evolve.[28]

Many economists including nobel prize winners James M. Buchanan and Ronald Coase reject the method-based definition of Robbins and continue to prefer definitions like those of Say, in terms of its subject matter.[37] Ha-Joon Chang has for example argued that the definition of Robbins would make economics very peculiar because all other sciences define themselves in terms of the area of inquiry or object of inquiry rather than the methodology. In the biology department, they do not say that all biology should be studied with DNA analysis. People study living organisms in many different ways, so some people will do DNA analysis, others might do anatomy, and still others might build game theoretic models of animal behaviour. But they are all called biology because they all study living organisms. According to Ha Joon Chang, this view that the economy can and should be studied in only one way (for example by studying only rational choices), and going even one step further and basically redefining economics as a theory of everything, is very peculiar.[40]

History of economic thought

From antiquity through the physiocrats

Questions regarding distribution of resources are found throughout the writings of the Boeotian poet Hesiod and several economic historians have described Hesiod himself as the “first economist”.[41] However, the word Oikos, the Greek word from which the word economy derives, was used for issues regarding how to manage a household (which was understood to be the landowner, his family, and his slaves[42]) rather than to refer to some normative societal system of distribution of resources, which is a much more recent phenomenon.[43][44][45] Xenophon, the author of the Oeconomicus, is credited by philologues for being the source of the word economy.[46] Joseph Schumpeter described 16th and 17th century scholastic writers, including Tomás de Mercado, Luis de Molina, and Juan de Lugo, as “coming nearer than any other group to being the ‘founders’ of scientific economics” as to monetary, interest, and value theory within a natural-law perspective.[47]

Two groups, who later were called “mercantilists” and “physiocrats”, more directly influenced the subsequent development of the subject. Both groups were associated with the rise of economic nationalism and modern capitalism in Europe. Mercantilism was an economic doctrine that flourished from the 16th to 18th century in a prolific pamphlet literature, whether of merchants or statesmen. It held that a nation’s wealth depended on its accumulation of gold and silver. Nations without access to mines could obtain gold and silver from trade only by selling goods abroad and restricting imports other than of gold and silver. The doctrine called for importing cheap raw materials to be used in manufacturing goods, which could be exported, and for state regulation to impose protective tariffs on foreign manufactured goods and prohibit manufacturing in the colonies.[48]

Physiocrats, a group of 18th-century French thinkers and writers, developed the idea of the economy as a circular flow of income and output. Physiocrats believed that only agricultural production generated a clear surplus over cost, so that agriculture was the basis of all wealth.[49] Thus, they opposed the mercantilist policy of promoting manufacturing and trade at the expense of agriculture, including import tariffs. Physiocrats advocated replacing administratively costly tax collections with a single tax on income of land owners. In reaction against copious mercantilist trade regulations, the physiocrats advocated a policy of laissez-faire, which called for minimal government intervention in the economy.[50]

Adam Smith (1723–1790) was an early economic theorist.[51] Smith was harshly critical of the mercantilists but described the physiocratic system “with all its imperfections” as “perhaps the purest approximation to the truth that has yet been published” on the subject.[52]

Classical political economy

The publication of Adam Smith’s The Wealth of Nations in 1776, has been described as “the effective birth of economics as a separate discipline.”[53] The book identified land, labour, and capital as the three factors of production and the major contributors to a nation’s wealth, as distinct from the physiocratic idea that only agriculture was productive.

Smith discusses potential benefits of specialisation by division of labour, including increased labour productivity and gains from trade, whether between town and country or across countries.[54] His “theorem” that “the division of labor is limited by the extent of the market” has been described as the “core of a theory of the functions of firm and industry” and a “fundamental principle of economic organization.”[55] To Smith has also been ascribed “the most important substantive proposition in all of economics” and foundation of resource-allocation theory—that, under competition, resource owners (of labour, land, and capital) seek their most profitable uses, resulting in an equal rate of return for all uses in equilibrium (adjusted for apparent differences arising from such factors as training and unemployment).[56]

In an argument that includes “one of the most famous passages in all economics,”[57] Smith represents every individual as trying to employ any capital they might command for their own advantage, not that of the society,[a] and for the sake of profit, which is necessary at some level for employing capital in domestic industry, and positively related to the value of produce.[59] In this:

The Rev. Thomas Robert Malthus (1798) used the concept of diminishing returns to explain low living standards. Human population, he argued, tended to increase geometrically, outstripping the production of food, which increased arithmetically. The force of a rapidly growing population against a limited amount of land meant diminishing returns to labour. The result, he claimed, was chronically low wages, which prevented the standard of living for most of the population from rising above the subsistence level.[61][non-primary source needed] Economist Julian Simon has criticised Malthus’s conclusions.[62]

While Adam Smith emphasised production and income, David Ricardo (1817) focused on the distribution of income among landowners, workers, and capitalists. Ricardo saw an inherent conflict between landowners on the one hand and labour and capital on the other. He posited that the growth of population and capital, pressing against a fixed supply of land, pushes up rents and holds down wages and profits. Ricardo was also the first to state and prove the principle of comparative advantage, according to which each country should specialise in producing and exporting goods in that it has a lower relative cost of production, rather relying only on its own production.[63] It has been termed a “fundamental analytical explanation” for gains from trade.[64]

Coming at the end of the classical tradition, John Stuart Mill (1848) parted company with the earlier classical economists on the inevitability of the distribution of income produced by the market system. Mill pointed to a distinct difference between the market’s two roles: allocation of resources and distribution of income. The market might be efficient in allocating resources but not in distributing income, he wrote, making it necessary for society to intervene.[65]

Value theory was important in classical theory. Smith wrote that the “real price of every thing … is the toil and trouble of acquiring it”. Smith maintained that, with rent and profit, other costs besides wages also enter the price of a commodity.[66] Other classical economists presented variations on Smith, termed the ‘labour theory of value’. Classical economics focused on the tendency of any market economy to settle in a final stationary state made up of a constant stock of physical wealth (capital) and a constant population size.

Marxian economics

Marxist (later, Marxian) economics descends from classical economics and it derives from the work of Karl Marx. The first volume of Marx’s major work, Das Kapital, was published in 1867. Marx focused on the labour theory of value and theory of surplus value. Marx wrote that they were mechanisms used by capital to exploit labour.[67] The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production, and the theory of surplus value demonstrated how workers were only paid a proportion of the value their work had created.[68]

Marxian economics was further developed by Karl Kautsky (1854–1938)’s The Economic Doctrines of Karl Marx and The Class Struggle (Erfurt Program), Rudolf Hilferding’s (1877–1941) Finance Capital, Vladimir Lenin (1870–1924)’s The Development of Capitalism in Russia and Imperialism, the Highest Stage of Capitalism, and Rosa Luxemburg (1871–1919)’s The Accumulation of Capital.

Neoclassical economics

At its inception as a social science, economics was defined and discussed at length as the study of production, distribution, and consumption of wealth by Jean-Baptiste Say in his Treatise on Political Economy or, The Production, Distribution, and Consumption of Wealth (1803). These three items were considered only in relation to the increase or diminution of wealth, and not in reference to their processes of execution.[b] Say’s definition has survived in part up to the present, modified by substituting the word “wealth” for “goods and services” meaning that wealth may include non-material objects as well. One hundred and thirty years later, Lionel Robbins noticed that this definition no longer sufficed,[c] because many economists were making theoretical and philosophical inroads in other areas of human activity. In his Essay on the Nature and Significance of Economic Science, he proposed a definition of economics as a study of human behaviour, subject to and constrained by scarcity,[d] which forces people to choose, allocate scarce resources to competing ends, and economise (seeking the greatest welfare while avoiding the wasting of scarce resources). According to Robbins: “Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses”.[35] Robbins’ definition eventually became widely accepted by mainstream economists, and found its way into current textbooks.[69] Although far from unanimous, most mainstream economists would accept some version of Robbins’ definition, even though many have raised serious objections to the scope and method of economics, emanating from that definition.[70]

A body of theory later termed “neoclassical economics” formed from about 1870 to 1910. The term “economics” was popularised by such neoclassical economists as Alfred Marshall and Mary Paley Marshall as a concise synonym for “economic science” and a substitute for the earlier “political economy”.[25][26] This corresponded to the influence on the subject of mathematical methods used in the natural sciences.[71]

Neoclassical economics systematically integrated supply and demand as joint determinants of both price and quantity in market equilibrium, influencing the allocation of output and income distribution. It rejected the classical economics’ labour theory of value in favour of a marginal utility theory of value on the demand side and a more comprehensive theory of costs on the supply side.[72] In the 20th century, neoclassical theorists departed from an earlier idea that suggested measuring total utility for a society, opting instead for ordinal utility, which posits behaviour-based relations across individuals.[73][74]

In microeconomics, neoclassical economics represents incentives and costs as playing a pervasive role in shaping decision making. An immediate example of this is the consumer theory of individual demand, which isolates how prices (as costs) and income affect quantity demanded.[73] In macroeconomics it is reflected in an early and lasting neoclassical synthesis with Keynesian macroeconomics.[75][73]

Neoclassical economics is occasionally referred as orthodox economics whether by its critics or sympathisers. Modern mainstream economics builds on neoclassical economics but with many refinements that either supplement or generalise earlier analysis, such as econometrics, game theory, analysis of market failure and imperfect competition, and the neoclassical model of economic growth for analysing long-run variables affecting national income.

Neoclassical economics studies the behaviour of individuals, households, and organisations (called economic actors, players, or agents), when they manage or use scarce resources, which have alternative uses, to achieve desired ends. Agents are assumed to act rationally, have multiple desirable ends in sight, limited resources to obtain these ends, a set of stable preferences, a definite overall guiding objective, and the capability of making a choice. There exists an economic problem, subject to study by economic science, when a decision (choice) is made by one or more players to attain the best possible outcome.[76]

Keynesian economics

Keynesian economics derives from John Maynard Keynes, in particular his book The General Theory of Employment, Interest and Money (1936), which ushered in contemporary macroeconomics as a distinct field.[77] The book focused on determinants of national income in the short run when prices are relatively inflexible. Keynes attempted to explain in broad theoretical detail why high labour-market unemployment might not be self-correcting due to low “effective demand” and why even price flexibility and monetary policy might be unavailing. The term “revolutionary” has been applied to the book in its impact on economic analysis.[78]

During the following decades, many economists followed Keynes’ ideas and expanded on his works. John Hicks and Alvin Hansen developed the IS–LM model which was a simple formalisation of some of Keynes’ insights on the economy’s short-run equilibrium. Franco Modigliani and James Tobin developed important theories of private consumption and investment, respectively, two major components of aggregate demand. Lawrence Klein built the first large-scale macroeconometric model, applying the Keynesian thinking systematically to the US economy.[79]

Post-WWII economics

Immediately after World War II, Keynesian was the dominant economic view of the United States establishment and its allies, Marxian economics was the dominant economic view of the Soviet Union nomenklatura and its allies.

Monetarism

Monetarism appeared in the 1950s and 1960s, its intellectual leader being Milton Friedman. Monetarists contended that monetary policy and other monetary shocks, as represented by the growth in the money stock, was an important cause of economic fluctuations, and consequently that monetary policy was more important than fiscal policy for purposes of stabilisation.[80][81] Friedman was also skeptical about the ability of central banks to conduct a sensible active monetary policy in practice, advocating instead using simple rules such as a steady rate of money growth.[82]

Monetarism rose to prominence in the 1970s and 1980s, when several major central banks followed a monetarist-inspired policy, but was later abandoned again because the results turned out to be unsatisfactory.[83][84]

New classical economics

A more fundamental challenge to the prevailing Keynesian paradigm came in the 1970s from new classical economists like Robert Lucas, Thomas Sargent and Edward Prescott. They introduced the notion of rational expectations in economics, which had profound implications for many economic discussions, among which were the so-called Lucas critique and the presentation of real business cycle models.[85]

New Keynesians

During the 1980s, a group of researchers appeared being called New Keynesian economists, including among others George Akerlof, Janet Yellen, Gregory Mankiw and Olivier Blanchard. They adopted the principle of rational expectations and other monetarist or new classical ideas such as building upon models employing micro foundations and optimizing behaviour, but simultaneously emphasised the importance of various market failures for the functioning of the economy, as had Keynes.[86] Not least, they proposed various reasons that potentially explained the empirically observed features of price and wage rigidity, usually made to be endogenous features of the models, rather than simply assumed as in older Keynesian-style ones.

New neoclassical synthesis

After decades of often heated discussions between Keynesians, monetarists, new classical and new Keynesian economists, a synthesis emerged by the 2000s, often given the name the new neoclassical synthesis. It integrated the rational expectations and optimizing framework of the new classical theory with a new Keynesian role for nominal rigidities and other market imperfections like imperfect information in goods, labour and credit markets. The monetarist importance of monetary policy in stabilizing[87] the economy and in particular controlling inflation was recognised as well as the traditional Keynesian insistence that fiscal policy could also play an influential role in affecting aggregate demand. Methodologically, the synthesis led to a new class of applied models, known as dynamic stochastic general equilibrium or DSGE models, descending from real business cycles models, but extended with several new Keynesian and other features. These models proved very useful and influential in the design of modern monetary policy and are now standard workhorses in most central banks.[88]

After the financial crisis

After the 2007–2008 financial crisis, macroeconomic research has put greater emphasis on understanding and integrating the financial system into models of the general economy and shedding light on the ways in which problems in the financial sector can turn into major macroeconomic recessions. In this and other research branches, inspiration from behavioural economics has started playing a more important role in mainstream economic theory.[89] Also, heterogeneity among the economic agents, e.g. differences in income, plays an increasing role in recent economic research.[90]

Other schools and approaches

Other schools or trends of thought referring to a particular style of economics practised at and disseminated from well-defined groups of academicians that have become known worldwide, include the Freiburg School, the School of Lausanne, the Stockholm school and the Chicago school of economics. During the 1970s and 1980s mainstream economics was sometimes separated into the Saltwater approach of those universities along the Eastern and Western coasts of the US, and the Freshwater, or Chicago school approach.[91]

Within macroeconomics there is, in general order of their historical appearance in the literature; classical economics, neoclassical economics, Keynesian economics, the neoclassical synthesis, monetarism, new classical economics, New Keynesian economics[92] and the new neoclassical synthesis.[93]

Beside the mainstream development of economic thought, various alternative or heterodox economic theories have evolved over time, positioning themselves in contrast to mainstream theory.[94] These include:[94]

  • Austrian School, emphasizing human action, property rights and the freedom to contract and transact to have a thriving and successful economy.[95] It also emphasises that the state should play as small role as possible (if any role) in the regulation of economic activity between two transacting parties.[96] Friedrich Hayek and Ludwig von Mises are the two most prominent representatives of the Austrian school.
  • Post-Keynesian economics concentrates on macroeconomic rigidities and adjustment processes. It is generally associated with the University of Cambridge and the work of Joan Robinson.[97]
  • Ecological economics like environmental economics studies the interactions between human economies and the ecosystems in which they are embedded,[98] but in contrast to environmental economics takes an oppositional position towards general mainstream economic principles. A major difference between the two subdisciplines is their assumptions about the substitution possibilities between man-made and natural capital.[99]

Additionally, alternative developments include Marxian economics, constitutional economics, institutional economics, evolutionary economics, dependency theory, structuralist economics, world systems theory, econophysics, econodynamics, feminist economics and biophysical economics.[100]

Feminist economics emphasises the role that gender plays in economies, challenging analyses that render gender invisible or support gender-oppressive economic systems.[101] The goal is to create economic research and policy analysis that is inclusive and gender-aware to encourage gender equality and improve the well-being of marginalised groups.

Methodology

Theoretical research

Mainstream economic theory relies upon analytical economic models. When creating theories, the objective is to find assumptions which are at least as simple in information requirements, more precise in predictions, and more fruitful in generating additional research than prior theories.[102] While neoclassical economic theory constitutes both the dominant or orthodox theoretical as well as methodological framework, economic theory can also take the form of other schools of thought such as in heterodox economic theories.

In microeconomics, principal concepts include supply and demand, marginalism, rational choice theory, opportunity cost, budget constraints, utility, and the theory of the firm.[103] Early macroeconomic models focused on modelling the relationships between aggregate variables, but as the relationships appeared to change over time macroeconomists, including new Keynesians, reformulated their models with microfoundations,[104] in which microeconomic concepts play a major part.

Sometimes an economic hypothesis is only qualitative, not quantitative.[105]

Expositions of economic reasoning often use two-dimensional graphs to illustrate theoretical relationships. At a higher level of generality, mathematical economics is the application of mathematical methods to represent theories and analyse problems in economics. Paul Samuelson’s treatise Foundations of Economic Analysis (1947) exemplifies the method, particularly as to maximizing behavioural relations of agents reaching equilibrium. The book focused on examining the class of statements called operationally meaningful theorems in economics, which are theorems that can conceivably be refuted by empirical data.[106]

Empirical research

Economic theories are frequently tested empirically, largely through the use of econometrics using economic data.[107] The controlled experiments common to the physical sciences are difficult and uncommon in economics,[108] and instead broad data is observationally studied; this type of testing is typically regarded as less rigorous than controlled experimentation, and the conclusions typically more tentative. However, the field of experimental economics is growing, and increasing use is being made of natural experiments.

Statistical methods such as regression analysis are common. Practitioners use such methods to estimate the size, economic significance, and statistical significance (“signal strength”) of the hypothesised relation(s) and to adjust for noise from other variables. By such means, a hypothesis may gain acceptance, although in a probabilistic, rather than certain, sense. Acceptance is dependent upon the falsifiable hypothesis surviving tests. Use of commonly accepted methods need not produce a final conclusion or even a consensus on a particular question, given different tests, data sets, and prior beliefs.

Experimental economics has promoted the use of scientifically controlled experiments. This has reduced the long-noted distinction of economics from natural sciences because it allows direct tests of what were previously taken as axioms.[109] In some cases these have found that the axioms are not entirely correct.

In behavioural economics, psychologist Daniel Kahneman won the Nobel Prize in economics in 2002 for his and Amos Tversky’s empirical discovery of several cognitive biases and heuristics. Similar empirical testing occurs in neuroeconomics. Another example is the assumption of narrowly selfish preferences versus a model that tests for selfish, altruistic, and cooperative preferences.[110] These techniques have led some to argue that economics is a “genuine science”.[111]

Microeconomics

Microeconomics examines how entities, forming a market structure, interact within a market to create a market system. These entities include private and public players with various classifications, typically operating under scarcity of tradable units and regulation. The item traded may be a tangible product such as apples or a service such as repair services, legal counsel, or entertainment.

Various market structures exist. In perfectly competitive markets, no participants are large enough to have the market power to set the price of a homogeneous product. In other words, every participant is a “price taker” as no participant influences the price of a product. In the real world, markets often experience imperfect competition.

Forms of imperfect competition include monopoly (in which there is only one seller of a good), duopoly (in which there are only two sellers of a good), oligopoly (in which there are few sellers of a good), monopolistic competition (in which there are many sellers producing highly differentiated goods), monopsony (in which there is only one buyer of a good), and oligopsony (in which there are few buyers of a good). Firms under imperfect competition have the potential to be “price makers”, which means that they can influence the prices of their products.

In partial equilibrium method of analysis, it is assumed that activity in the market being analysed does not affect other markets. This method aggregates (the sum of all activity) in only one market. General-equilibrium theory studies various markets and their behaviour. It aggregates (the sum of all activity) across all markets. This method studies both changes in markets and their interactions leading towards equilibrium.[112]

Production, cost, and efficiency

In microeconomics, production is the conversion of inputs into outputs. It is an economic process that uses inputs to create a commodity or a service for exchange or direct use. Production is a flow and thus a rate of output per period of time. Distinctions include such production alternatives as for consumption (food, haircuts, etc.) vs. investment goods (new tractors, buildings, roads, etc.), public goods (national defence, smallpox vaccinations, etc.) or private goods, and “guns” vs “butter”.

Inputs used in the production process include such primary factors of production as labour services, capital (durable produced goods used in production, such as an existing factory), and land (including natural resources). Other inputs may include intermediate goods used in production of final goods, such as the steel in a new car.

Economic efficiency measures how well a system generates desired output with a given set of inputs and available technology. Efficiency is improved if more output is generated without changing inputs. A widely accepted general standard is Pareto efficiency, which is reached when no further change can make someone better off without making someone else worse off.

The production–possibility frontier (PPF) is an expository figure for representing scarcity, cost, and efficiency. In the simplest case an economy can produce just two goods (say “guns” and “butter”). The PPF is a table or graph (as at the right) showing the different quantity combinations of the two goods producible with a given technology and total factor inputs, which limit feasible total output. Each point on the curve shows potential total output for the economy, which is the maximum feasible output of one good, given a feasible output quantity of the other good.

Scarcity is represented in the figure by people being willing but unable in the aggregate to consume beyond the PPF (such as at X) and by the negative slope of the curve.[113] If production of one good increases along the curve, production of the other good decreases, an inverse relationship. This is because increasing output of one good requires transferring inputs to it from production of the other good, decreasing the latter.

The slope of the curve at a point on it gives the trade-off between the two goods. It measures what an additional unit of one good costs in units forgone of the other good, an example of a real opportunity cost. Thus, if one more Gun costs 100 units of butter, the opportunity cost of one Gun is 100 Butter. Along the PPF, scarcity implies that choosing more of one good in the aggregate entails doing with less of the other good. Still, in a market economy, movement along the curve may indicate that the choice of the increased output is anticipated to be worth the cost to the agents.

By construction, each point on the curve shows productive efficiency in maximizing output for given total inputs. A point inside the curve (as at A), is feasible but represents production inefficiency (wasteful use of inputs), in that output of one or both goods could increase by moving in a northeast direction to a point on the curve. Examples cited of such inefficiency include high unemployment during a business-cycle recession or economic organisation of a country that discourages full use of resources. Being on the curve might still not fully satisfy allocative efficiency (also called Pareto efficiency) if it does not produce a mix of goods that consumers prefer over other points.

Much applied economics in public policy is concerned with determining how the efficiency of an economy can be improved. Recognizing the reality of scarcity and then figuring out how to organise society for the most efficient use of resources has been described as the “essence of economics”, where the subject “makes its unique contribution.”[114]

Specialisation

Specialisation is considered key to economic efficiency based on theoretical and empirical considerations. Different individuals or nations may have different real opportunity costs of production, say from differences in stocks of human capital per worker or capital/labour ratios. According to theory, this may give a comparative advantage in production of goods that make more intensive use of the relatively more abundant, thus relatively cheaper, input.

Even if one region has an absolute advantage as to the ratio of its outputs to inputs in every type of output, it may still specialise in the output in which it has a comparative advantage and thereby gain from trading with a region that lacks any absolute advantage but has a comparative advantage in producing something else.

It has been observed that a high volume of trade occurs among regions even with access to a similar technology and mix of factor inputs, including high-income countries. This has led to investigation of economies of scale and agglomeration to explain specialisation in similar but differentiated product lines, to the overall benefit of respective trading parties or regions.[115][116]

The general theory of specialisation applies to trade among individuals, farms, manufacturers, service providers, and economies. Among each of these production systems, there may be a corresponding division of labour with different work groups specializing, or correspondingly different types of capital equipment and differentiated land uses.[117]

An example that combines features above is a country that specialises in the production of high-tech knowledge products, as developed countries do, and trades with developing nations for goods produced in factories where labour is relatively cheap and plentiful, resulting in different in opportunity costs of production. More total output and utility thereby results from specializing in production and trading than if each country produced its own high-tech and low-tech products.

Theory and observation set out the conditions such that market prices of outputs and productive inputs select an allocation of factor inputs by comparative advantage, so that (relatively) low-cost inputs go to producing low-cost outputs. In the process, aggregate output may increase as a by-product or by design.[118] Such specialisation of production creates opportunities for gains from trade whereby resource owners benefit from trade in the sale of one type of output for other, more highly valued goods. A measure of gains from trade is the increased income levels that trade may facilitate.[119]

Supply and demand

Prices and quantities have been described as the most directly observable attributes of goods produced and exchanged in a market economy.[120] The theory of supply and demand is an organizing principle for explaining how prices coordinate the amounts produced and consumed. In microeconomics, it applies to price and output determination for a market with perfect competition, which includes the condition of no buyers or sellers large enough to have price-setting power.

For a given market of a commodity, demand is the relation of the quantity that all buyers would be prepared to purchase at each unit price of the good. Demand is often represented by a table or a graph showing price and quantity demanded (as in the figure). Demand theory describes individual consumers as rationally choosing the most preferred quantity of each good, given income, prices, tastes, etc. A term for this is “constrained utility maximisation” (with income and wealth as the constraints on demand). Here, utility refers to the hypothesised relation of each individual consumer for ranking different commodity bundles as more or less preferred.

The law of demand states that, in general, price and quantity demanded in a given market are inversely related. That is, the higher the price of a product, the less of it people would be prepared to buy (other things unchanged). As the price of a commodity falls, consumers move toward it from relatively more expensive goods (the substitution effect). In addition, purchasing power from the price decline increases ability to buy (the income effect). Other factors can change demand; for example an increase in income will shift the demand curve for a normal good outward relative to the origin, as in the figure. All determinants are predominantly taken as constant factors of demand and supply.

Supply is the relation between the price of a good and the quantity available for sale at that price. It may be represented as a table or graph relating price and quantity supplied. Producers, for example business firms, are hypothesised to be profit maximisers, meaning that they attempt to produce and supply the amount of goods that will bring them the highest profit. Supply is typically represented as a function relating price and quantity, if other factors are unchanged.

That is, the higher the price at which the good can be sold, the more of it producers will supply, as in the figure. The higher price makes it profitable to increase production. Just as on the demand side, the position of the supply can shift, say from a change in the price of a productive input or a technical improvement. The “Law of Supply” states that, in general, a rise in price leads to an expansion in supply and a fall in price leads to a contraction in supply. Here as well, the determinants of supply, such as price of substitutes, cost of production, technology applied and various factors inputs of production are all taken to be constant for a specific time period of evaluation of supply.

Market equilibrium occurs where quantity supplied equals quantity demanded, the intersection of the supply and demand curves in the figure above. At a price below equilibrium, there is a shortage of quantity supplied compared to quantity demanded. This is posited to bid the price up. At a price above equilibrium, there is a surplus of quantity supplied compared to quantity demanded. This pushes the price down. The model of supply and demand predicts that for given supply and demand curves, price and quantity will stabilise at the price that makes quantity supplied equal to quantity demanded. Similarly, demand-and-supply theory predicts a new price-quantity combination from a shift in demand (as to the figure), or in supply.

Firms

People frequently do not trade directly on markets. Instead, on the supply side, they may work in and produce through firms. The most obvious kinds of firms are corporations, partnerships and trusts. According to Ronald Coase, people begin to organise their production in firms when the costs of doing business becomes lower than doing it on the market.[121] Firms combine labour and capital, and can achieve far greater economies of scale (when the average cost per unit declines as more units are produced) than individual market trading.

In perfectly competitive markets studied in the theory of supply and demand, there are many producers, none of which significantly influence price. Industrial organisation generalises from that special case to study the strategic behaviour of firms that do have significant control of price. It considers the structure of such markets and their interactions. Common market structures studied besides perfect competition include monopolistic competition, various forms of oligopoly, and monopoly.[122]

Managerial economics applies microeconomic analysis to specific decisions in business firms or other management units. It draws heavily from quantitative methods such as operations research and programming and from statistical methods such as regression analysis in the absence of certainty and perfect knowledge. A unifying theme is the attempt to optimise business decisions, including unit-cost minimisation and profit maximisation, given the firm’s objectives and constraints imposed by technology and market conditions.[123]

Uncertainty and game theory

Uncertainty in economics is an unknown prospect of gain or loss, whether quantifiable as risk or not. Without it, household behaviour would be unaffected by uncertain employment and income prospects, financial and capital markets would reduce to exchange of a single instrument in each market period, and there would be no communications industry.[124] Given its different forms, there are various ways of representing uncertainty and modelling economic agents’ responses to it.[125]

Game theory is a branch of applied mathematics that considers strategic interactions between agents, one kind of uncertainty. It provides a mathematical foundation of industrial organisation, discussed above, to model different types of firm behaviour, for example in a solipsistic industry (few sellers), but equally applicable to wage negotiations, bargaining, contract design, and any situation where individual agents are few enough to have perceptible effects on each other. In behavioural economics, it has been used to model the strategies agents choose when interacting with others whose interests are at least partially adverse to their own.[126]

In this, it generalises maximisation approaches developed to analyse market actors such as in the supply and demand model and allows for incomplete information of actors. The field dates from the 1944 classic Theory of Games and Economic Behavior by John von Neumann and Oskar Morgenstern. It has significant applications seemingly outside of economics in such diverse subjects as the formulation of nuclear strategies, ethics, political science, and evolutionary biology.[127]

Risk aversion may stimulate activity that in well-functioning markets smooths out risk and communicates information about risk, as in markets for insurance, commodity futures contracts, and financial instruments. Financial economics or simply finance describes the allocation of financial resources. It also analyses the pricing of financial instruments, the financial structure of companies, the efficiency and fragility of financial markets,[128] financial crises, and related government policy or regulation.[129][130][131][132][133]

Some market organisations may give rise to inefficiencies associated with uncertainty. Based on George Akerlof’s “Market for Lemons” article, the paradigm example is of a dodgy second-hand car market. Customers without knowledge of whether a car is a “lemon” depress its price below what a quality second-hand car would be.[134] Information asymmetry arises here, if the seller has more relevant information than the buyer but no incentive to disclose it. Related problems in insurance are adverse selection, such that those at most risk are most likely to insure (say reckless drivers), and moral hazard, such that insurance results in riskier behaviour (say more reckless driving).[135]

Both problems may raise insurance costs and reduce efficiency by driving otherwise willing transactors from the market (“incomplete markets”). Moreover, attempting to reduce one problem, say adverse selection by mandating insurance, may add to another, say moral hazard. Information economics, which studies such problems, has relevance in subjects such as insurance, contract law, mechanism design, monetary economics, and health care.[135] Applied subjects include market and legal remedies to spread or reduce risk, such as warranties, government-mandated partial insurance, restructuring or bankruptcy law, inspection, and regulation for quality and information disclosure.[136][137][138][139][140]

Market failure

The term “market failure” encompasses several problems which may undermine standard economic assumptions. Although economists categorise market failures differently, the following categories emerge in the main texts.[e]

Information asymmetries and incomplete markets may result in economic inefficiency but also a possibility of improving efficiency through market, legal, and regulatory remedies, as discussed above.

Natural monopoly, or the overlapping concepts of “practical” and “technical” monopoly, is an extreme case of failure of competition as a restraint on producers. Extreme economies of scale are one possible cause.

Public goods are goods which are under-supplied in a typical market. The defining features are that people can consume public goods without having to pay for them and that more than one person can consume the good at the same time.

Externalities occur where there are significant social costs or benefits from production or consumption that are not reflected in market prices. For example, air pollution may generate a negative externality, and education may generate a positive externality (less crime, etc.). Governments often tax and otherwise restrict the sale of goods that have negative externalities and subsidise or otherwise promote the purchase of goods that have positive externalities in an effort to correct the price distortions caused by these externalities.[141] Elementary demand-and-supply theory predicts equilibrium but not the speed of adjustment for changes of equilibrium due to a shift in demand or supply.[142]

In many areas, some form of price stickiness is postulated to account for quantities, rather than prices, adjusting in the short run to changes on the demand side or the supply side. This includes standard analysis of the business cycle in macroeconomics. Analysis often revolves around causes of such price stickiness and their implications for reaching a hypothesised long-run equilibrium. Examples of such price stickiness in particular markets include wage rates in labour markets and posted prices in markets deviating from perfect competition.

Some specialised fields of economics deal in market failure more than others. The economics of the public sector is one example. Much environmental economics concerns externalities or “public bads”.

Policy options include regulations that reflect cost–benefit analysis or market solutions that change incentives, such as emission fees or redefinition of property rights.[143]

Welfare

Welfare economics uses microeconomics techniques to evaluate well-being from allocation of productive factors as to desirability and economic efficiency within an economy, often relative to competitive general equilibrium.[144] It analyses social welfare, however measured, in terms of economic activities of the individuals that compose the theoretical society considered. Accordingly, individuals, with associated economic activities, are the basic units for aggregating to social welfare, whether of a group, a community, or a society, and there is no “social welfare” apart from the “welfare” associated with its individual units.

Macroeconomics

Macroeconomics, another branch of economics, examines the economy as a whole to explain broad aggregates and their interactions “top down”, that is, using a simplified form of general-equilibrium theory.[145] Such aggregates include national income and output, the unemployment rate, and price inflation and subaggregates like total consumption and investment spending and their components. It also studies effects of monetary policy and fiscal policy.

Since at least the 1960s, macroeconomics has been characterised by further integration as to micro-based modelling of sectors, including rationality of players, efficient use of market information, and imperfect competition.[146] This has addressed a long-standing concern about inconsistent developments of the same subject.[147]

Macroeconomic analysis also considers factors affecting the long-term level and growth of national income. Such factors include capital accumulation, technological change and labour force growth.[148]

Growth

Growth economics studies factors that explain economic growth – the increase in output per capita of a country over a long period of time. The same factors are used to explain differences in the level of output per capita between countries, in particular why some countries grow faster than others, and whether countries converge at the same rates of growth.

Much-studied factors include the rate of investment, population growth, and technological change. These are represented in theoretical and empirical forms (as in the neoclassical and endogenous growth models) and in growth accounting.[149]

Business cycle

The economics of a depression were the spur for the creation of “macroeconomics” as a separate discipline. During the Great Depression of the 1930s, John Maynard Keynes authored a book entitled The General Theory of Employment, Interest and Money outlining the key theories of Keynesian economics. Keynes contended that aggregate demand for goods might be insufficient during economic downturns, leading to unnecessarily high unemployment and losses of potential output.

He therefore advocated active policy responses by the public sector, including monetary policy actions by the central bank and fiscal policy actions by the government to stabilise output over the business cycle.[150]
Thus, a central conclusion of Keynesian economics is that, in some situations, no strong automatic mechanism moves output and employment towards full employment levels. John Hicks’ IS/LM model has been the most influential interpretation of The General Theory.

Over the years, understanding of the business cycle has branched into various research programmes, mostly related to or distinct from Keynesianism. The neoclassical synthesis refers to the reconciliation of Keynesian economics with classical economics, stating that Keynesianism is correct in the short run but qualified by classical-like considerations in the intermediate and long run.[75]

New classical macroeconomics, as distinct from the Keynesian view of the business cycle, posits market clearing with imperfect information. It includes Friedman’s permanent income hypothesis on consumption and “rational expectations” theory,[151] led by Robert Lucas, and real business cycle theory.[152]

In contrast, the new Keynesian approach retains the rational expectations assumption, however it assumes a variety of market failures. In particular, New Keynesians assume prices and wages are “sticky”, which means they do not adjust instantaneously to changes in economic conditions.[104]

Thus, the new classicals assume that prices and wages adjust automatically to attain full employment, whereas the new Keynesians see full employment as being automatically achieved only in the long run, and hence government and central-bank policies are needed because the “long run” may be very long.

Unemployment

The amount of unemployment in an economy is measured by the unemployment rate, the percentage of workers without jobs in the labour force. The labour force only includes workers actively looking for jobs. People who are retired, pursuing education, or discouraged from seeking work by a lack of job prospects are excluded from the labour force. Unemployment can be generally broken down into several types that are related to different causes.[153]

Classical models of unemployment occurs when wages are too high for employers to be willing to hire more workers. Consistent with classical unemployment, frictional unemployment occurs when appropriate job vacancies exist for a worker, but the length of time needed to search for and find the job leads to a period of unemployment.[153]

Structural unemployment covers a variety of possible causes of unemployment including a mismatch between workers’ skills and the skills required for open jobs.[154] Large amounts of structural unemployment can occur when an economy is transitioning industries and workers find their previous set of skills are no longer in demand. Structural unemployment is similar to frictional unemployment since both reflect the problem of matching workers with job vacancies, but structural unemployment covers the time needed to acquire new skills not just the short term search process.[155]

While some types of unemployment may occur regardless of the condition of the economy, cyclical unemployment occurs when growth stagnates. Okun’s law represents the empirical relationship between unemployment and economic growth.[156] The original version of Okun’s law states that a 3% increase in output would lead to a 1% decrease in unemployment.[157]

Money and monetary policy

Money is a means of final payment for goods in most price system economies, and is the unit of account in which prices are typically stated. Money has general acceptability, relative consistency in value, divisibility, durability, portability, elasticity in supply, and longevity with mass public confidence. It includes currency held by the nonbank public and checkable deposits. It has been described as a social convention, like language, useful to one largely because it is useful to others. In the words of Francis Amasa Walker, a well-known 19th-century economist, “Money is what money does” (“Money is that money does” in the original).[158]

As a medium of exchange, money facilitates trade. It is essentially a measure of value and more importantly, a store of value being a basis for credit creation. Its economic function can be contrasted with barter (non-monetary exchange). Given a diverse array of produced goods and specialised producers, barter may entail a hard-to-locate double coincidence of wants as to what is exchanged, say apples and a book. Money can reduce the transaction cost of exchange because of its ready acceptability. Then it is less costly for the seller to accept money in exchange, rather than what the buyer produces.[159]

Monetary policy is the policy that central banks conduct to accomplish their broader objectives. Most central banks in developed countries follow inflation targeting,[160] whereas the main objective for many central banks in development countries is to uphold a fixed exchange rate system.[161] The primary monetary tool is normally the adjustment of interest rates,[162] either directly via administratively changing the central bank’s own interest rates or indirectly via open market operations.[163] Via the monetary transmission mechanism, interest rate changes affect investment, consumption and net export, and hence aggregate demand, output and employment, and ultimately the development of wages and inflation.

Fiscal policy

Governments implement fiscal policy to influence macroeconomic conditions by adjusting spending and taxation policies to alter aggregate demand. When aggregate demand falls below the potential output of the economy, there is an output gap where some productive capacity is left unemployed. Governments increase spending and cut taxes to boost aggregate demand. Resources that have been idled can be used by the government.

For example, unemployed home builders can be hired to expand highways. Tax cuts allow consumers to increase their spending, which boosts aggregate demand. Both tax cuts and spending have multiplier effects where the initial increase in demand from the policy percolates through the economy and generates additional economic activity.

The effects of fiscal policy can be limited by crowding out. When there is no output gap, the economy is producing at full capacity and there are no excess productive resources. If the government increases spending in this situation, the government uses resources that otherwise would have been used by the private sector, so there is no increase in overall output. Some economists think that crowding out is always an issue while others do not think it is a major issue when output is depressed.

Sceptics of fiscal policy also make the argument of Ricardian equivalence. They argue that an increase in debt will have to be paid for with future tax increases, which will cause people to reduce their consumption and save money to pay for the future tax increase. Under Ricardian equivalence, any boost in demand from tax cuts will be offset by the increased saving intended to pay for future higher taxes.

Inequality

Economic inequality includes income inequality, measured using the distribution of income (the amount of money people receive), and wealth inequality measured using the distribution of wealth (the amount of wealth people own), and other measures such as consumption, land ownership, and human capital. Inequality exists at different extents between countries or states, groups of people, and individuals.[164] There are many methods for measuring inequality,[165] the Gini coefficient being widely used for income differences among individuals. An example measure of inequality between countries is the Inequality-adjusted Human Development Index, a composite index that takes inequality into account.[166] Important concepts of equality include equity, equality of outcome, and equality of opportunity.

Research has linked economic inequality to political and social instability, including revolution, democratic breakdown and civil conflict.[167][168][169][170] Research suggests that greater inequality hinders economic growth and macroeconomic stability, and that land and human capital inequality reduce growth more than inequality of income.[167][171] Inequality is at the centre stage of economic policy debate across the globe, as government tax and spending policies have significant effects on income distribution.[167] In advanced economies, taxes and transfers decrease income inequality by one-third, with most of this being achieved via public social spending (such as pensions and family benefits.)[167]

Other branches of economics

Public economics

Public economics is the field of economics that deals with economic activities of a public sector, usually government. The subject addresses such matters as tax incidence (who really pays a particular tax), cost–benefit analysis of government programmes, effects on economic efficiency and income distribution of different kinds of spending and taxes, and fiscal politics. The latter, an aspect of public choice theory, models public-sector behaviour analogously to microeconomics, involving interactions of self-interested voters, politicians, and bureaucrats.[172]

Much of economics is positive, seeking to describe and predict economic phenomena. Normative economics seeks to identify what economies ought to be like.

Welfare economics is a normative branch of economics that uses microeconomic techniques to simultaneously determine the allocative efficiency within an economy and the income distribution associated with it. It attempts to measure social welfare by examining the economic activities of the individuals that comprise society.[173]

International economics

International trade studies determinants of goods-and-services flows across international boundaries. It also concerns the size and distribution of gains from trade. Policy applications include estimating the effects of changing tariff rates and trade quotas. International finance is a macroeconomic field which examines the flow of capital across international borders, and the effects of these movements on exchange rates. Increased trade in goods, services and capital between countries is a major effect of contemporary globalisation.[174]

Labour economics

Labour economics seeks to understand the functioning and dynamics of the markets for wage labour. Labour markets function through the interaction of workers and employers. Labour economics looks at the suppliers of labour services (workers), the demands of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and income. In economics, labour is a measure of the work done by human beings. It is conventionally contrasted with such other factors of production as land and capital. There are theories which have developed a concept called human capital (referring to the skills that workers possess, not necessarily their actual work), although there are also counter posing macro-economic system theories that think human capital is a contradiction in terms.[citation needed]

Development economics

Development economics examines economic aspects of the economic development process in relatively low-income countries focusing on structural change, poverty, and economic growth. Approaches in development economics frequently incorporate social and political factors.[175]

Economics is one social science among several and has fields bordering on other areas, including economic geography, economic history, public choice, energy economics, cultural economics, family economics and institutional economics.

Law and economics, or economic analysis of law, is an approach to legal theory that applies methods of economics to law. It includes the use of economic concepts to explain the effects of legal rules, to assess which legal rules are economically efficient, and to predict what the legal rules will be.[176] A seminal article by Ronald Coase published in 1961 suggested that well-defined property rights could overcome the problems of externalities.[177]

Political economy is the interdisciplinary study that combines economics, law, and political science in explaining how political institutions, the political environment, and the economic system (capitalist, socialist, mixed) influence each other. It studies questions such as how monopoly, rent-seeking behaviour, and externalities should impact government policy.[178][179] Historians have employed political economy to explore the ways in the past that persons and groups with common economic interests have used politics to effect changes beneficial to their interests.[180]

Energy economics is a broad scientific subject area which includes topics related to energy supply and energy demand. Georgescu-Roegen reintroduced the concept of entropy in relation to economics and energy from thermodynamics, as distinguished from what he viewed as the mechanistic foundation of neoclassical economics drawn from Newtonian physics. His work contributed significantly to thermoeconomics and to ecological economics. He also did foundational work which later developed into evolutionary economics.[181]

The sociological subfield of economic sociology arose, primarily through the work of Émile Durkheim, Max Weber and Georg Simmel, as an approach to analysing the effects of economic phenomena in relation to the overarching social paradigm (i.e. modernity).[182] Classic works include Max Weber’s The Protestant Ethic and the Spirit of Capitalism (1905) and Georg Simmel’s The Philosophy of Money (1900). More recently, the works of James S. Coleman,[183] Mark Granovetter, Peter Hedstrom and Richard Swedberg have been influential in this field.

Gary Becker in 1974 presented an economic theory of social interactions, whose applications included the family, charity, merit goods and multiperson interactions, and envy and hatred.
[184] He and Kevin Murphy authored a book in 2001 that analysed market behaviour in a social environment.[185]

Profession

The professionalisation of economics, reflected in the growth of graduate programmes on the subject, has been described as “the main change in economics since around 1900”.[186] Most major universities and many colleges have a major, school, or department in which academic degrees are awarded in the subject, whether in the liberal arts, business, or for professional study.
See Bachelor of Economics and Master of Economics.

In the private sector, professional economists are employed as consultants and in industry, including banking and finance. Economists also work for various government departments and agencies, for example, the national treasury, central bank or National Bureau of Statistics. See Economic analyst.

There are dozens of prizes awarded to economists each year for outstanding intellectual contributions to the field, the most prominent of which is the Nobel Memorial Prize in Economic Sciences, though it is not a Nobel Prize.

Contemporary economics uses mathematics. Economists draw on the tools of calculus, linear algebra, statistics, game theory, and computer science.[187] Professional economists are expected to be familiar with these tools, while a minority specialise in econometrics and mathematical methods.

Women in economics

Harriet Martineau (1802–1876) was a widely-read populariser of classical economic thought. Mary Paley Marshall (1850–1944), the first women lecturer at a British economics faculty, wrote The Economics of Industry with her husband Alfred Marshall. Joan Robinson (1903–1983) was an important post-Keynesian economist. The economic historian Anna Schwartz (1915–2012) coauthored A Monetary History of the United States, 1867–1960 with Milton Friedman.[188] Three women have received the Nobel Prize in Economics: Elinor Ostrom (2009), Esther Duflo (2019) and Claudia Goldin (2023). Five have received the John Bates Clark Medal: Susan Athey (2007), Esther Duflo (2010), Amy Finkelstein (2012), Emi Nakamura (2019) and Melissa Dell (2020).

Women’s authorship share in prominent economic journals reduced from 1940 to the 1970s, but has subsequently risen, with different patterns of gendered coauthorship.[189] Women remain globally under-represented in the profession (19% of authors in the RePEc database in 2018), with national variation.[190]

Notes

  1. ^ “Capital” in Smith’s usage includes fixed capital and circulating capital. The latter includes wages and labour maintenance, money, and inputs from land, mines, and fisheries associated with production.[58]
  2. ^ “This science indicates the cases in which commerce is truly productive, where whatever is gained by one is lost by another, and where it is profitable to all; it also teaches us to appreciate its several processes, but simply in their results, at which it stops. Besides this knowledge, the merchant must also understand the processes of his art. He must be acquainted with the commodities in which he deals, their qualities and defects, the countries from which they are derived, their markets, the means of their transportation, the values to be given for them in exchange, and the method of keeping accounts. The same remark is applicable to the agriculturist, to the manufacturer, and to the practical man of business; to acquire a thorough knowledge of the causes and consequences of each phenomenon, the study of political economy is essentially necessary to them all; and to become expert in his particular pursuit, each one must add thereto a knowledge of its processes.” (Say 1803, p. XVI)
  3. ^ “And when we submit the definition in question to this test, it is seen to possess deficiencies which, so far from being marginal and subsidiary, amount to nothing less than a complete failure to exhibit either the scope or the significance of the most central generalisations of all.” (Robbins 2007, p. 5)
  4. ^ “The conception we have adopted may be described as analytical. It does not attempt to pick out certain kinds of behaviour, but focuses attention on a particular aspect of behaviour, the form imposed by the influence of scarcity. (Robbins 2007, p. 17)
  5. ^ Compare with Nicholas Barr (2004), whose list of market failures is melded with failures of economic assumptions, which are (1) producers as price takers (i.e. presence of oligopoly or monopoly; but why is this not a product of the following?) (2) equal power of consumers (what labour lawyers call an imbalance of bargaining power) (3) complete markets (4) public goods (5) external effects (i.e. externalities?) (6) increasing returns to scale (i.e. practical monopoly) (7) perfect information (in

    The Economics of the Welfare State (4th ed.). Oxford University Press. 2004. pp. 72–79. ISBN 978-0-19-926497-1.).
       • Joseph E. Stiglitz (2015) classifies market failures as from failure of competition (including natural monopoly), information asymmetries, incomplete markets, externalities, public good situations, and macroeconomic disturbances (in “Chapter 4: Market Failure”. Economics of the Public Sector (4th International Student ed.). W.W. Norton & Company. 2015. pp. 81–100. ISBN 978-0-393-93709-1.).

References

  1. ^ “economics”. Oxford English Dictionary (Online ed.). Oxford University Press. (Subscription or participating institution membership required.)
  2. ^ “ECONOMICS | Meaning & Definition for UK English”. Lexico.com. Archived from the original on 24 August 2022. Retrieved 13 April 2024.
  3. ^ Krugman, Paul; Wells, Robin (2012). Economics (3rd ed.). Worth Publishers. p. 2. ISBN 978-1464128738.
  4. ^ Backhouse, Roger (2002). The Penguin history of economics. Penguin. ISBN 0-14-026042-0. OCLC 59475581. The boundaries of what constitutes economics are further blurred by the fact that economic issues are analysed not only by ‘economists’ but also by historians, geographers, ecologists, management scientists, and engineers.
  5. ^ Friedman, Milton (1953). “The Methodology of Positive Economics”. Essays in Positive Economics. University of Chicago Press. p. 5.
  6. ^ Caplin, Andrew; Schotter, Andrew, eds. (2008). The Foundations of Positive and Normative Economics: A Handbook. Oxford University Press. ISBN 978-0-19-532831-8.
  7. ^ Dielman, Terry E. (2001). Applied regression analysis for business and economics. Duxbury/Thomson Learning. ISBN 0-534-37955-9. OCLC 44118027.
  8. ^ Kianpour, Mazaher; Kowalski, Stewart; Øverby, Harald (2021). “Systematically Understanding Cybersecurity Economics: A Survey”. Sustainability. 13 (24): 13677. doi:10.3390/su132413677. hdl:11250/2978306.
  9. ^ Tarricone, Rosanna (2006). “Cost-of-illness analysis”. Health Policy. 77 (1): 51–63. doi:10.1016/j.healthpol.2005.07.016. PMID 16139925.
  10. ^ Dharmaraj, E. (2010). Engineering Economics. Mumbai: Himalaya Publishing House. ISBN 978-9350432471. OCLC 1058341272.
  11. ^ King, David (2018). Fiscal Tiers: the economics of multi-level government. Routledge. ISBN 978-1-138-64813-5. OCLC 1020440881.
  12. ^ Becker, Gary S (January 1974). “Crime and Punishment: An Economic Approach” (PDF). In Becker, Gary S.; Landes, William M. (eds.). Essays in the Economics of Crime and Punishment. National Bureau of Economic Research. pp. 1–54. ISBN 0-87014-263-1. Archived (PDF) from the original on 13 September 2021. Retrieved 1 July 2022.
  13. ^ Hanushek, Eric A.; Woessmannr, Ludger (2007). “Economics of Education”. Policy Research Working Papers. The World Bank. doi:10.1596/1813-9450-4122. hdl:20.500.12323/2954. S2CID 13912607. Archived from the original on 6 January 2022. Retrieved 17 December 2020.
  14. ^ Becker, Gary S. (1991) [1981]. A Treatise on the Family (Enlarged ed.). Harvard University Press. ISBN 0-674-90698-5. Archived from the original on 30 July 2022. Retrieved 1 July 2022.
  15. ^ Nelson, Julie A. (1995). “Feminism and Economics”. Journal of Economic Perspectives. 9 (2): 131–148. doi:10.1257/jep.9.2.131. Archived from the original on 7 April 2022. Retrieved 1 July 2022. Ferber, Marianne A.; Nelson, Julie A., eds. (October 2003) [1993]. Feminist Economics Today: Beyond Economic Man. University of Chicago Press. ISBN 978-0226242071. Archived from the original on 30 July 2022. Retrieved 1 July 2022.
  16. ^
    • Posner, Richard A. (2007) [1972]. Economic Analysis of Law (7th ed.). Wolters Kluwer – Aspen Publishers. ISBN 978-0735563544. Retrieved 1 July 2022.
    • Posner, Richard A. (1983). The Economics of Justice. Harvard University Press. ISBN 978-0674235267. Archived from the original on 30 July 2022. Retrieved 1 July 2022.

  17. ^

  18. ^ Iannaccone, Laurence R. (September 1998). “Introduction to the Economics of Religion” (PDF). Journal of Economic Literature. 36 (3): 1465–1495. JSTOR 2564806. Archived (PDF) from the original on 9 February 2020. Retrieved 1 July 2022.
  19. ^ Nordhaus WD (2002). “The Economic Consequences of a War with Iraq” (PDF). In Kaysen C, Miller SE, Malin MB, Nordhaus WD, Steinbruner JD (eds.). War with Iraq: Costs, Consequences, and Alternatives. Cambridge, Massachusetts: American Academy of Arts and Sciences. pp. 51–85. ISBN 978-0-87724-036-5. Archived from the original (PDF) on 2 February 2007. Retrieved 21 October 2007.
  20. ^ Diamond, Arthur M. Jr. (2008). “Science, economics of”. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics (2nd ed.). pp. 328–334. doi:10.1057/9780230226203.1491. ISBN 978-0-333-78676-5. Archived from the original on 29 September 2017. (Note the page is broken in some browsers but is still readable through the source.)
  21. ^ Towards a Green Economy: Pathways to Sustainable Development and Poverty Eradication (PDF) (Report). United Nations Environment Programme. 2011. Archived (PDF) from the original on 26 March 2017. Retrieved 1 July 2022.
  22. ^ Backhouse, Roger (2002). The Penguin history of economics. Penguin Adult. p. 117. ISBN 0-14-026042-0. OCLC 59475581.
  23. ^ The terms derive ultimately from οἶκος (oikos “house”) and νόμος (nomos, “custom” or “law”). Harper, Douglas (February 2007). “Economy”. Online Etymology Dictionary. Archived from the original on 12 May 2013. Retrieved 27 October 2007.
  24. ^ Free, Rhona C., ed. (2010). 21st Century Economics: A Reference Handbook. Vol. 1. Sage Publications. p. 8. ISBN 978-1-4129-6142-4.
  25. ^ a b Marshall, Alfred; Marshall, Mary Paley (1888) [1879]. The Economics of Industry. Macmillan. p. 2.
  26. ^ a b Jevons, William Stanley (1879). The Theory of Political Economy (2nd ed.). Macmillan and Co. p. XIV.
  27. ^ Backhouse, Roger E.; Medema, Steven (2008). “Economics, definition of”. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics (2nd ed.). Palgrave Macmillan UK. pp. 720–722. doi:10.1057/9780230226203.0442. ISBN 978-0-333-78676-5. Archived from the original on 5 October 2017. Retrieved 23 December 2011.
  28. ^ a b c Backhouse, Roger E.; Medema, Steven (Winter 2009). “Retrospectives: On the Definition of Economics”. Journal of Economic Perspectives. 23 (1): 221–233. doi:10.1257/jep.23.1.221. JSTOR 27648302.
  29. ^ Smith, Adam (1776). An Inquiry into the Nature and Causes of the Wealth of Nations. and Book IV, as quoted in Groenwegen, Peter (2008). “Political Economy”. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics (2nd ed.). Palgrave Macmillan UK. pp. 476–480. doi:10.1057/9780230226203.1300. ISBN 978-0-333-78676-5. Archived from the original on 5 October 2017. Retrieved 4 October 2017.
  30. ^ Say, Jean Baptiste (1803). A Treatise on Political Economy. Grigg and Elliot.
  31. ^
    • Carlyle, Thomas (1849). “Occasional Discourse on the Negro Question”. Fraser’s Magazine.
    • Malthus, Thomas Robert (1798). An Essay on the Principle of Population. London: J. Johnson.
    • Persky, Joseph (Autumn 1990). “Retrospectives: A Dismal Romantic”. Journal of Economic Perspectives. 4 (4): 165–172. doi:10.1257/jep.4.4.165. JSTOR 1942728.

  32. ^ Mill, John Stuart (2007) [1844]. “On the Definition of Political Economy; and on the Method of Investigation Proper to It”. Essays on Some Unsettled Questions of Political Economy. Cosimo. ISBN 978-1-60206-978-7. Archived from the original on 1 August 2020. Retrieved 4 October 2017.
  33. ^ Marshall, Alfred (1890). Principles of Economics. Macmillan and Company. pp. 1–2.
  34. ^ Robbins, Lionel (2007) [1932]. An Essay on the Nature and Significance of Economic Science. Ludwig von Mises Institute. p. 15. ISBN 978-1-61016-039-1.
  35. ^ a b Robbins (2007), p. 16.
  36. ^ Robbins (2007), pp. 4–7.
  37. ^ a b

  38. ^ Blaug, Mark (15 September 2017). “Economics”. Encyclopædia Britannica. Archived from the original on 25 June 2022. Retrieved 4 October 2017.
  39. ^ Becker, Gary S. (1976). The Economic Approach to Human Behavior. University of Chicago Press. p. 5. ISBN 978-0-226-04112-4.
  40. ^ Seung-Yoon Lee (4 September 2014). “Ha-Joon Chang: Economics Is A Political Argument”. huffpost.com. Huffington Post. Archived from the original on 19 October 2021.
  41. ^

  42. ^ Backhouse, Roger (2002). The Penguin history of economics. Penguin Adult. ISBN 0-14-026042-0. OCLC 59475581. Archived from the original on 30 July 2022. Retrieved 3 June 2022.
  43. ^ Cameron, Gregory. (2008). Oikos and Economy: The Greek Legacy in Economic Thought.
  44. ^ “Oikos Meaning in Bible – New Testament Greek Lexicon – New American Standard”. biblestudytools.com. Archived from the original on 19 November 2021. Retrieved 19 November 2021.
  45. ^ Jameson, Michael H. (22 December 2015). “houses, Greek”. Oxford Research Encyclopedia of Classics. doi:10.1093/acrefore/9780199381135.013.3169. ISBN 978-0-19-938113-5. Archived from the original on 19 November 2021. Retrieved 19 November 2021.
  46. ^ Lowry, S. Todd (1998). Xenophons Oikonomikos, Über einen Klassiker der Haushaltsökonomie (in German). Düsseldorf: Verlag Wirtschaft und Finanzen. p. 77. ISBN 3878811276.
  47. ^ Schumpeter, Joseph A. (1954). History of Economic Analysis. Routledge. pp. 97, 101, 112. ISBN 978-0-415-10888-1.
  48. ^

  49. ^ Bertholet, Auguste (2021). “Constant, Sismondi et la Pologne”. Annales Benjamin Constant. 46: 78–81. Archived from the original on 12 May 2022. Retrieved 20 January 2022.
  50. ^
    • “Physiocrat”. Encyclopædia Britannica Online. 7 March 2014. Archived from the original on 25 October 2017. Retrieved 24 October 2017.
    • Blaug, Mark (1997). Economic Theory in Retrospect (5th ed.). Cambridge University Press. pp. 24–29, 82–84. ISBN 978-0-521-57701-4.

  51. ^ Hunt, E. K. (2002). History of Economic Thought: A Critical Perspective. M.E. Sharpe. p. 36. ISBN 978-0-7656-0606-8.
  52. ^ Skousen, Mark (2001). The Making of Modern Economics: The Lives and Ideas of the Great Thinkers. M.E. Sharpe. p. 36. ISBN 978-0-7656-0479-8.
  53. ^ Blaug (2017), p. 343.
  54. ^ Deardorff, Alan V. (2016). “Division of labor”. Deardorffs’ Glossary of International Economics. University of Michigan. Archived from the original on 16 March 2020. Retrieved 1 March 2012.
  55. ^ Stigler, George J. (June 1951). “The Division of Labor Is Limited by the Extent of the Market” (PDF). Journal of Political Economy. 59 (3): 185–193. doi:10.1086/257075. JSTOR 1826433. S2CID 36014630. Archived (PDF) from the original on 25 August 2016. Retrieved 26 August 2017.
  56. ^ Stigler, George J. (December 1976). “The Successes and Failures of Professor Smith”. Journal of Political Economy. 84 (6): 1199–1213. doi:10.1086/260508. JSTOR 1831274. S2CID 41691663. Also published as The Successes and Failures of Professor Smith (PDF). Selected Papers, No. 50 (Report). Graduate School of Business, University of Chicago. Archived (PDF) from the original on 25 August 2016. Retrieved 16 August 2010.
  57. ^ Samuelson & Nordhaus (2010), p. 30, ch. 2, “Markets and Government in a Modern Economy”, The Invisible Hand.
  58. ^ Smith 1776, Bk. II: ch. 1, 2, and 5.
  59. ^ Smith (1776), Bk. IV: Of Systems of political Œconomy, ch. II, “Of Restraints upon the Importation from Foreign Countries of such Goods as can be Produced at Home”, IV.2.3 para. 3–5 and 8–9.
  60. ^ Smith (1776), Bk. IV: Of Systems of political Œconomy, ch. II, “Of Restraints upon the Importation from Foreign Countries of such Goods as can be Produced at Home”, para. 9.
  61. ^ Malthus, Thomas (1798). An Essay on the Principle of Population. J. Johnson Publisher.
  62. ^ Simon, Julian Lincoln (1981). The Ultimate Resource. Princeton University Press.; and Simon, Julian Lincoln (1996). The Ultimate Resource 2. Princeton University Press. ISBN 978-0-691-00381-8.
  63. ^ Ricardo, David (1817). On the Principles of Political Economy and Taxation. John Murray.
  64. ^ Findlay, Ronald (2008). “Comparative advantage”. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics (2nd ed.). Palgrave Macmillan UK. pp. 28–33. doi:10.1057/9780230226203.0274. ISBN 978-0-333-78676-5. Archived from the original on 11 October 2017. Retrieved 16 August 2010.
  65. ^ Mill, John Stuart (1848). Principles of Political Economy. John W. Parker Publisher.
  66. ^ Smith (1776), Bk. 1, Ch. 5, 6.
  67. ^

  68. ^ Fuller, Thomas (17 September 2009). “Communism and Capitalism Are Mixing in Laos”. The New York Times. Archived from the original on 22 February 2017. Retrieved 24 February 2017.
  69. ^ Backhouse, Roger E.; Medema, Steven G. (10 December 2007). Defining Economics: the Long Road to Acceptance of the Robbins Definition (PDF). Lionel Robbins’s essay on the Nature and Significance of Economic Science, 75th anniversary conference proceedings. pp. 209–230. Archived (PDF) from the original on 4 March 2016. Retrieved 30 July 2014. also published in Backhouse, Roger E; Medema, Steve G (October 2009). “Defining Economics: The Long Road to Acceptance of the Robbins Definition”. Economica. 76 (Supplement 1): 805–820. doi:10.1111/j.1468-0335.2009.00789.x. JSTOR 40268907. S2CID 148506444.
  70. ^ Backhouse & Medema (2007), p. 223: “There remained division over whether economics was defined by a method or a subject matter but both sides in that debate could increasingly accept some version of the Robbins definition.”
  71. ^ Clark, Barry (1998). Political Economy: A Comparative Approach (2nd ed.). Praeger. ISBN 978-0-275-95869-5.
  72. ^ Campus, Antonietta (1987). “Marginalist economics”. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave Dictionary of Economics. Vol. III (first ed.). pp. 1–6. doi:10.1057/9780230226203.3031. ISBN 978-0-333-78676-5. Archived from the original on 27 October 2017. Retrieved 27 October 2017.
  73. ^ a b c Hicks, J.R. (April 1937). “Mr. Keynes and the “Classics”: A Suggested Interpretation”. Econometrica. 5 (2): 147–159. doi:10.2307/1907242. JSTOR 1907242.
  74. ^ Black, R.D. Collison (2008). “Utility”. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics (2nd ed.). Palgrave Macmillan UK. pp. 577–581. doi:10.1057/9780230226203.1781. ISBN 978-0-333-78676-5. Archived from the original on 28 October 2017. Retrieved 27 October 2017.
  75. ^ a b Blanchard, Olivier Jean (2008). “Neoclassical synthesis”. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics (2nd ed.). pp. 896–899. doi:10.1057/9780230226203.1172. ISBN 978-0-333-78676-5. Archived from the original on 18 October 2017. Retrieved 17 November 2012.
  76. ^ Tesfatsion, Leigh (Winter 2002). “Agent-Based Computational Economics: Growing Economies from the Bottom Up” (PDF). Artificial Life. 8 (1): 55–82. CiteSeerX 10.1.1.194.4605. doi:10.1162/106454602753694765. PMID 12020421. S2CID 1345062. Archived (PDF) from the original on 26 November 2020. Retrieved 24 June 2020.
  77. ^
    • Keynes, John Maynard (1936). The General Theory of Employment, Interest and Money. London: Macmillan. ISBN 978-1-57392-139-8.
    • Blaug (2017), p. 347

  78. ^

  79. ^ Blanchard et al. (2017), p. 510.
  80. ^ Blanchard et al. (2017), p. 511.
  81. ^ Bernanke, Ben (8 November 2002). “Remarks by Governor Ben S. Bernanke”. The Federal Reserve Board. Archived from the original on 24 March 2020. Retrieved 22 February 2009.
  82. ^ Blanchard et al. (2017), p. 512.
  83. ^ Blanchard et al. (2017), p. 483-484.
  84. ^ “Federal Reserve Board – Historical Approaches to Monetary Policy”. Board of Governors of the Federal Reserve System. 8 March 2018. Retrieved 29 October 2023.
  85. ^ Blanchard et al. (2017), pp. 512–516.
  86. ^ Blanchard et al. (2017), pp. 516–517.
  87. ^ Woodford, Michael (2009). “Convergence in Macroeconomics: Elements of the New Synthesis”. American Economic Journal: Macroeconomics. 1 (1): 267–279. doi:10.1257/mac.1.1.267. ISSN 1945-7707. JSTOR 25760267.
  88. ^ Blanchard et al. (2017), pp. 517–518.
  89. ^ Blanchard et al. (2017), pp. 518–519.
  90. ^ Guvenen, Fatih. “Macroeconomics with Heterogeneity: A Practical Guide” (PDF). www.nber.org. National Bureau of Economic Research. Retrieved 29 October 2023.
  91. ^ Gordon, Robert J. (2003). Productivity Growth, Inflation, and Unemployment. Cambridge University Press. pp. 226–227. ISBN 978-0-521-53142-9.
  92. ^ Gali, Jordi (2015). Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework and Its Applications (2nd ed.). Princeton University Press. pp. 5–6. ISBN 978-0-691-16478-6.
  93. ^ Woodford, Michael (January 2008). “Convergence in Macroeconomics: Elements of the New Synthesis” (PDF). The New Consensus. Archived (PDF) from the original on 21 December 2008. Retrieved 31 August 2021.
  94. ^ a b Lee, Frederic S. (2008). “Heterodox Economics”. The New Palgrave Dictionary of Economics: 1–7. doi:10.1057/978-1-349-95121-5_2487-1. ISBN 978-1-349-95121-5.
  95. ^ “WHAT IS AUSTRIAN ECONOMICS?”. 16 May 2014. Archived from the original on 23 October 2020. Retrieved 13 February 2022.
  96. ^ “The Austrian Theory of Efficiency and the Role of Government”. 9 November 2019. Archived from the original on 14 February 2022. Retrieved 14 February 2022.
  97. ^ Harcourt, G.C. (1987). “Post-Keynesian economics”. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave: A Dictionary of Economics. Vol. III. Palgrave Macmillan UK. pp. 47–50. doi:10.1057/9780230226203.3307. ISBN 978-0-333-78676-5. Archived from the original on 12 April 2020. Retrieved 13 February 2020.
  98. ^ Xepapadeas, Anastasios (2008). “Ecological Economics”. The New Palgrave Dictionary of Economics: 1–8. doi:10.1057/978-1-349-95121-5_2141-1. ISBN 978-1-349-95121-5.
  99. ^ Berlin, D. I. W. (2006). “DIW Berlin: A Matter of Opinion : How Ecological and Neoclassical Environmental Economists Think about Sustainability and Economics”. www.diw.de (in German). Retrieved 29 October 2023.
  100. ^ Greenwolde, Nathanial (23 October 2009). “New School of Thought Brings Energy to ‘the Dismal Science’. The New York Times. Archived from the original on 29 November 2016. Retrieved 24 February 2017.
  101. ^ Julie A. Nelson (1 January 2016). “Feminist Economics”. The New Palgrave Dictionary of Economics. pp. 1–6. doi:10.1057/978-1-349-95121-5_2210-1. ISBN 978-1-349-95121-5. Retrieved 7 December 2023.
  102. ^ Friedman 1953, p. 10.
  103. ^
    • Boland, Lawrence A. (1987). “Methodology”. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave Dictionary of Economics. Vol. III. Palgrave Macmillan. pp. 455–458. doi:10.1057/9780230226203.3083. ISBN 978-0-333-78676-5. Archived from the original on 24 October 2017. Retrieved 23 October 2017.
    • Frey, Bruno S.; Pommerehne, Werner W.; Schneider, Friedrich; Gilbert, Guy (December 1984). “Consensus and Dissension among Economists: An Empirical Inquiry”. The American Economic Review. 74 (5): 986–994. ISSN 0002-8282. JSTOR 557.

  104. ^ a b Dixon, Huw David (2008). “New Keynesian macroeconomics”. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics (2nd ed.). Palgrave Macmillan UK. pp. 40–45. doi:10.1057/9780230226203.1184. ISBN 978-0-333-78676-5. Archived from the original on 18 October 2017. Retrieved 17 November 2012.
  105. ^ Quirk, James (1987). “Qualitative economics”. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave: A Dictionary of Economics. Vol. IV. Palgrave Macmillan UK. pp. 1–3. doi:10.1057/9780230226203.3369. ISBN 978-0-333-78676-5. Archived from the original on 23 October 2017. Retrieved 23 October 2017.
  106. ^ Samuelson, Paul A. (1983) [1947]. Foundations of Economic Analysis (enlarged ed.). Boston: Harvard University Press. p. 4. ISBN 978-0-674-31301-9.
  107. ^ Hashem, M. Pesaren (1987). “Econometrics”. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave: A Dictionary of Economics. Vol. II. Palgrave Macmillan UK. p. 8. doi:10.1057/9780230226203.2430. ISBN 978-0-333-78676-5. Archived from the original on 24 October 2017. Retrieved 23 October 2017.
  108. ^ Keuzenkamp, Hugo A. (2000). Probability, Econometrics and Truth: The Methodology of Econometrics. Cambridge University Press. p. 13. ISBN 978-0-521-55359-9. … in economics, controlled experiments are rare and reproducible controlled experiments even more so …
  109. ^

  110. ^

  111. ^ Lazear, Edward P. (1 February 2000). “Economic Imperialism”. Quarterly Journal of Economics. 115 (1): 99–146. doi:10.1162/003355300554683. JSTOR 2586936.
  112. ^
    • Blaug (2017), pp. 347–349
    • Varian, Hal R. (1987). “Microeconomics”. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave Dictionary of Economics. Palgrave Macmillan. pp. 1–5. doi:10.1057/9780230226203.3086. ISBN 978-0-333-78676-5. Archived from the original on 5 October 2017. Retrieved 4 October 2017.

  113. ^ Montani, Guido (1987). “Scarcity”. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave Dictionary of Economics. The New Palgrave: A Dictionary of Economics. pp. 1–4. doi:10.1057/9780230226203.3485. ISBN 978-0-333-78676-5. Archived from the original on 5 October 2017. Retrieved 4 October 2017.
  114. ^ Samuelson & Nordhaus (2010), ch. 1, p. 5 (quotation) and sect. C, “The Production-Possibility Frontier”, pp. 9–15; ch. 2, “Efficiency” sect.; ch. 8, sect. D, “The Concept of Efficiency.
  115. ^ Krugman, Paul (December 1980). “Scale Economies, Product Differentiation, and the Pattern of Trade” (PDF). American Economic Review. 70 (5): 950–959. JSTOR 1805774. Archived (PDF) from the original on 18 May 2013. Retrieved 16 August 2010.
  116. ^ Strange, William C. (2008). Durlauf, Steven N.; Blume, Lawrence E. (eds.). “Urban agglomeration”. The New Palgrave Dictionary of Economics (2nd ed.). Palgrave Macmillan: 533–536. doi:10.1057/9780230226203.1769. ISBN 978-0-333-78676-5. Archived from the original on 10 October 2017. Retrieved 16 August 2010.
  117. ^

  118. ^ Cameron, Rondo E. (1993). A Concise Economic History of the World: From Paleolithic Times to the Present (2nd ed.). Oxford University Press. pp. 25–25, 32, 276–280. ISBN 978-0-19-507445-1. Archived from the original on 1 August 2020. Retrieved 10 October 2017.
  119. ^

  120. ^ Brody, A. (1987). “Prices and quantities”. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave Dictionary of Economics. The New Palgrave: A Dictionary of Economics. pp. 1–7. doi:10.1057/9780230226203.3325. ISBN 978-0-333-78676-5. Archived from the original on 11 October 2017. Retrieved 10 October 2017.
  121. ^ Coase, Ronald (1937). “The Nature of the Firm”. Economica. 4 (16): 386–405. doi:10.1111/j.1468-0335.1937.tb00002.x. JSTOR 2626876.
  122. ^ Schmalensee, Richard (1987). “Industrial organization”. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave Dictionary of Economics. The New Palgrave: A Dictionary of Economics. Students business book series. Chicago. pp. 1–9. doi:10.1057/9780230226203.2788. hdl:2027/uc1.$b37792. ISBN 978-0-333-78676-5. Archived from the original on 11 October 2017. Retrieved 10 October 2017.
  123. ^

  124. ^ Machina, Mark J.; Rothschild, Michael (2008). “Risk”. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics (2nd ed.). Palgrave Macmillan UK. pp. 190–197. doi:10.1057/9780230226203.1442. ISBN 978-0-333-78676-5. Archived from the original on 11 October 2017. Retrieved 2 March 2011.
  125. ^ Wakker, Peter P. (2008). “Uncertainty”. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics (second ed.). Palgrave Macmillan UK. pp. 428–439. doi:10.1057/9780230226203.1753. ISBN 978-0-333-78676-5. Archived from the original on 30 December 2010. Retrieved 2 March 2011.
  126. ^

  127. ^ Aumann, R.J. (2008). “Game Theory”. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics (2nd ed.). Archived from the original on 29 December 2010. Retrieved 2 March 2011.
  128. ^ Bernanke, Ben; Gertler, Mark (February 1990). “Financial Fragility and Economic Performance” (PDF). Quarterly Journal of Economics. 105 (1): 87–114. doi:10.2307/2937820. JSTOR 2937820. S2CID 155048192. Archived (PDF) from the original on 26 November 2019. Retrieved 3 September 2019.
  129. ^ Durlauf, Steven N.; Blume, Lawrence E., eds. (2008). The New Palgrave Dictionary of Economics (2nd ed.).
  130. ^ Ross, Stephen A. Finance.
  131. ^ Burnside, Craig; Eichenbaum, Martin; Rebelo, Sergio. Currency Crises Models. Archived from the original on 26 March 2012. Retrieved 2 March 2011.
  132. ^ Kaminsky, Graciela Laura. Currency Crises. Archived from the original on 26 March 2012. Retrieved 2 March 2011.
  133. ^ Calomiris, Charles W. Banking Crises. Archived from the original on 3 January 2015. Retrieved 2 March 2011.
  134. ^ Akerlof, George A. (August 1970). “The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism” (PDF). Quarterly Journal of Economics. 84 (3): 488–500. doi:10.2307/1879431. JSTOR 1879431. S2CID 6738765. Archived from the original (PDF) on 18 August 2011.
  135. ^ a b Lippman, S.S.; McCall, J.J. (2001). “Information, Economics of”. International Encyclopedia of the Social & Behavioral Sciences. Elsevier. pp. 7480–7486. doi:10.1016/B0-08-043076-7/02244-0. ISBN 978-0-08-043076-8.
  136. ^ Samuelson & Nordhaus (2010), ch. 11, “Uncertainty and Game Theory” and [end] Glossary of Terms, “Economics of information”, “Game theory”, and “Regulation”
  137. ^ Durlauf, Steven N.; Blume, Lawrence E., eds. (2008). The New Palgrave Dictionary of Economics (2nd ed.). Palgrave Macmillan.
  138. ^ Wilson, Charles. Adverse Selection. Archived from the original on 16 October 2017. Retrieved 2 March 2011.
  139. ^ Kotowitz, Y. Moral Hazard. Archived from the original on 17 October 2017. Retrieved 2 March 2011.
  140. ^ Myerson, Roger B. Revelation Principle. Archived from the original on 29 December 2010. Retrieved 2 March 2011.
  141. ^ Laffont, J.J. (1987). “Externalities”. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave Dictionary of Economics. pp. 263–265. doi:10.1057/9780230226203.2520. ISBN 978-0-333-78676-5. Archived from the original on 16 October 2017. Retrieved 16 October 2017.
  142. ^ Blaug 2017, p. 347.
  143. ^

  144. ^ Deardorff, Alan V. (2016) [2006]. “Welfare economics”. Deardorffs’ Glossary of International Economics. Archived from the original on 20 March 2017 – via Alan Deardorff at University of Michigan.
  145. ^ Blaug (2017), p. 345.
  146. ^ Ng, Yew-Kwang (May 1992). “Business Confidence and Depression Prevention: A Mesoeconomic Perspective”. The American Economic Review. 82 (2): 365–371. ISSN 0002-8282. JSTOR 2117429.
  147. ^ Howitt, Peter M. (1987). “Macroeconomics: Relations with microeconomics”. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave Dictionary of Economics. pp. 273–276. doi:10.1057/9780230226203.3008. ISBN 978-0-333-78676-5. Archived from the original on 17 October 2017. Retrieved 16 October 2017.
  148. ^ Blaug (2017), p. 349.
  149. ^

  150. ^ O’Sullivan, Arthur; Sheffrin, Steven M. (2003). Economics: Principles in Action. Pearson Prentice Hall. p. 396. ISBN 978-0-13-063085-8.
  151. ^ Mankiw, N. Gregory (May 2006). “The Macroeconomist as Scientist and Engineer” (PDF). Harvard University. Archived from the original (PDF) on 18 January 2012.
  152. ^ Fischer, Stanley (2008). “New classical macroeconomics”. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics (2nd ed.). pp. 17–22. doi:10.1057/9780230226203.1180. ISBN 978-0-333-78676-5. Archived from the original on 13 January 2014. Retrieved 17 November 2012.
  153. ^ a b Dwivedi, D. N. (2005). Macroeconomics: Theory and Policy. Tata McGraw-Hill Education. ISBN 978-0-07-058841-7.
  154. ^ Freeman, C. (2008). “Structural unemployment”. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics (2nd ed.). Palgrave Macmillan UK. pp. 64–66. doi:10.1057/9780230226203.1641. ISBN 978-0-333-78676-5. Archived from the original on 6 June 2013. Retrieved 9 September 2012.
  155. ^ Dwivedi (2005), pp. 444–445.
  156. ^ Dwivedi (2005), pp. 445–446.
  157. ^ Neely, Christopher J. (2010). “Okun’s Law: Output and Unemployment” (PDF). Economic Synopses. 4. Archived (PDF) from the original on 4 December 2012. Retrieved 9 September 2012.
  158. ^ Francis Amasa Walker (1878). Money. New York: Henry Holt and Company. p. 405. Retrieved 5 November 2017.
  159. ^ Tobin, James (1992). “Money (Money as a Social Institution and Public Good)”. In Newman, Peter K.; Milgate, Murray; Eatwell, John (eds.). The New Palgrave Dictionary of Money and Finance. Vol. 2. Macmillan. pp. 770–771. ISBN 978-1-5615-9041-4.
  160. ^ Jahan, Sarwat. “Inflation Targeting: Holding the Line”. International Monetary Funds, Finance & Development. Retrieved 13 September 2023.
  161. ^ Department, International Monetary Fund Monetary and Capital Markets (26 July 2023). Annual Report on Exchange Arrangements and Exchange Restrictions 2022. International Monetary Fund. ISBN 979-8-4002-3526-9. Retrieved 13 September 2023.
  162. ^ Baker, Nick; Rafter, Sally (16 June 2022). “An International Perspective on Monetary Policy Implementation Systems | Bulletin – June 2022”. Reserve Bank of Australia. Retrieved 13 September 2023.
  163. ^ MC Compendium Monetary policy frameworks and central bank market operations (PDF). Bank for International Settlements. October 2019. ISBN 978-92-9259-298-1.
  164. ^ Ventura, Luca. “World Wealth Distribution And Income Inequality 2022”. Global Finance Magazine.
  165. ^ Trapeznikova, Ija (2019). “Measuring income inequality”. IZA World of Labor. doi:10.15185/izawol.462.
  166. ^ Human Development Reports. Inequality-adjusted Human Development Index (IHDI) Archived July 12, 2019, at the Wayback Machine. United Nations Development Programme. Retrieved: March 3, 2019.
  167. ^ a b c d “Introduction to Inequality”. IMF. Retrieved 9 May 2022.
  168. ^ MacCulloch, Robert (2005). “Income Inequality and the Taste for Revolution”. The Journal of Law and Economics. 48 (1): 93–123. doi:10.1086/426881. JSTOR 10.1086/426881. S2CID 154993058.
  169. ^ Acemoglu, Daron; Robinson, James A. (2005). Economic Origins of Dictatorship and Democracy. Cambridge: Cambridge University Press. doi:10.1017/cbo9780511510809. ISBN 978-0521855266.
  170. ^ Cederman, Lars-Erik; Gleditsch, Kristian Skrede; Buhaug, Halvard (2013). Inequality, Grievances, and Civil War. Cambridge University Press. doi:10.1017/cbo9781139084161. ISBN 978-1107017429.
  171. ^ Neves, Pedro Cunha; Afonso, Óscar; Silva, Sandra Tavares (2016). “A Meta-Analytic Reassessment of the Effects of Inequality on Growth”. World Development. 78: 386–400. doi:10.1016/j.worlddev.2015.10.038.
  172. ^ Musgrave, Richard A. (1987). “Public finance”. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave Dictionary of Economics. pp. 1055–1060. doi:10.1057/9780230226203.3360. ISBN 978-0-333-78676-5. Archived from the original on 16 October 2017. Retrieved 16 October 2017.
  173. ^ Feldman, Allan M. (1987). “Welfare economics”. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave Dictionary of Economics. pp. 889–095. doi:10.1057/9780230226203.3785. ISBN 978-0-333-78676-5. Archived from the original on 17 October 2017. Retrieved 16 October 2017.
  174. ^
    • Anderson, James E. (2008). “International trade theory”. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics (2nd ed.). Palgrave Macmillan UK. pp. 516–522. doi:10.1057/9780230226203.0839. ISBN 978-0-333-78676-5. Archived from the original on 20 October 2017. Retrieved 6 June 2008.
    • Venables, A. (2001). “International Trade: Economic Integration”. International Encyclopedia of the Social & Behavioral Sciences: 7843–7848. doi:10.1016/B0-08-043076-7/02259-2. ISBN 978-0080430768.
    • Obstfeld, Maurice (2008). “International finance”. In Durlauf, Steven N.; Blume, Lawrence E. (eds.). The New Palgrave Dictionary of Economics (2nd ed.). Palgrave Macmillan UK. pp. 439–451. doi:10.1057/9780230226203.0828. ISBN 978-0-333-78676-5. S2CID 219381371. Archived from the original on 20 October 2017. Retrieved 6 June 2008.

  175. ^

  176. ^
    • Friedman, David (1987). “Law and economics”. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave Dictionary of Economics. Vol. III. Palgrave Macmillan. pp. 1–8. doi:10.1057/9780230226203.2937. ISBN 978-0-333-78676-5. Archived from the original on 24 October 2017. Retrieved 23 October 2017.
    • Posner, Richard A. (2007). Economic Analysis of Law (7th ed.). Aspen. ISBN 978-0-7355-6354-4.[page needed]

  177. ^ Coase, Ronald (October 1960). “The Problem of Social Cost”. The Journal of Law and Economics. 3 (1): 1–44. doi:10.1086/466560. JSTOR 724810. S2CID 222331226.
  178. ^ Groenewegen, Peter (2008). Durlauf, Steven N.; Blume, Lawrence E. (eds.). “Political Economy”. The New Palgrave Dictionary of Economics (2nd ed.): 476–480. doi:10.1057/9780230226203.1300. ISBN 978-0-333-78676-5. Archived from the original on 5 October 2017. Retrieved 4 October 2017.
  179. ^ Krueger, Anne O. (June 1974). “The Political Economy of the Rent-Seeking Society”. American Economic Review. 64 (3): 291–303. JSTOR 1808883.
  180. ^ McCoy, Drew R. (1980). The Elusive Republic: Political Economy in Jeffersonian America. University of North Carolina Press. ISBN 978-0-8078-1416-1.
  181. ^

  182. ^ Swedberg, Richard (2003). Principles of Economic Sociology. Princeton University Press. ISBN 978-0-691-07439-9.
  183. ^
    • Coleman, James S. (1998). Foundations of Social Theory. Belknap – Harvard University Press. ISBN 978-0674312265. Archived from the original on 30 July 2022. Retrieved 12 October 2021.
    • Frank, Robert H. (1992). “Melding Sociology and Economics: James Coleman’s Foundations of Social Theory”. Journal of Economic Literature. 30 (1): 147–170. JSTOR 2727881.

  184. ^ Becker, Gary S. (1974). “A Theory of Social Interactions” (PDF). Journal of Political Economy. 82 (6). See pp. 1074–1090. doi:10.1086/260265. JSTOR 1830662. S2CID 17052355. Archived from the original (PDF) on 2 May 2005.
  185. ^ Becker, Gary S.; Murphy, Kevin M. (2003). Social Economics: Market Behavior in a Social Environment. Belknap – Harvard University Press. ISBN 978-0674011212.
  186. ^ Ashenfelter, Orley (2001). “Economics: Overview, The Profession of Economics”. In Smelser, N.J.; Baltes, P.B. (eds.). International Encyclopedia of the Social & Behavioral Sciences. Vol. VI. Pergamon. p. 4159. ISBN 978-0-0804-3076-8.
  187. ^ Debreu, Gérard (1987). “Mathematical economics”. In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). The New Palgrave Dictionary of Economics. pp. 401–403. doi:10.1057/9780230226203.3059. ISBN 978-0-333-78676-5. Archived from the original on 24 October 2017. Retrieved 23 October 2017.
  188. ^ Bird, Mike (27 November 2015). “13 women who transformed the world of economics”. World Economic Forum. Archived from the original on 22 January 2016.
  189. ^ Hengel, Erin; Phythian-Adams, Sarah Louisa (August 2022). “A historical portrait of female economists’ co-authorship networks” (PDF). History of Political Economy. 54: 17–41. doi:10.1215/00182702-10085601. S2CID 251532686. Retrieved 30 August 2022.
  190. ^ Boring, Anne; Zignago, Soledad (6 March 2018). “Economics, where are the women?”. Banque de France. Retrieved 30 August 2022.

Sources

  • Hoover, Kevin D.; Siegler, Mark V. (20 March 2008). “Sound and Fury: McCloskey and Significance Testing in Economics”. Journal of Economic Methodology. 15 (1): 1–37. CiteSeerX 10.1.1.533.7658. doi:10.1080/13501780801913298. S2CID 216137286.
  • Samuelson, Paul A; Nordhaus, William D. (2010). Economics. Boston: Irwin McGraw-Hill. ISBN 978-0073511290. OCLC 751033918.

General information

Institutions and organizations

Study resources

  • v
  • t
  • e
  • Microeconomics
    • Decision theory
    • Price theory
    • Game theory
    • Contract theory
    • Mechanism design
  • Macroeconomics
  • Mathematical economics
  • Computational economics
  • Behavioral economics
  • Pluralism in economics
  • Decision theory
  • Price theory
  • Game theory
  • Contract theory
  • Mechanism design
  • Econometrics
    • Economic statistics
  • Experimental economics
  • Economic history
  • Economic statistics
  • Agricultural
  • Behavioral
  • Business
  • Cultural
  • Demographic
  • Development
  • Digitization
  • Ecological
  • Education
  • Engineering
  • Environmental
  • Evolutionary
  • Expeditionary
  • Feminist
  • Financial
  • Geographical
  • Happiness
  • Health
  • Historical
  • Humanistic
  • Industrial organization
  • Information
  • Institutional
  • Knowledge
  • Labour
  • Law
  • Managerial
  • Monetary
  • Natural resource
  • Organizational
  • Participation
  • Personnel
  • Planning
  • Policy
  • Public
  • Public choice / Social choice theory
  • Regional
  • Rural
  • Service
  • Socio
  • Sociological
  • Solidarity
  • Statistics
  • Urban
  • Welfare
  • Mainstream
  • Heterodox
  • American (National)
  • Ancient thought
  • Anarchist
    • Mutualism
  • Austrian
  • Behavioral
  • Buddhist
  • Chartalism
    • Modern monetary theory
  • Chicago
  • Classical
  • Critique of political economy
  • Democracy
  • Disequilibrium
  • Ecological
  • Evolutionary
  • Feminist
  • Georgism
  • Happiness
  • Historical
  • Humanistic
  • Institutional
  • Keynesian
    • Neo- (neoclassical–Keynesian synthesis)
    • New
    • Post-
      • Circuitism
  • Malthusianism
  • Marginalism
  • Marxian
    • Neo-
  • Mercantilism
  • Mixed
  • Neoclassical
    • Lausanne
  • New classical
    • Real business-cycle theory
  • New institutional
  • Physiocracy
  • Socialist
  • Stockholm
  • Supply-side
  • Thermo
  • Mutualism
  • Modern monetary theory
  • Neo- (neoclassical–Keynesian synthesis)
  • New
  • Post-
    • Circuitism
  • Circuitism
  • Neo-
  • Lausanne
  • Real business-cycle theory
  • de Mandeville
  • Quesnay
  • Smith
  • Malthus
  • Say
  • Ricardo
  • von Thünen
  • List
  • Bastiat
  • Cournot
  • Mill
  • Gossen
  • Marx
  • Walras
  • Jevons
  • George
  • Menger
  • Marshall
  • Edgeworth
  • Clark
  • Pareto
  • von Böhm-Bawerk
  • von Wieser
  • Veblen
  • Fisher
  • Pigou
  • Heckscher
  • von Mises
  • Schumpeter
  • Keynes
  • Knight
  • Polanyi
  • Frisch
  • Sraffa
  • Myrdal
  • Hayek
  • Kalecki
  • Röpke
  • Kuznets
  • Tinbergen
  • Robinson
  • von Neumann
  • Hicks
  • Lange
  • Leontief
  • Galbraith
  • Koopmans
  • Schumacher
  • Friedman
  • Samuelson
  • Simon
  • Buchanan
  • Arrow
  • Baumol
  • Solow
  • Rothbard
  • Greenspan
  • Sowell
  • Becker
  • Ostrom
  • Sen
  • Lucas
  • Stiglitz
  • Thaler
  • Hoppe
  • Krugman
  • Piketty
  • more
  • Glossary
  • Economists
  • Publications (journals)
  • Schools
  • v
  • t
  • e
  • Outline
  • History
  • Index
  • Anthropology
    • archaeology
    • cultural
    • social
    • physical
  • Economics
    • microeconomics
    • macroeconomics
    • econometrics
    • mathematical
  • Geography
    • physical
    • human
    • technical
    • integrated
  • History
    • cultural
    • auxiliary sciences
    • economic
    • human
    • military
    • political
    • social
  • Law
    • jurisprudence
    • legal history
    • legal systems
    • public law
    • private law
  • Linguistics
    • semiotics
  • Political science
    • international relations
    • comparative
    • philosophy
    • public policy
    • public administration
  • Psychology
    • abnormal
    • cognitive
    • developmental
    • personality
    • social
  • Sociology
    • criminology
    • demography
    • internet
    • rural
    • urban
  • archaeology
  • cultural
  • social
  • physical
  • microeconomics
  • macroeconomics
  • econometrics
  • mathematical
  • physical
  • human
  • technical
  • integrated
  • cultural
  • auxiliary sciences
  • economic
  • human
  • military
  • political
  • social
  • jurisprudence
  • legal history
  • legal systems
  • public law
  • private law
  • semiotics
  • international relations
  • comparative
  • philosophy
  • public policy
  • public administration
  • abnormal
  • cognitive
  • developmental
  • personality
  • social
  • criminology
  • demography
  • internet
  • rural
  • urban
  • Administration
    • business
    • public
  • Anthrozoology
  • Area studies
  • Business studies
  • Cognitive science
  • Communication studies
  • Community studies
  • Criminology
  • Cultural studies
  • Development studies
  • Education
  • Environmental
    • social science
    • studies
  • Food studies
  • Gender studies
  • Global studies
  • Historical sociology
  • History of technology
  • Human ecology
  • Information science
  • International studies
  • Linguistics
  • Management
  • Media studies
  • Philosophies
    • science
    • economics
    • history
    • psychology
    • social science
  • Planning
    • land use
    • regional
    • urban
  • Political ecology
  • Political economy
  • Political sociology
  • Public health
  • Regional science
  • Science and technology studies
  • Science studies
    • historical
    • Quantum social science
  • Social work
  • Vegan studies
  • business
  • public
  • social science
  • studies
  • science
  • economics
  • history
  • psychology
  • social science
  • land use
  • regional
  • urban
  • historical
  • Quantum social science
  • List of social science journals
  • Behavioral sciences
  • Geisteswissenschaft
  • Human science
  • Humanities


Comments

One response to “Economics”

  1. Thanks for sharing. I read many of your blog posts, cool, your blog is very good.

Leave a Reply

Your email address will not be published. Required fields are marked *