Professional Documents
Culture Documents
• ECONOMETRICS
- the term was founded by
Pawel Ciompa (1910)
- established as a discipline
in 1936 by Ragnar Frisch
- oriented towards the
analysis of economic data
using mathematical and
statistical methods.
• EVOLUTIONARY
ECONOMICS
- highly influenced by
Darwinian concept of the
development of organisms
from simple to complex.
- Vernon Smith is credited as
the founder of this approach
• PRAXEOLOGY
- the argument of
praxeology is that human
actions are done based on
a calculated purpose or
objective.
- theorists in praxeology
use deductive reasoning
wherein they thread from
big ideas to smaller ideas.
CURRENT APPLICATIONS OF
ECONOMICS
• ECONOMICS OF
EDUCATION
- this field of economics
considers the impact of
education as a key point
in analyzing economic
behavior and potentials.
• ENVIRONMENTAL
ECONOMICS
- the process involved in
the harvest and transfer
of raw materials and
products entail
consequences to the
environment.
• WELFARE
ECONOMICS
- this field of economics
focusses its analysis on
the equitable allocation of
resources and goods
among the populace,