economics

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Related to Modern economics: Adam Smith

Economics

Economics

The study of how people produce, trade, and use goods and services. Economists look at how different actors, such as individuals, companies, and governments, interact with one another to maximize the fulfillment of their needs through the use of scarce resources. Economics also includes the study of supply, demand, and the relationship between the two. There are a number of schools of thought within economics. Some major schools are classical economics, which considers the sources of production as well as the role of the Invisible Hand of the market, and Marxism, which considers the exploitation of labor by holders of capital. Other, modern schools of thought include Keynesianism, which emphasizes the role of demand as opposed to supply, and monetarism, which promotes the use of the free market and the considers the role of money supply in economic growth. See also: Macroeconomics, Microeconomics.

economics

the study of the way in which countries endowed with only a limited availability of economic resources (natural resources, labour and capital) can best use these resources so as to gain the maximum fulfilment of society's unlimited demands for goods and services. Economics has a macroeconomic and a microeconomic dimension. Macroeconomics is concerned with the overall efficiency of resource use in the economy, in particular the achievement of full employment, and with the growth of resources over time (see ECONOMIC POLICY). Micro-economics is concerned with the efficient supply of particular goods and services (see MARKET SYSTEM).

economics

the study of the problem of using available FACTORS OF PRODUCTION as efficiently as possible so as to attain the maximum fulfilment of society's unlimited demands for GOODS and SERVICES. The ultimate purpose of economic endeavour is to satisfy human wants for goods and services. The problem is that whereas wants are virtually without limit, the resources (NATURAL RESOURCES, LABOUR and CAPITAL) available at any one time to produce goods and services are limited in supply; i.e. resources are scarce (see SCARCITY) relative to the demands they are called upon to satisfy. The fact of scarcity means that we must always be making CHOICES. If, to take a simple example, more resources are devoted to producing motor cars, fewer resources are then available for providing hospitals and other goods. Various ECONOMIC SYSTEMS may be employed to allocate resources and deal with such choices.

Economics has a microeconomic and a macroeconomic dimension. Microeconomics is concerned with the efficient supply of particular products. Macroeconomics is concerned with the overall efficiency of resource use in the economy, in particular the achievement of FULL EMPLOYMENT of current resources and the growth of output over time. See OPPORTUNITY COSTS, PRODUCTION POSSIBILITY BOUNDARY, EFFICIENCY, PRICE SYSTEM, ECONOMIC GROWTH.

References in periodicals archive ?
The construction of the Constitution failed to contain the powers of the Constitution and under the doctrines of modern economics and modern legal theory the central government has grown and developed into something the Founders of the Constitution did not intend.
Meanwhile, the integrity of the Molina translation itself persists, and we have commissioned another introduction for the separate publication, forthcoming from CLP Academic in the Sources in Early Modern Economics, Ethics, and Law series.
The contention that Islamic economics has failed is based on the view that this project was derailed at the outset itself, by not successfully unpacking the epistemological and socio-historical foundations of modern economics (its underpinning meta-principles), and subsequently failing to transform them in accord with Islam's normative positions.
But Shaw a dded a twist - the first word of the title of each book, read from right to left, completes a quote from the 18th century economist and moral philosopher, A r dam Smith, known as the father of free trade and modern economics.
While a shift to Islamic finance could bring an economic boost by giving countries access to a huge pool of Islamic investment funds from the oil-producing countries of the Persian Gulf, such as Saudi Arabia, Qatar and the United Arab Emirates, some say Shari'a is out of sync with modern economics and cannot work in today's world without extensive updating.
In this, he criticizes the tendency of modern economics to examine economic transactions in isolation from ethical considerations of the nature of what is sold, and the social and environmental impact of the transactions.
Perhaps the best example of Hayek's resurrection is a bestselling book by British economist Nicholas Wapshott, Keynes-Hayek: The Clash That Defined Modern Economics.
Here I argue that there is much for Marxists to learn from modern economics, even neoclassical economics.
Schumpeter's own little book, Ten Great Economists (195 i), and more recently Nicholas Wapshott's Keynes Hayek: The Clash That Defined Modern Economics (2011), contain more of the nitty-gritty of economics in their overviews of economic history and economic thought.
BRITISH JOURNALIST Nicholas Wapshott's new book, Keynes Hayek: The Clash That Defined Modern Economics is about a heated debate, eight decades past, between two of the most influential economists in modern history.
On the first floor there's Sarah Browne's How to Use Fool's Gold which combines a study of modern economics with traditional crafts and redundant technologies and leftover industries.

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