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Economics

Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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).
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Sometimes the evolution of economic science appears as a description of the ideas or concepts formulated by various important economists.
Regarding the correlation between the knowledge and skills acquired by graduates of economic sciences and job requirements, only 43.8% of employers believe that they largely correspond.
"Soon I was convinced that the divine dialogues and verses of these books had an unexplored capacity to establish the fundamentals of economic science and also of many financial practices now commonplace."
Thirdly, is the creation of transparency of all economic science as a whole.
Stark was also clear in stating what he took as the character of economic science. He defined economics as political economy: "the science of the laws of national economy founded upon capitalistic private property, general use of money, division of labor, and market intercourse between all members of a nation, and that is what constitutes its exclusively modern character" [p.
The institute aims to strengthen social and economic science research capacity across Wales through collaborative working and joint ventures.
Simon Cook has written a worthwhile account of the intellectual foundations of Alfred Marshall's economic science which combines analytical rigour with the intellectual mood of the time.
Others included: President Theodore Roosevelt, 1906 Peace Prize; Linus Carl Pauling, 1954 Chemistry Prize and 1963 Peace Prize; Steven Weinberg, 1979 Physics Prize; Elie Wiesel, 1986 Peace Prize, and Amartya Sen, 1998 Economic Science Prize.
As an economist, however, he traces the demise of modern economic history, where the most significant error remains anthropological: the reduction of "economic persons" to "economic agents," and the separation of "economic science" from "economic praxis."
For these contributions he received the 1990 Nobel Memorial Prize for Economic Science.
Part II is a philosophical appraisal of economic methodology, philosophy of science, and economic science. The last part, an appendix, is a fifty page introduction to philosophy of science.

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