Applied economics is the application of economic theory and analysis. While not a field of economics, it is typically characterized by the application of economic theory and econometrics to address practical issues in a range of fields including demographic economics, labour economics, business economics, industrial organization, development economics, education economics, health economics, monetary economics, public economics, and economic history. The process often involves a reduction in the level of abstraction of this core theory. There are a variety of approaches including not only empirical estimation using econometrics, input-output analysis or simulations but also case studies, historical analogy and so-called common sense or the "vernacular". This range of approaches is indicative of what Roger Backhouse and Jeff Biddle argue is the ambiguous nature of the concept of applied economics. It is a concept with multiple meanings. Among broad methodological distinctions, one source places it in neither positive nor normative economics but the art of economics, glossed as "what most economists do".
Read more about Applied Economics: Origins of The Term, J.N. Keynes Discussion, Other 19th and Early 20th Century Economists Use of The Term, Critique
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... The department offers one undergraduate major, Applied Economics and Management, which is an AACSB accredited undergraduate business program, one of only two in the ... program, it has developed over the years to focus on both resource economics and applied economics ... specializations Accounting, Agribusiness Management, Applied Economics, Entrepreneurship, Environmental and Resource Economics, Finance, Food Industry Management, International Trade and ...
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... argues that the mainstream view, that there is an accepted "theoretical core" and that this can be applied in a range of areas, relies on this core having specific ... But they note that as with the definition of applied economics itself, there is within the economics profession, differing views as to what belongs in the core ... importance or significance of research on topics in the core versus applied economics research ...
Famous quotes containing the words economics and/or applied:
“Women’s battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.”
—Paula Nelson (b. 1945)
“Writing prejudicial, off-putting reviews is a precise exercise in applied black magic. The reviewer can draw free- floating disagreeable associations to a book by implying that the book is completely unimportant without saying exactly why, and carefully avoiding any clear images that could capture the reader’s full attention.”
—William Burroughs (b. 1914)