Difference between revisions of "Economics"

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Economic thought originated with the rise of the state.  Classical economics, or the long-run model, was articulated by [[Adam Smith]] and has since fomented the rise of free-market capitalism in economic thought.<ref>http://cepa.newschool.edu/het/</ref>
 
Economic thought originated with the rise of the state.  Classical economics, or the long-run model, was articulated by [[Adam Smith]] and has since fomented the rise of free-market capitalism in economic thought.<ref>http://cepa.newschool.edu/het/</ref>
  
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== References ==
 
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[[Category:Economics]]
 
[[Category:Economics]]

Revision as of 14:00, 22 February 2008

Face-to-face trading on the New York Stock Exchange's trading floor.

Economics is a social science concerned with how society produces, allocates, and consumes goods and services. Governments can be classified by their economic policy. The United States economic policy, set down in the Constitution and inspired by enlightenment thinkers.

Issues in economics

Economics deals with a large number of issues:

Disciplines within economics

Economics is a very broad discipline, and involves the following other disciplines as well:

  • Moral philosophy: How ought a society produce and distribute goods and services?
  • Psychology: What principles underlie human economic decision-making?
  • Mathematics: What mathematical models can predict economic outcomes?
  • Ecology: What economic policies and practices are ecologically sustainable?

Branches of economics

  • Microeconomics: the study of economic decisions of firms and households acting in markets.
  • Macroeconomics: the study of aggregate economic decisions and the results of those decisions in a local, national, or world economy.

History of economics

Main article: History of economics

Economic thought originated with the rise of the state. Classical economics, or the long-run model, was articulated by Adam Smith and has since fomented the rise of free-market capitalism in economic thought.[1]

References