What is economics?

  • (noun): The branch of social science that deals with the production and distribution and consumption of goods and services and their management.
    Synonyms: economic science, political economy


Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία (oikonomia, "management of a household, administration") from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)". Political economy was the earlier name for the subject, but economists in the late 19th century suggested 'economics' as a shorter term for 'economic science' that also avoided a narrow political-interest connotation and as similar in form to 'mathematics', 'ethics', and so forth.

Read more about Economics.

Some articles on economics:

Welfare Economics
... Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium within an economy as to ... 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 ...
Greg Mankiw - Selected Bibliography
... Quarterly Journal of Economics (The MIT Press) 100 (2) 529–537 ... "A Contribution to the Empirics of Economic Growth" ... Quarterly Journal of Economics (The MIT Press) 107 (2) 407–437 ...
Economics - Criticisms - Criticisms of Assumptions
... Economics has 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 ... The field of information economics includes both mathematical-economical research and also behavioral economics, akin to studies in behavioral psychology ... In recent years, feminist critiques of neoclassical economic models gained prominence, leading to the formation of feminist economics ...
Economic Anthropology - Substantivism
... work The Great Transformation, argues that the term 'economics' has two meanings the formal meaning refers to economics as the logic of rational action and decision-making, as ... The substantive meaning of 'economics' is seen in the broader sense of 'economising' or 'provisioning' ... Economics is simply the way society meets their material needs ...
Lagrange Multiplier - Applications - Economics
... Constrained optimization plays a central role in economics ... The Lagrange multiplier has an economic interpretation as the shadow price associated with the constraint, in this example the marginal utility of income ...

Famous quotes containing the word economics:

    There is no such thing as a free lunch.

    An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)

    I am not prepared to accept the economics of a housewife.
    Jacques Chirac (b. 1932)

    Religion and art spring from the same root and are close kin. Economics and art are strangers.
    Willa Cather (1876–1947)