Economics

Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/)[1] is the social science that

studies the production, distribution, and consumption of goods and
services.[2][3]

Economics focuses on the behaviour and interactions of economic

agents and how economies work. Microeconomics analyzes what's
viewed as basic elements in the economy, including individual
agents and markets, their interactions, and the outcomes of
interactions. Individual agents may include, for example,
households, firms, buyers, and sellers. Macroeconomics analyzes
the economy as a system where production, consumption, saving,
and investment interact, and factors affecting it: employment of the
resources of labour, capital, and land, currency inflation, economic The supply and demand model
growth, and public policies that have impact on these elements. describes how prices vary as a result
of a balance between product
Other broad distinctions within economics include those between availability and demand.
positive economics, describing "what is", and normative
economics, advocating "what ought to be";[4] between economic
theory and applied economics; between rational and behavioural economics; and between mainstream
economics and heterodox economics.[5]

Economic analysis can be applied throughout society, including business,[6] finance, health care,[7]
engineering[8] and government.[9] It is also applied to such diverse subjects as crime,[10] education,[11] the
family,[12] feminism,[13] law,[14] philosophy,[15] politics, religion,[16] social institutions, war,[17]
science,[18] and the environment.[19]

Contents
Definitions of economics over time
History of economic thought
From antiquity through the physiocrats
Classical political economy
Marxian economics
Neoclassical economics
Keynesian economics
Chicago school of economics
Austrian School of economics
Other schools and approaches
Methodology
Theoretical research
Empirical research
Branches of economics
Microeconomics
Production, cost, and efficiency
Specialization
Supply and demand
Firms
Uncertainty and game theory
Market failure
Welfare
Macroeconomics
Growth
Business cycle
Unemployment
Inflation and monetary policy
Fiscal policy
Public economics
International economics
Labor economics
Development economics
Criticism
Related subjects
Profession
Women in economics
See also
General
Notes
References
Further reading
External links
General information
Institutions and organizations
Study resources

Definitions of economics over time

The earlier term for the discipline was 'political economy', but since the late 19th century, it has commonly
been called 'economics'.[20] The term is derived from the Ancient Greek οἰκονομικός (oikonomikos),
"practiced in the management of a household or family" and therefore "frugal, thrifty", which in turn comes
from οἰκονομία (oikonomia) "household management" which in turn comes from οἶκος (oikos "house")
and νόμος (nomos, "custom" or "law").[21][22][23][24]
There are a variety of modern definitions of economics; some reflect evolving views of the subject or
different views among economists.[25][26] 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:

a branch of the science of a statesman or legislator [with the twofold objectives of providing] a
plentiful revenue or subsistence for the people ... [and] to supply the state or commonwealth
with a revenue for the publick services.[27]

Jean-Baptiste Say (1803), distinguishing the subject from its public-policy uses, defined it as the science of
production, distribution, and consumption of wealth.[28] 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).[29] John Stuart Mill (1844) defined the subject in a social context as:

The science which traces the laws of such of the phenomena of society as arise from the
combined operations of mankind for the production of wealth, in so far as those phenomena
are not modified by the pursuit of any other object.[30]

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:

Economics is a study of man in the ordinary business of life. It enquires how he gets his
income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and
more important side, a part of the study of man.[31]

Lionel Robbins (1932) developed implications of what has been termed "[p]erhaps the most commonly
accepted current definition of the subject":[26]

Economics is the science which studies human behaviour as a relationship between ends and
scarce means which have alternative uses.[32]

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."[33] 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.[34] 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. We cannot define economics 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 criticized 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.[35] There are other criticisms as well, such as in scarcity not accounting
for the macroeconomics of high unemployment.[36]

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."[37] One commentary characterizes 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.[26]

According to economist Ha-Joon Chang economics should be defined not in terms of its methodology or
theoretical approach but in terms of its subject matter. Ha-Joon Chang finds a definition like "the science
which studies human behavior as a relationship between ends and scarce means which have alternative
uses" 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 don't 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
behavior. But they are all called biology because they all study living organisms. According to Ha Joon
Chang, this view that you can and should study the economy 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.[38]

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".[39]
However, the word Oikos, the Greek word from which the word economy derives, was used for issues
regarding how to manage a household (Understood as the landowner, his family and his slaves.[40]) rather
than to refer to some normative societal system of distribution of resources, which is a much more recent
phenomenon.[41][42][43] Xenophon, the author of the Oeconomicus, is credited by philologues for being
the source of the word economy.[44] Other notable writers from Antiquity through to the Renaissance
which wrote on include Aristotle, Chanakya (also known as Kautilya), Qin Shi Huang, Ibn Khaldun, and
Thomas Aquinas. 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.[45]

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.[46]

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.[47] 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
A 1638 painting of a French seaport during
reaction against copious mercantilist trade regulations, the
the heyday of mercantilism
physiocrats advocated a policy of laissez-faire, which called
for minimal government intervention in the economy.[48]

Adam Smith (1723–1790) was an early economic theorist.[49] 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.[50]

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."[51]
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 specialization by division of labour,

including increased labour productivity and gains from trade, whether
between town and country or across countries.[52] 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."[53] To Smith has also
been ascribed "the most important substantive proposition in all of
economics" and foundation of resource-allocation theory – that, under The publication of Adam
competition, resource owners (of labour, land, and capital) seek their most Smith's The Wealth of
profitable uses, resulting in an equal rate of return for all uses in equilibrium Nations in 1776 is
(adjusted for apparent differences arising from such factors as training and considered to be the first
unemployment).[54] formalisation of economic
thought.
In an argument that includes "one of the most famous passages in all
economics,"[55] 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.[57] In this:

He generally, indeed, neither intends to promote the public interest, nor knows how much he is
promoting it. By preferring the support of domestic to that of foreign industry, he intends only
his own security; and by directing that industry in such a manner as its produce may be of the
greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an
 invisible hand to promote an end which was no part of his intention. Nor is it always the worse
for the society that it was no part of it. By pursuing his own interest he frequently promotes
that of the society more effectually than when he really intends to promote it.[58]

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.[59]
Economist Julian Lincoln Simon has criticized Malthus's conclusions.[60]

While Adam Smith emphasized the production of 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 the first to state and prove the principle of comparative advantage, according to which
each country should specialize in producing and exporting goods in that it has a lower relative cost of
production, rather relying only on its own production.[61] It has been termed a "fundamental analytical
explanation" for gains from trade.[62]

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.[63]

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.[64] 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 German in 1867. In it, Marx focused
on the labour theory of value and the theory of surplus value which, he
believed, explained the exploitation of labour by capital.[65] 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 the workers only got paid a proportion of
the value their work had created.[66]
The Marxist critique of
Marxian economics was further developed by Karl Kautsky (1854-1938)'s political economy comes
The Economic Doctrines of Karl Marx and The Class Struggle (Erfurt from the work of German
Program), Rudolf Hilferding's (1877-1941) Finance Capital, Vladimir philosopher Karl Marx.
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 the dawn 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 are considered by the
science only in relation to the increase or diminution of wealth, and not in reference to their processes of
execution.[b] Say's definition has prevailed up to our time, saved 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 a
particular aspect of human behaviour, the one that falls under the influence of scarcity,[d] which forces
people to choose, allocate scarce resources to competing ends, and economize (seeking the greatest welfare
while avoiding the wasting of scarce resources). For Robbins, the insufficiency was solved, and his
definition allows us to proclaim, with an easy conscience, education economics, safety and security
economics, health economics, war economics, and of course, production, distribution and consumption
economics as valid subjects of the economic science." Citing Robbins: "Economics is the science which
studies human behavior as a relationship between ends and scarce means which have alternative uses".[33]
After discussing it for decades, Robbins' definition became widely accepted by mainstream economists, and
it has opened way into current textbooks.[67] 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.[68] Due to the lack of strong consensus,
and that production, distribution and consumption of goods and services is the prime area of study of
economics, the old definition still stands in many quarters.

A body of theory later termed "neoclassical economics" or "marginalism" formed from about 1870 to 1910.
The term "economics" was popularized 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".[23][24] This corresponded to the influence on the subject of mathematical methods used in the
natural sciences.[69]

Neoclassical economics systematized supply and demand as joint determinants of price and quantity in
market equilibrium, affecting both the allocation of output and the distribution of income. It dispensed with
the labour theory of value inherited from classical economics in favour of a marginal utility theory of value
on the demand side and a more general theory of costs on the supply side.[70] In the 20th century,
neoclassical theorists moved away from an earlier notion suggesting that total utility for a society could be
measured in favour of ordinal utility, which hypothesizes merely behaviour-based relations across
persons.[71][72]

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.[71] In macroeconomics it is
reflected in an early and lasting neoclassical synthesis with Keynesian macroeconomics.[73][71]

Neoclassical economics is occasionally referred as orthodox economics whether by its critics or

sympathizers. Modern mainstream economics builds on neoclassical economics but with many refinements
that either supplement or generalize 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 organizations (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 resource-controlling players to attain the best possible
outcome under bounded rational conditions. In other words, resource-controlling agents maximize value
subject to the constraints imposed by the information the agents have, their cognitive limitations, and the
finite amount of time they have to make and execute a decision. Economic science centres on the activities
of the economic agents that comprise society.[74] They are the focus of economic analysis.[e]

An approach to understanding these processes, through the study of agent behaviour under scarcity, may go
as follows:

The continuous interplay (exchange or trade) done by economic actors in all markets sets the prices for all
goods and services which, in turn, make the rational managing of scarce resources possible. At the same
time, the decisions (choices) made by the same actors, while they are pursuing their own interest, determine
the level of output (production), consumption, savings, and investment, in an economy, as well as the
remuneration (distribution) paid to the owners of labour (in the form of wages), capital (in the form of
profits) and land (in the form of rent).[f] Each period, as if they were in a giant feedback system, economic
players influence the pricing processes and the economy, and are in turn influenced by them until a steady
state (equilibrium) of all variables involved is reached or until an external shock throws the system toward a
new equilibrium point. Because of the autonomous actions of rational interacting agents, the economy is a
complex adaptive system.[g]

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.[75] 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.[76]

Keynesian economics has two successors. Post-Keynesian economics also

concentrates on macroeconomic rigidities and adjustment processes. John Maynard Keynes
Research on micro foundations for their models is represented as based on (right) was a key theorist in
real-life practices rather than simple optimizing models. It is generally economics.
associated with the University of Cambridge and the work of Joan
Robinson.[77]

New-Keynesian economics is also associated with developments in the Keynesian fashion. Within this
group researchers tend to share with other economists the emphasis on models employing micro
foundations and optimizing behaviour but with a narrower focus on standard Keynesian themes such as
price and wage rigidity. These are usually made to be endogenous features of the models, rather than
simply assumed as in older Keynesian-style ones.
Chicago school of economics

The Chicago School of economics is best known for its free market advocacy and monetarist ideas.
According to Milton Friedman and monetarists, market economies are inherently stable if the money supply
does not greatly expand or contract. Ben Bernanke, former Chairman of the Federal Reserve, is among the
economists today generally accepting Friedman's analysis of the causes of the Great Depression.[78]

Milton Friedman effectively took many of the basic principles set forth by Adam Smith and the classical
economists and modernized them. One example of this is his article in the 13 September 1970 issue of The
New York Times Magazine, in which he claims that the social responsibility of business should be "to use
its resources and engage in activities designed to increase its profits ... (through) open and free competition
without deception or fraud."[79]

Austrian School of economics

The Austrian School emphasizes human action, property rights and the freedom to contract and transact to
have a thriving and successful economy.[80] It also emphasizes that the state should play an infinitesimally
small role (if any role) in the regulation of economic activity between two transacting parties.[81] A key
component of Austrian economics is the principle of sound money. As Ludwig Von Mises, one of the most
prominent 20th century Austrian economists, stated, "Ideologically it (sound money) belongs in the same
class with political constitutions and bills of rights."[82] Austrian economists assert that sound money
prevents government actors from debasing the currency, disrupting the savings rate of the population and
artificially distorting the economic choices of individual actors.

Other schools and approaches

Other well-known 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, post-Keynesian economics and the Stockholm school.
Contemporary mainstream economics is 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.

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[83] and the new neoclassical synthesis.[84] In general,
alternative developments include ecological economics, constitutional economics, institutional economics,
evolutionary economics, dependency theory, structuralist economics, world systems theory, econophysics,
econodynamics, feminist economics and biophysical economics.[85]

Methodology

Theoretical research

Mainstream economic theory relies upon a priori quantitative economic models, which employ a variety of
concepts. Theory typically proceeds with an assumption of ceteris paribus, which means holding constant
explanatory variables other than the one under consideration. When creating theories, the objective is to
find ones which are at least as simple in information requirements, more precise in predictions, and more
fruitful in generating additional research than prior theories.[86] 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.[87] 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 in
microfoundations.[88]

The aforementioned microeconomic concepts play a major part in macroeconomic models – for instance, in
monetary theory, the quantity theory of money predicts that increases in the growth rate of the money
supply increase inflation, and inflation is assumed to be influenced by rational expectations. In development
economics, slower growth in developed nations has been sometimes predicted because of the declining
marginal returns of investment and capital, and this has been observed in the Four Asian Tigers. Sometimes
an economic hypothesis is only qualitative, not quantitative.[89]

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 analyze problems in economics. Paul Samuelson's treatise Foundations of Economic
Analysis (1947) exemplifies the method, particularly as to maximizing behavioral 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.[90]

Empirical research

Economic theories are frequently tested empirically, largely through the use of econometrics using
economic data.[91] The controlled experiments common to the physical sciences are difficult and
uncommon in economics,[92] 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 hypothesized 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.

Criticisms based on professional standards and non-replicability of results serve as further checks against
bias, errors, and overgeneralization,[93][94] although much economic research has been accused of being
non-replicable, and prestigious journals have been accused of not facilitating replication through the
provision of the code and data.[95] Like theories, uses of test statistics are themselves open to critical
analysis,[96] although critical commentary on papers in economics in prestigious journals such as the
American Economic Review has declined precipitously in the past 40 years. This has been attributed to
journals' incentives to maximize citations in order to rank higher on the Social Science Citation Index
(SSCI).[97]
In applied economics, input–output models employing linear programming methods are quite common.
Large amounts of data are run through computer programs to analyse the impact of certain policies;
IMPLAN is one well-known example.

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.[98] In some cases these have found that the axioms are not entirely correct; for
example, the ultimatum game has revealed that people reject unequal offers.

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.[99] These techniques have led
some to argue that economics is a "genuine science".[100]

Branches of economics

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 light government regulation. The item traded may be
a tangible product such as apples or a service such as repair
services, legal counsel, or entertainment.

In theory, in a free market the aggregates (sum of) of quantity

demanded by buyers and quantity supplied by sellers may
Economists study trade, production and
reach economic equilibrium over time in reaction to price
consumption decisions, such as those
changes; in practice, various issues may prevent equilibrium,
that occur in a traditional marketplace.
and any equilibrium reached may not necessarily be morally
equitable. For example, if the supply of healthcare services is
limited by external factors, the equilibrium price may be
unaffordable for many who desire it but cannot pay for it.

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. Electronic trading brings together buyers
and sellers through an electronic trading
Forms include monopoly (in which there is only one seller of a platform and network to create virtual
good), duopoly (in which there are only two sellers of a good), market places. Pictured: São Paulo Stock
oligopoly (in which there are few sellers of a good), Exchange, Brazil.
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). Unlike
perfect competition, imperfect competition invariably means market power is unequally distributed. Firms
under imperfect competition have the potential to be "price makers", which means that, by holding a
disproportionately high share of market power, they can influence the prices of their products.

Microeconomics studies individual markets by simplifying the economic system by assuming that activity
in the market being analysed does not affect other markets. This method of analysis is known as partial-
equilibrium analysis (supply and demand). 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.[101]

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 (new computers, bananas, etc.), and "guns" vs "butter".

Opportunity cost is the economic cost of production: the value of the next best opportunity foregone.
Choices must be made between desirable yet mutually exclusive actions. It has been described as
expressing "the basic relationship between scarcity and choice".[102] For example, if a baker uses a sack of
flour to make pretzels one morning, then the baker cannot use either the flour or the morning to make
bagels instead. Part of the cost of making pretzels is that neither the flour nor the morning are available any
longer, for use in some other way. The opportunity cost of an activity is an element in ensuring that scarce
resources are used efficiently, such that the cost is weighed against the value of that activity in deciding on
more or less of it. Opportunity costs are not restricted to monetary or financial costs but could be measured
by the real cost of output forgone, leisure, or anything else that provides the alternative benefit (utility).[103]

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, or in
other words, the amount of "waste" is reduced. 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.[104] 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 An example production–possibility
inside the curve (as at A), is feasible but represents production frontier with illustrative points
inefficiency (wasteful use of inputs), in that output of one or both marked.
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 organization 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 organize society for the
most efficient use of resources has been described as the "essence of economics", where the subject "makes
its unique contribution."[105]

Specialization

Specialization 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.
A map showing the main trade routes for goods within late medieval Europe
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 specialize 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 specialization in similar but differentiated product lines, to
the overall benefit of respective trading parties or regions.[106]

The general theory of specialization 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.[107]

An example that combines features above is a country that specializes 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.[108] Such specialization 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.[109]

Supply and demand

Prices and quantities have been described as the most directly

observable attributes of goods produced and exchanged in a market
economy.[110] 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 The supply and demand model
graph showing price and quantity demanded (as in the figure). describes how prices vary as a result
Demand theory describes individual consumers as rationally of a balance between product
choosing the most preferred quantity of each good, given income, availability and demand. The graph
prices, tastes, etc. A term for this is "constrained utility depicts an increase (that is, right-
maximization" (with income and wealth as the constraints on shift) in demand from D1 to D2 along
demand). Here, utility refers to the hypothesized relation of each with the consequent increase in price
individual consumer for ranking different commodity bundles as and quantity required to reach a new
more or less preferred. equilibrium point on the supply curve
(S).
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 hypothesized to be profit maximizers, 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
stabilize 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 organize their production in firms when the costs of doing
business becomes lower than doing it on the market.[111] 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 organization generalizes 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.[112]

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 optimize business decisions, including unit-cost
minimization and profit maximization, given the firm's objectives and constraints imposed by technology
and market conditions.[113]

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.[114] Given its different forms, there are various ways of
representing uncertainty and modelling economic agents' responses to it.[115]

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 organization, 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.[116]

In this, it generalizes maximization 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.[117]

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,[118] financial crises, and related government policy or regulation.[119]

Some market organizations 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.[120] 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).[121]

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.[121] 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.[122][123]

Market failure

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

Authors critical of economics tend to view the talk of "market failiures", as a term which is used when
economic theories don't correspond with reality, making these theories and paradigms in which these terms
are used unfalsifiable.[124]
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 Pollution can be a simple example of
public goods without having to pay for them and that more market failure. If costs of production are
than one person can consume the good at the same time. not borne by producers but are by the
environment, accident victims or others,
Externalities occur where there are significant social costs or then prices are distorted.
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 subsidize or otherwise promote the purchase
of goods that have positive externalities in an effort to correct
the price distortions caused by these externalities.[125]
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.[126]

In many areas, some form of price stickiness is postulated to Environmental scientist sampling water
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 hypothesized 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 specialized 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.[127]

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.[128] It analyzes 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 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.[129] 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 characterized

by further integration as to micro-based modelling of sectors,
including rationality of players, efficient use of market information,
and imperfect competition.[130] This has addressed a long-standing
concern about inconsistent developments of the same subject.[131]

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 The circulation of money in an
growth.[132] economy in a macroeconomic
model. In this model the use of
natural resources and the generation
Growth of waste (like greenhouse gases) is
not included.
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.[133]

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 A basic illustration of
during economic downturns, leading to unnecessarily high economic/business cycles
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 stabilize output over the business cycle.[134]
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 neoclassical economics, stating that Keynesianism is correct in the short run but
qualified by neoclassical-like considerations in the intermediate and long run.[73]

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,[135] led by Robert Lucas, and real business cycle theory.[136]

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.[88]

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
US unemployment rate, 1990–2022.
the labour force. Unemployment can be generally
broken down into several types that are related to
different causes.[137]

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.[137]

Structural unemployment covers a variety of possible causes of unemployment including a mismatch

between workers' skills and the skills required for open jobs.[138] 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.[139]

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.[140] The original version of Okun's law states that a 3% increase in
output would lead to a 1% decrease in unemployment.[141]

Inflation 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).[142]

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 specialized 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.[143]

At the level of an economy, theory and evidence are consistent with a positive relationship running from
the total money supply to the nominal value of total output and to the general price level. For this reason,
management of the money supply is a key aspect of monetary policy.[144]

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.

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.[145]
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.[146]

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
List of countries by GDP (PPP) per capita in April 2022.
movements on exchange rates.
Increased trade in goods, services and
capital between countries is a major
effect of contemporary globalization.[147]

Labor economics

Labor economics seeks to understand the functioning and dynamics of the markets for wage labor. Labor
markets function through the interaction of workers and employers. Labor economics looks at the
suppliers of labor services (workers), the demands of labor services (employers), and attempts to understand
the resulting pattern of wages, employment, and income. In economics, labor 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.

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.[148]

Criticism
Economics has historically been subject to criticism that it relies on unrealistic, unverifiable, or highly
simplified assumptions, in some cases because these assumptions simplify the proofs of desired
conclusions.[149] For example, the economist Friedrich Hayek claimed that economics (at least historically)
used a scientistic approach which he claimed was "decidedly unscientific in the true sense of the word,
since it involves a mechanical and uncritical application of habits of thought to fields different from those in
which they have been formed".[150] Later day examples of such assumptions include perfect information,
profit maximization and rational choices, axioms of neoclassical economics.[151] Such criticisms often
conflate neoclassical economics with all of contemporary economics.[152][153] The field of information
economics includes both mathematical-economical research and also behavioural economics, akin to
studies in behavioural psychology, and confounding factors to the neoclassical assumptions are the subject
of substantial study in many areas of economics.[154][155][156]

Prominent historical mainstream economists such as Keynes[157] and Joskow observed that much of the
economics of their time was conceptual rather than quantitative, and difficult to model and formalize
quantitatively. In a discussion on oligopoly research, Paul Joskow pointed out in 1975 that in practice,
serious students of actual economies tended to use "informal models" based upon qualitative factors
specific to particular industries. Joskow had a strong feeling that the important work in oligopoly was done
through informal observations while formal models were "trotted out ex post". He argued that formal
models were largely not important in the empirical work, either, and that the fundamental factor behind the
theory of the firm, behaviour, was neglected.[158] Deirdre McCloskey has argued that many empirical
economic studies are poorly reported, and she and Stephen Ziliak argue that although her critique has been
well-received, practice has not improved.[159] The extent to which practice has improved since the early
2000s is contested: although economists have noted the discipline's adoption of increasingly rigorous
modeling,[160][161] other have criticized the field's focus on creating computer simulations detached from
reality, as well as noting the loss of prestige suffered by the field for failing to anticipate the Great
Recession.[162]

Issues like central bank independence, central bank policies and rhetoric in central bank governors
discourse or the premises of macroeconomic policies[163] (monetary and fiscal policy) of the state are a
focus of contention and criticism.[164]

In the 1990s, feminist critiques of neoclassical economic models gained prominence, leading to the
formation of feminist economics.[165] Feminist economists call attention to the social construction of
economics and claims to highlight the ways in which its models and methods reflect masculine preferences.
Primary criticisms focus on: the assumed selfish nature of actors (homo economicus); exogenous tastes; the
difficulty of utility comparisons across agents; the exclusion of unpaid work in Macroeconomic measures;
and the lack of consideration for class and gender.[166]

Economics has been derogatorily dubbed "the dismal science", first coined by the Victorian historian
Thomas Carlyle in the 19th century. It is often stated that Carlyle gave it this nickname as a response to the
work of Thomas Robert Malthus, who predicted widespread starvation resulting from projections that
population growth would exceed the rate of increase in the food supply. However, the actual phrase was
coined by Carlyle in the context of a debate with John Stuart Mill on slavery, in which Carlyle argued for
slavery; the "dismal" nature of economics in Carlyle's view was that it "[found] the secret of this Universe
in 'supply and demand', and reduc[ed] the duty of human governors to that of letting men alone"."[29]

Related subjects
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.[167] A seminal
article by Ronald Coase published in 1961 suggested that well-defined property rights could overcome the
problems of externalities.[168]

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.[169] 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.[170]

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.[171]

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).[172] 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,[173] 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. [174] He and Kevin Murphy
authored a book in 2001 that analyzed market behavior in a social environment.[175]

Profession
The professionalization of economics, reflected in the growth of graduate programmes on the subject, has
been described as "the main change in economics since around 1900".[176] 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.[177] Professional economists are expected to be familiar with
these tools, while a minority specialize 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.[178] Two women have received the Nobel Prize in
Economics: Elinor Ostrom (2009) and Esther Duflo (2019). 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.[179] Women remain globally under-
represented in the profession (19% of authors in the RePEc database in 2018), with national variation.[180]

See also
Critical juncture theory
Economics terminology that differs from common usage
Economic ideology
Economic policy
Economic union
Free trade
Happiness economics
Humanistic economics
List of academic fields § Economics
List of economics films
List of economics awards
Socioeconomics

General
Glossary of economics
Index of economics articles
JEL classification codes for classifying articles in economics journals and books on
economics by subject matter from 1886 to the present.
Outline of economics

Notes
a. "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.[56]
b. "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)
c. "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)
d. "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)
e. See Agent-based computational economics
f. Interest payments are considered a form of rent on credit money.
g. See Complex adaptive system and Dynamic network analysis
h. 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 (https://books.goog
le.com/books?id=gWxfQgAACAAJ&pg=PP1) (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" (htt
ps://books.google.com/books?id=miPeCgAAQBAJ&pg=PP1). Economics of the Public
Sector: Fourth International Student Edition (4th ed.). W. W. Norton & Company. 2015.
pp. 81–100. ISBN 978-0-393-93709-1.).

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Further reading
Anderson, David A. (2019). Survey of Economics. New York: Worth. ISBN 978-1-4292-5956-
9.
Blaug, Mark (1985). Economic Theory in Retrospect (4th ed.). Cambridge: Cambridge
University Press. ISBN 978-0521316446.
McCann, Charles Robert Jr. (2003). The Elgar Dictionary of Economic Quotations. Edward
Elgar. ISBN 9781840648201.
Samuelson, Paul A; Nordhaus, William D. (2014). Economics. Boston: Irwin McGraw-Hill.
Economics (https://librivox.org/search?title=Economics&author=&reader=&keywords=&g
enre_id=0&status=all&project_type=either&recorded_language=&sort_order=catalog_date
&search_page=1&search_form=advanced) public domain audiobook at LibriVox

External links

General information
Economics (https://curlie.org/Science/Social_Sciences/Economics/) at Curlie
Economic journals on the web. (http://www.oswego.edu/~economic/journals.htm) Archived
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htm) 10 July 2013 at the Wayback Machine
Economics (https://www.britannica.com/topic/economics) Archived (https://web.archive.org/
web/20220625153920/https://www.britannica.com/topic/economics) 25 June 2022 at the
Wayback Machine at Encyclopædia Britannica
 Economics A-Z. (https://www.economist.com/economics-a-to-z) Archived (https://web.archiv
e.org/web/20220214211108/https://www.economist.com/economics-a-to-z) 14 February
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Economics Online (https://www.economicsonline.co.uk/) Archived (https://web.archive.org/w
eb/20211028015205/https://www.economicsonline.co.uk/) 28 October 2021 at the Wayback
Machine (UK-based), with drop-down menus at top, incl. Definitions.
Intute: Economics (https://web.archive.org/web/20070512014346/http://www.intute.ac.uk/soc
ialsciences/economics/): Internet directory of UK universities.
Research Papers in Economics (RePEc) (http://repec.org/) Archived (https://web.archive.org/
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eb/20020124234652/http://unstats.un.org/) 24 January 2002 at the Wayback Machine
World Bank Data (http://data.worldbank.org/) Archived (https://web.archive.org/web/2019072
7121731/https://data.worldbank.org/) 27 July 2019 at the Wayback Machine
American Economic Association (https://www.aeaweb.org/) Archived (https://web.archive.or
g/web/20210120030415/https://www.aeaweb.org/) 20 January 2021 at the Wayback
Machine

Study resources
Anderson, David; Ray, Margaret (2019). Krugman's Economics for the AP Course (https://w
ww.bfwpub.com/high-school/us/product/Krugmans-Economics-for-the-AP-Course/p/131911
3273) (3rd ed.). New York: BFW. ISBN 978-1-319-11327-8. Archived (https://web.archive.or
g/web/20210308040106/https://www.bfwpub.com/high-school/us/product/Krugmans-Econo
mics-for-the-AP-Course/p/1319113273) from the original on 8 March 2021. Retrieved
2 March 2021.
McConnell, Campbell R.; et al. (2009). Economics. Principles, Problems and Policies (http
s://web.archive.org/web/20161006014212/http://www.califaxprinters.com/mba_books/EB%2
0McConnell%20Econ.18e.pdf) (PDF) (18th ed.). New York: McGraw-Hill. ISBN 978-0-07-
337569-4. Archived from the original (http://www.califaxprinters.com/mba_books/EB%20Mc
Connell%20Econ.18e.pdf) (PDF contains full textbook) on 6 October 2016.
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b/20070602020408/http://economics.about.com/) 2 June 2007 at the Wayback Machine
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 MERLOT Learning Materials: Economics (http://www.merlot.org/merlot/materials.htm?catego
ry=2216) Archived (https://web.archive.org/web/20130614190857/http://www.merlot.org/merl
ot/materials.htm?category=2216) 14 June 2013 at the Wayback Machine: US-based
database of learning materials
Online Learning and Teaching Materials (http://www.economicsnetwork.ac.uk/links/othertl.ht
m) Archived (https://web.archive.org/web/20130509105953/http://www.economicsnetwork.a
c.uk/links/othertl.htm) 9 May 2013 at the Wayback Machine UK Economics Network's
database of text, slides, glossaries and other resources

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