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

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:

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 ... The field of information economics includes both mathematical-economical research and also behavioral economics, akin to studies in behavioral psychology ... mainstream economists such as Keynes and Joskow have observed that much of economics is conceptual rather than quantitative, and difficult to model and formalize quantitatively ...
Economic Anthropology - Substantivism
... by Karl Polanyi in his 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 ... 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 ...
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 ... 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 ...

Famous quotes containing the word economics:

    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)

    The new sound-sphere is global. It ripples at great speed across languages, ideologies, frontiers and races.... The economics of this musical esperanto is staggering. Rock and pop breed concentric worlds of fashion, setting and life-style. Popular music has brought with it sociologies of private and public manner, of group solidarity. The politics of Eden come loud.
    George Steiner (b. 1929)

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