Difference between revisions of "Economics"
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| − | Economics is a social science concerned with how society allocates its limited resources. | + | Economics is a social science concerned with how society allocates its limited resources. Economists normally take a [[utilitarian]] view of the world, being more concerned with the most efficient systems than with social equity, or societal values. |
| + | It is generally accepted that economics was created as a science by [[Adam Smith]], in his book [[An Inquiry into the Nature and Causes of the Wealth of Nations]]. | ||
Examples of systems in [[macroeconomics]] are [[capitalism]], [[socialism]], and [[communism]]. | Examples of systems in [[macroeconomics]] are [[capitalism]], [[socialism]], and [[communism]]. | ||
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Revision as of 05:53, March 15, 2007
Economics is a social science concerned with how society allocates its limited resources. Economists normally take a utilitarian view of the world, being more concerned with the most efficient systems than with social equity, or societal values.
It is generally accepted that economics was created as a science by Adam Smith, in his book An Inquiry into the Nature and Causes of the Wealth of Nations. Examples of systems in macroeconomics are capitalism, socialism, and communism.
