Economics

Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/)[1] is t he social science t hat st udies t he product ion,

dist ribut ion, and consumpt ion of goods and services.[2][3]

The supply and demand model describes how prices vary as a result of a balance between product availability and
demand.

Economics focuses on t he behaviour and int eract ions of economic agent s and how
economies work. Microeconomics analyzes what 's viewed as basic element s in t he economy,
including individual agent s and market s, t heir int eract ions, and t he out comes of int eract ions.
Individual agent s may include, for example, households, firms, buyers, and sellers.
Macroeconomics analyzes t he economy as a syst em where product ion, consumpt ion, saving,
and invest ment int eract , and fact ors affect ing it : employment of t he resources of labour,
capit al, and land, currency inflat ion, economic growt h, and public policies t hat have impact on
t hese element s.

Ot her broad dist inct ions wit hin economics include t hose bet ween posit ive economics,
describing "what is", and normat ive economics, advocat ing "what ought t o be";[4] bet ween
economic t heory and applied economics; bet ween rat ional and behavioural economics; and
bet ween mainst ream economics and het erodox economics.[5]

Economic analysis can be applied t hroughout societ y, including business,[6] finance, healt h
care,[7] engineering[8] and government .[9] It is also applied t o such diverse subject s as crime,[10]
educat ion,[11] t he family,[12] feminism,[13] law,[14] philosophy,[15] polit ics, religion,[16] social
inst it ut ions, war,[17] science,[18] and t he environment .[19]

Definitions of economics over time

The earlier t erm for t he discipline was 'polit ical economy', but since t he lat e 19t h cent ury, it
has commonly been called 'economics'.[20] The t erm is derived from t he Ancient Greek
οἰκονομικός (oikonomikos), "pract iced in t he management of a household or family" and
t herefore "frugal, t hrift y", which in t urn comes from οἰκονομία (oikonomia) "household
management " which in t urn comes from οἶκος (oikos "house") and νόμος (nomos, "cust om" or
"law").[21][22][23][24]

There are a variet y of modern definit ions of economics; some reflect evolving views of t he
subject or different views among economist s.[25][26] Scot t ish philosopher Adam Smit h (1776)
defined what was t hen called polit ical economy as "an inquiry int o t he nat ure and causes of
t he wealt h of nat ions", in part icular as:

a branch of the science of a statesman or legislator [with the

twofold objectives of providing] a plentiful revenue or subsistence
for the people ... [and] to supply the state or commonwealth with a
revenue for the publick services.[27]

Jean-Bapt ist e Say (1803), dist inguishing t he subject from it s public-policy uses, defined it as
t he science of product ion, dist ribut ion, and consumpt ion of wealt h.[28] On t he sat irical side,
Thomas Carlyle (1849) coined "t he dismal science" as an epit het for classical economics, in
t his cont ext , commonly linked t o t he pessimist ic analysis of Malt hus (1798).[29] John St uart
Mill (1844) defined t he subject in a social cont ext as:
 The science which traces the laws of such of the phenomena of
society as arise from the combined operations of mankind for the
production of wealth, in so far as those phenomena are not
modified by the pursuit of any other object.[30]

Alfred Marshall provided a st ill widely cit ed definit ion in his t ext book Principles of Economics
(1890) t hat ext ended analysis beyond wealt h and from t he societ al t o t he microeconomic
level:

Economics is a study of man in the ordinary business of life. It

enquires how he gets his income and how he uses it. Thus, it is on
the one side, the study of wealth and on the other and more
important side, a part of the study of man.[31]

Lionel Robbins (1932) developed implicat ions of what has been t ermed "[p]erhaps t he most
commonly accept ed current definit ion of t he subject ":[26]

Economics is the science which studies human behaviour as a

relationship between ends and scarce means which have
alternative uses.[32]

Robbins described t he definit ion as not classificatory in "pick[ing] out cert ain kinds of
behaviour" but rat her analytical in "focus[ing] at t ent ion on a part icular aspect of behaviour, t he
form imposed by t he influence of scarcit y."[33] He affirmed t hat previous economist s have
usually cent red t heir st udies on t he analysis of wealt h: how wealt h is creat ed (product ion),
dist ribut ed, and consumed; and how wealt h can grow.[34] But he said t hat economics can be
used t o st udy ot her t hings, such as war, t hat are out side it s usual focus. This is because war
has as t he goal winning it (as a sought aft er end), generat es bot h cost and benefit s; and,
resources (human life and ot her cost s) are used t o at t ain t he goal. If t he war is not winnable
or if t he expect ed cost s out weigh t he benefit s, t he deciding actors (assuming t hey are
rat ional) may never go t o war (a decision) but rat her explore ot her alt ernat ives. We cannot
define economics as t he science t hat st udies wealt h, war, crime, educat ion, and any ot her
field economic analysis can be applied t o; but , as t he science t hat st udies a part icular
common aspect of each of t hose subject s (t hey all use scarce resources t o at t ain a sought
aft er end).

Some subsequent comment s crit icized t he definit ion as overly broad in failing t o limit it s
subject mat t er t o analysis of market s. From t he 1960s, however, such comment s abat ed as
t he economic t heory of maximizing behaviour and rat ional-choice modelling expanded t he
domain of t he subject t o areas previously t reat ed in ot her fields.[35] There are ot her crit icisms
as well, such as in scarcit y not account ing for t he macroeconomics of high unemployment .[36]

Gary Becker, a cont ribut or t o t he expansion of economics int o new areas, described t he
approach he favoured as "combin[ing t he] assumpt ions of maximizing behaviour, st able
preferences, and market equilibrium, used relent lessly and unflinchingly."[37] One comment ary
charact erizes t he remark as making economics an approach rat her t han a subject mat t er but
wit h great specificit y as t o t he "choice process and t he t ype of social int eract ion t hat [such]
analysis involves." The same source reviews a range of definit ions included in principles of
economics t ext books and concludes t hat t he lack of agreement need not affect t he
subject -mat t er t hat t he t ext s t reat . Among economist s more generally, it argues t hat a
part icular definit ion present ed may reflect t he direct ion t oward which t he aut hor believes
economics is evolving, or should evolve.[26]

According t o economist Ha-Joon Chang economics should be defined not in t erms of it s

met hodology or t heoret ical approach but in t erms of it s subject mat t er. Ha-Joon Chang finds
a definit ion like "t he science which st udies human behavior as a relat ionship bet ween ends and
scarce means which have alt ernat ive uses" very peculiar because all ot her sciences define
t hemselves in t erms of t he area of inquiry or object of inquiry rat her t han t he met hodology. In
t he biology depart ment , t hey don't say t hat all biology should be st udied wit h DNA analysis.
People st udy living organisms in many different ways, so some people will do DNA analysis,
ot hers might do anat omy, and st ill ot hers might build game t heoret ic models of animal
behavior. But t hey are all called biology because t hey all st udy living organisms. According t o
Ha Joon Chang, t his view t hat you can and should st udy t he economy in only one way (for
example by st udying only rat ional choices), and going even one st ep furt her and basically
redefining economics as a t heory of everyt hing, is very peculiar.[38]

History of economic thought

From antiquity through the physiocrats

Quest ions regarding dist ribut ion of resources are found t hroughout t he writ ings of t he
Boeot ian poet Hesiod and several economic hist orians have described Hesiod himself as t he
"first economist ".[39] However, t he word Oikos, t he Greek word from which t he word economy
derives, was used for issues regarding how t o manage a household (Underst ood as t he
landowner, his family and his slaves.[40]) rat her t han t o refer t o some normat ive societ al
syst em of dist ribut ion of resources, which is a much more recent phenomenon.[41][42][43]
Xenophon, t he aut hor of t he Oeconomicus, is credit ed by philologues for being t he source of
t he word economy.[44] Ot her not able writ ers from Ant iquit y t hrough t o t he Renaissance which
wrot e on include Arist ot le, Chanakya (also known as Kaut ilya), Qin Shi Huang, Ibn Khaldun, and
Thomas Aquinas. Joseph Schumpet er described 16t h and 17t h cent ury scholast ic writ ers,
including Tomás de Mercado, Luis de Molina, and Juan de Lugo, as "coming nearer t han any
ot her group t o being t he 'founders' of scient ific economics" as t o monet ary, int erest , and
value t heory wit hin a nat ural-law perspect ive.[45]

A 1638 painting of a French seaport during the heyday of mercantilism

Two groups, who lat er were called "mercant ilist s" and "physiocrat s", more direct ly influenced
t he subsequent development of t he subject . Bot h groups were associat ed wit h t he rise of
economic nat ionalism and modern capit alism in Europe. Mercant ilism was an economic
doct rine t hat flourished from t he 16t h t o 18t h cent ury in a prolific pamphlet lit erat ure,
whet her of merchant s or st at esmen. It held t hat a nat ion's wealt h depended on it s
accumulat ion of gold and silver. Nat ions wit hout access t o mines could obt ain gold and silver
from t rade only by selling goods abroad and rest rict ing import s ot her t han of gold and silver.
The doct rine called for import ing cheap raw mat erials t o be used in manufact uring goods,
which could be export ed, and for st at e regulat ion t o impose prot ect ive t ariffs on foreign
manufact ured goods and prohibit manufact uring in t he colonies.[46]

Physiocrat s, a group of 18t h-cent ury French t hinkers and writ ers, developed t he idea of t he
economy as a circular flow of income and out put . Physiocrat s believed t hat only agricult ural
product ion generat ed a clear surplus over cost , so t hat agricult ure was t he basis of all
wealt h.[47] Thus, t hey opposed t he mercant ilist policy of promot ing manufact uring and t rade
at t he expense of agricult ure, including import t ariffs. Physiocrat s advocat ed replacing
administ rat ively cost ly t ax collect ions wit h a single t ax on income of land owners. In react ion
against copious mercant ilist t rade regulat ions, t he physiocrat s advocat ed a policy of laissez-
faire, which called for minimal government int ervent ion in t he economy.[48]
Adam Smit h (1723–1790) was an early economic t heorist .[49] Smit h was harshly crit ical of t he
mercant ilist s but described t he physiocrat ic syst em "wit h all it s imperfect ions" as "perhaps
t he purest approximat ion t o t he t rut h t hat has yet been published" on t he subject .[50]

Classical political economy

The publication of Adam Smith's The Wealth of Nations in 1776 is considered to be the first formalisation of economic
thought.

The publicat ion of Adam Smit h's The Wealth of Nations in 1776, has been described as "t he
effect ive birt h of economics as a separat e discipline."[51] The book ident ified land, labour, and
capit al as t he t hree fact ors of product ion and t he major cont ribut ors t o a nat ion's wealt h, as
dist inct from t he physiocrat ic idea t hat only agricult ure was product ive.

Smit h discusses pot ent ial benefit s of specializat ion by division of labour, including increased
labour product ivit y and gains from t rade, whet her bet ween t own and count ry or across
count ries.[52] His "t heorem" t hat "t he division of labor is limit ed by t he ext ent of t he market "
has been described as t he "core of a t heory of t he funct ions of firm and indust ry" and a
"fundament al principle of economic organizat ion."[53] To Smit h has also been ascribed "t he
most import ant subst ant ive proposit ion in all of economics" and foundat ion of resource-
allocat ion t heory – t hat , under compet it ion, resource owners (of labour, land, and capit al) seek
t heir most profit able uses, result ing in an equal rat e of ret urn for all uses in equilibrium
(adjust ed for apparent differences arising from such fact ors as t raining and
unemployment ).[54]
In an argument t hat includes "one of t he most famous passages in all economics,"[55] Smit h
represent s every individual as t rying t o employ any capit al t hey might command for t heir own
advant age, not t hat of t he societ y,[a] and for t he sake of profit , which is necessary at some
level for employing capit al in domest ic indust ry, and posit ively relat ed t o t he value of
produce.[57] In t his:

He generally, indeed, neither intends to promote the public

interest, nor knows how much he is promoting it. By preferring
the support of domestic to that of foreign industry, he intends
only his own security; and by directing that industry in such a
manner as its produce may be of the greatest value, he intends
only his own gain, and he is in this, as in many other cases, led by
an invisible hand to promote an end which was no part of his
intention. Nor is it always the worse for the society that it was no
part of it. By pursuing his own interest he frequently promotes
that of the society more effectually than when he really intends
to promote it.[58]

The Rev. Thomas Robert Malt hus (1798) used t he concept of diminishing ret urns t o explain
low living st andards. Human populat ion, he argued, t ended t o increase geomet rically,
out st ripping t he product ion of food, which increased arit hmet ically. The force of a rapidly
growing populat ion against a limit ed amount of land meant diminishing ret urns t o labour. The
result , he claimed, was chronically low wages, which prevent ed t he st andard of living for most
of t he populat ion from rising above t he subsist ence level.[59] Economist Julian Lincoln Simon
has crit icized Malt hus's conclusions.[60]

While Adam Smit h emphasized t he product ion of income, David Ricardo (1817) focused on
t he dist ribut ion of income among landowners, workers, and capit alist s. Ricardo saw an
inherent conflict bet ween landowners on t he one hand and labour and capit al on t he ot her. He
posit ed t hat t he growt h of populat ion and capit al, pressing against a fixed supply of land,
pushes up rent s and holds down wages and profit s. Ricardo was t he first t o st at e and prove
t he principle of comparat ive advant age, according t o which each count ry should specialize in
producing and export ing goods in t hat it has a lower relative cost of product ion, rat her relying
only on it s own product ion.[61] It has been t ermed a "fundament al analyt ical explanat ion" for
gains from t rade.[62]

Coming at t he end of t he classical t radit ion, John St uart Mill (1848) part ed company wit h t he
earlier classical economist s on t he inevit abilit y of t he dist ribut ion of income produced by t he
market syst em. Mill point ed t o a dist inct difference bet ween t he market 's t wo roles:
allocat ion of resources and dist ribut ion of income. The market might be efficient in allocat ing
resources but not in dist ribut ing income, he wrot e, making it necessary for societ y t o
int ervene.[63]

Value t heory was import ant in classical t heory. Smit h wrot e t hat t he "real price of every
t hing ... is t he t oil and t rouble of acquiring it ". Smit h maint ained t hat , wit h rent and profit , ot her
cost s besides wages also ent er t he price of a commodit y.[64] Ot her classical economist s
present ed variat ions on Smit h, t ermed t he 'labour t heory of value'. Classical economics
focused on t he t endency of any market economy t o set t le in a final st at ionary st at e made up
of a const ant st ock of physical wealt h (capit al) and a const ant populat ion size.

The Marxist critique of political economy comes from the work of German philosopher Karl Marx.

Marxian economics

Marxist (lat er, Marxian) economics descends from classical economics and it derives from
t he work of Karl Marx. The first volume of Marx's major work, Das Kapital, was published in
German in 1867. In it , Marx focused on t he labour t heory of value and t he t heory of surplus
value which, he believed, explained t he exploit at ion of labour by capit al.[65] The labour t heory
of value held t hat t he value of an exchanged commodit y was det ermined by t he labour t hat
went int o it s product ion and t he t heory of surplus value demonst rat ed how t he workers only
got paid a proport ion of t he value t heir work had creat ed.[66]

Marxian economics was furt her developed by Karl Kaut sky (1854-1938)'s The Economic
Doctrines of Karl Marx and The Class Struggle (Erfurt Program), Rudolf Hilferding's (1877-
1941) Finance Capital, Vladimir Lenin (1870-1924)'s The Development of Capitalism in Russia
and Imperialism, the Highest Stage of Capitalism, and Rosa Luxemburg (1871-1919)'s The
Accumulation of Capital.

Neoclassical economics

At t he dawn as a social science, economics was defined and discussed at lengt h as t he

st udy of product ion, dist ribut ion, and consumpt ion of wealt h by Jean-Bapt ist e Say in his
Treatise on Political Economy or, The Production, Distribution, and Consumption of Wealth
(1803). These t hree it ems are considered by t he science only in relat ion t o t he increase or
diminut ion of wealt h, and not in reference t o t heir processes of execut ion.[b] Say's definit ion
has prevailed up t o our t ime, saved by subst it ut ing t he word "wealt h" for "goods and services"
meaning t hat wealt h may include non-mat erial object s as well. One hundred and t hirt y years
lat er, Lionel Robbins not iced t hat t his definit ion no longer sufficed,[c] because many
economist s were making t heoret ical and philosophical inroads in ot her areas of human
act ivit y. In his Essay on the Nature and Significance of Economic Science, he proposed a
definit ion of economics as a st udy of a part icular aspect of human behaviour, t he one t hat
falls under t he influence of scarcit y,[d] which forces people t o choose, allocat e scarce
resources t o compet ing ends, and economize (seeking t he great est welfare while avoiding
t he wast ing of scarce resources). For Robbins, t he insufficiency was solved, and his definit ion
allows us t o proclaim, wit h an easy conscience, educat ion economics, safet y and securit y
economics, healt h economics, war economics, and of course, product ion, dist ribut ion and
consumpt ion economics as valid subject s of t he economic science." Cit ing Robbins:
"Economics is t he science which st udies human behavior as a relat ionship bet ween ends and
scarce means which have alt ernat ive uses".[33] Aft er discussing it for decades, Robbins'
definit ion became widely accept ed by mainst ream economist s, and it has opened way int o
current t ext books.[67] Alt hough far from unanimous, most mainst ream economist s would
accept some version of Robbins' definit ion, even t hough many have raised serious object ions
t o t he scope and met hod of economics, emanat ing from t hat definit ion.[68] Due t o t he lack of
st rong consensus, and t hat product ion, dist ribut ion and consumpt ion of goods and services is
t he prime area of st udy of economics, t he old definit ion st ill st ands in many quart ers.

A body of t heory lat er t ermed "neoclassical economics" or "marginalism" formed from about
1870 t o 1910. The t erm "economics" was popularized by such neoclassical economist s as
Alfred Marshall and Mary Paley Marshall as a concise synonym for "economic science" and a
subst it ut e for t he earlier "polit ical economy".[23][24] This corresponded t o t he influence on t he
subject of mat hemat ical met hods used in t he nat ural sciences.[69]

Neoclassical economics syst emat ized supply and demand as joint det erminant s of price and
quant it y in market equilibrium, affect ing bot h t he allocat ion of out put and t he dist ribut ion of
income. It dispensed wit h t he labour t heory of value inherit ed from classical economics in
favour of a marginal ut ilit y t heory of value on t he demand side and a more general t heory of
cost s on t he supply side.[70] In t he 20t h cent ury, neoclassical t heorist s moved away from an
earlier not ion suggest ing t hat t ot al ut ilit y for a societ y could be measured in favour of ordinal
ut ilit y, which hypot hesizes merely behaviour-based relat ions across persons.[71][72]

In microeconomics, neoclassical economics represent s incent ives and cost s as playing a

pervasive role in shaping decision making. An immediat e example of t his is t he consumer
t heory of individual demand, which isolat es how prices (as cost s) and income affect quant it y
demanded.[71] In macroeconomics it is reflect ed in an early and last ing neoclassical synt hesis
wit h Keynesian macroeconomics.[73][71]

Neoclassical economics is occasionally referred as orthodox economics whet her by it s crit ics
or sympat hizers. Modern mainst ream economics builds on neoclassical economics but wit h
many refinement s t hat eit her supplement or generalize earlier analysis, such as economet rics,
game t heory, analysis of market failure and imperfect compet it ion, and t he neoclassical
model of economic growt h for analysing long-run variables affect ing nat ional income.

Neoclassical economics st udies t he behaviour of individuals, households, and organizat ions

(called economic act ors, players, or agent s), when t hey manage or use scarce resources,
which have alt ernat ive uses, t o achieve desired ends. Agent s are assumed t o act rat ionally,
have mult iple desirable ends in sight , limit ed resources t o obt ain t hese ends, a set of st able
preferences, a definit e overall guiding object ive, and t he capabilit y of making a choice. There
exist s an economic problem, subject t o st udy by economic science, when a decision (choice)
is made by one or more resource-cont rolling players t o at t ain t he best possible out come
under bounded rat ional condit ions. In ot her words, resource-cont rolling agent s maximize value
subject t o t he const raint s imposed by t he informat ion t he agent s have, t heir cognit ive
limit at ions, and t he finit e amount of t ime t hey have t o make and execut e a decision.
Economic science cent res on t he act ivit ies of t he economic agent s t hat comprise societ y.[74]
They are t he focus of economic analysis.[e]

An approach t o underst anding t hese processes, t hrough t he st udy of agent behaviour under
scarcit y, may go as follows:

The cont inuous int erplay (exchange or t rade) done by economic act ors in all market s set s t he
prices for all goods and services which, in t urn, make t he rat ional managing of scarce
resources possible. At t he same t ime, t he decisions (choices) made by t he same act ors, while
t hey are pursuing t heir own int erest , det ermine t he level of out put (product ion), consumpt ion,
savings, and invest ment , in an economy, as well as t he remunerat ion (dist ribut ion) paid t o t he
owners of labour (in t he form of wages), capit al (in t he form of profit s) and land (in t he form
of rent ).[f] Each period, as if t hey were in a giant feedback syst em, economic players influence
t he pricing processes and t he economy, and are in t urn influenced by t hem unt il a st eady
st at e (equilibrium) of all variables involved is reached or unt il an ext ernal shock t hrows t he
syst em t oward a new equilibrium point . Because of t he aut onomous act ions of rat ional
int eract ing agent s, t he economy is a complex adapt ive syst em.[g]

Keynesian economics

John Maynard Keynes (right) was a key theorist in economics.

Keynesian economics derives from John Maynard Keynes, in part icular his book The General
Theory of Employment, Interest and Money (1936), which ushered in cont emporary
macroeconomics as a dist inct field.[75] The book focused on det erminant s of nat ional income
in t he short run when prices are relat ively inflexible. Keynes at t empt ed t o explain in broad
t heoret ical det ail why high labour-market unemployment might not be self-correct ing due t o
low "effect ive demand" and why even price flexibilit y and monet ary policy might be unavailing.
The t erm "revolut ionary" has been applied t o t he book in it s impact on economic analysis.[76]

Keynesian economics has t wo successors. Post -Keynesian economics also concent rat es on
macroeconomic rigidit ies and adjust ment processes. Research on micro foundat ions for t heir
models is represent ed as based on real-life pract ices rat her t han simple opt imizing models. It
is generally associat ed wit h t he Universit y of Cambridge and t he work of Joan Robinson.[77]

New-Keynesian economics is also associat ed wit h development s in t he Keynesian fashion.

Wit hin t his group researchers t end t o share wit h ot her economist s t he emphasis on models
employing micro foundat ions and opt imizing behaviour but wit h a narrower focus on st andard
Keynesian t hemes such as price and wage rigidit y. These are usually made t o be endogenous
feat ures of t he models, rat her t han simply assumed as in older Keynesian-st yle ones.

Chicago school of economics

The Chicago School of economics is best known for it s free market advocacy and monet arist
ideas. According t o Milt on Friedman and monet arist s, market economies are inherent ly st able
if t he money supply does not great ly expand or cont ract . Ben Bernanke, former Chairman of
t he Federal Reserve, is among t he economist s t oday generally accept ing Friedman's analysis
of t he causes of t he Great Depression.[78]

Milt on Friedman effect ively t ook many of t he basic principles set fort h by Adam Smit h and
t he classical economist s and modernized t hem. One example of t his is his art icle in t he 13
Sept ember 1970 issue of The New York Times Magazine, in which he claims t hat t he social
responsibilit y of business should be "t o use it s resources and engage in act ivit ies designed t o
increase it s profit s ... (t hrough) open and free compet it ion wit hout decept ion or fraud."[79]

Austrian School of economics

The Aust rian School emphasizes human act ion, propert y right s and t he freedom t o cont ract
and t ransact t o have a t hriving and successful economy.[80] It also emphasizes t hat t he st at e
should play an infinit esimally small role (if any role) in t he regulat ion of economic act ivit y
bet ween t wo t ransact ing part ies.[81] A key component of Aust rian economics is t he principle
of sound money. As Ludwig Von Mises, one of t he most prominent 20t h cent ury Aust rian
economist s, st at ed, "Ideologically it (sound money) belongs in t he same class wit h polit ical
const it ut ions and bills of right s."[82] Aust rian economist s assert t hat sound money prevent s
government act ors from debasing t he currency, disrupt ing t he savings rat e of t he populat ion
and art ificially dist ort ing t he economic choices of individual act ors.

Other schools and approaches

Ot her well-known schools or t rends of t hought referring t o a part icular st yle of economics
pract ised at and disseminat ed from well-defined groups of academicians t hat have become
known worldwide, include t he Freiburg School, t he School of Lausanne, post -Keynesian
economics and t he St ockholm school. Cont emporary mainst ream economics is somet imes
separat ed int o t he Salt wat er approach of t hose universit ies along t he East ern and West ern
coast s of t he US, and t he Freshwat er, or Chicago-school approach.
Wit hin macroeconomics t here is, in general order of t heir hist orical appearance in t he
lit erat ure; classical economics, neoclassical economics, Keynesian economics, t he
neoclassical synt hesis, monet arism, new classical economics, New Keynesian economics[83]
and t he new neoclassical synt hesis.[84] In general, alt ernat ive development s include
ecological economics, const it ut ional economics, inst it ut ional economics, evolut ionary
economics, dependency t heory, st ruct uralist economics, world syst ems t heory,
econophysics, econodynamics, feminist economics and biophysical economics.[85]

Methodology

Theoretical research

Mainst ream economic t heory relies upon a priori quant it at ive economic models, which employ
a variet y of concept s. Theory t ypically proceeds wit h an assumpt ion of ceteris paribus, which
means holding const ant explanat ory variables ot her t han t he one under considerat ion. When
creat ing t heories, t he object ive is t o find ones which are at least as simple in informat ion
requirement s, more precise in predict ions, and more fruit ful in generat ing addit ional research
t han prior t heories.[86] While neoclassical economic t heory const it ut es bot h t he dominant or
ort hodox t heoret ical as well as met hodological framework, economic t heory can also t ake
t he form of ot her schools of t hought such as in het erodox economic t heories.

In microeconomics, principal concept s include supply and demand, marginalism, rat ional
choice t heory, opport unit y cost , budget const raint s, ut ilit y, and t he t heory of t he firm.[87]
Early macroeconomic models focused on modelling t he relat ionships bet ween aggregat e
variables, but as t he relat ionships appeared t o change over t ime macroeconomist s, including
new Keynesians, reformulat ed t heir models in microfoundat ions.[88]

The aforement ioned microeconomic concept s play a major part in macroeconomic models –
for inst ance, in monet ary t heory, t he quant it y t heory of money predict s t hat increases in t he
growt h rat e of t he money supply increase inflat ion, and inflat ion is assumed t o be influenced
by rat ional expect at ions. In development economics, slower growt h in developed nat ions has
been somet imes predict ed because of t he declining marginal ret urns of invest ment and
capit al, and t his has been observed in t he Four Asian Tigers. Somet imes an economic
hypot hesis is only qualitative, not quantitative.[89]

Exposit ions of economic reasoning oft en use t wo-dimensional graphs t o illust rat e t heoret ical
relat ionships. At a higher level of generalit y, mat hemat ical economics is t he applicat ion of
mat hemat ical met hods t o represent t heories and analyze problems in economics. Paul
Samuelson's t reat ise Foundations of Economic Analysis (1947) exemplifies t he met hod,
part icularly as t o maximizing behavioral relat ions of agent s reaching equilibrium. The book
focused on examining t he class of st at ement s called operationally meaningful theorems in
economics, which are t heorems t hat can conceivably be refut ed by empirical dat a.[90]

Empirical research

Economic t heories are frequent ly t est ed empirically, largely t hrough t he use of economet rics
using economic dat a.[91] The cont rolled experiment s common t o t he physical sciences are
difficult and uncommon in economics,[92] and inst ead broad dat a is observat ionally st udied;
t his t ype of t est ing is t ypically regarded as less rigorous t han cont rolled experiment at ion, and
t he conclusions t ypically more t ent at ive. However, t he field of experiment al economics is
growing, and increasing use is being made of nat ural experiment s.

St at ist ical met hods such as regression analysis are common. Pract it ioners use such met hods
t o est imat e t he size, economic significance, and st at ist ical significance ("signal st rengt h") of
t he hypot hesized relat ion(s) and t o adjust for noise from ot her variables. By such means, a
hypot hesis may gain accept ance, alt hough in a probabilist ic, rat her t han cert ain, sense.
Accept ance is dependent upon t he falsifiable hypot hesis surviving t est s. Use of commonly
accept ed met hods need not produce a final conclusion or even a consensus on a part icular
quest ion, given different t est s, dat a set s, and prior beliefs.

Crit icisms based on professional st andards and non-replicabilit y of result s serve as furt her
checks against bias, errors, and overgeneralizat ion,[93][94] alt hough much economic research
has been accused of being non-replicable, and prest igious journals have been accused of not
facilit at ing replicat ion t hrough t he provision of t he code and dat a.[95] Like t heories, uses of
t est st at ist ics are t hemselves open t o crit ical analysis,[96] alt hough crit ical comment ary on
papers in economics in prest igious journals such as t he American Economic Review has
declined precipit ously in t he past 40 years. This has been at t ribut ed t o journals' incent ives t o
maximize cit at ions in order t o rank higher on t he Social Science Cit at ion Index (SSCI).[97]

In applied economics, input –out put models employing linear programming met hods are quit e
common. Large amount s of dat a are run t hrough comput er programs t o analyse t he impact of
cert ain policies; IMPLAN is one well-known example.

Experiment al economics has promot ed t he use of scient ifically cont rolled experiment s. This
has reduced t he long-not ed dist inct ion of economics from nat ural sciences because it allows
direct t est s of what were previously t aken as axioms.[98] In some cases t hese have found
t hat t he axioms are not ent irely correct ; for example, t he ult imat um game has revealed t hat
people reject unequal offers.
In behavioural economics, psychologist Daniel Kahneman won t he Nobel Prize in economics in
2002 for his and Amos Tversky's empirical discovery of several cognit ive biases and
heurist ics. Similar empirical t est ing occurs in neuroeconomics. Anot her example is t he
assumpt ion of narrowly selfish preferences versus a model t hat t est s for selfish, alt ruist ic,
and cooperat ive preferences.[99] These t echniques have led some t o argue t hat economics is
a "genuine science".[100]

Branches of economics

Microeconomics

Economists study trade, production and consumption decisions, such as those that occur in a traditional marketplace.

Electronic trading brings together buyers and sellers through an electronic trading platform and network to create
virtual market places. Pictured: São Paulo Stock Exchange, Brazil.

Microeconomics examines how ent it ies, forming a market st ruct ure, int eract wit hin a market
t o creat e a market syst em. These ent it ies include privat e and public players wit h various
classificat ions, t ypically operat ing under scarcit y of t radable unit s and light government
regulat ion. The it em t raded may be a t angible product such as apples or a service such as
repair services, legal counsel, or ent ert ainment .

In t heory, in a free market t he aggregat es (sum of) of quantity demanded by buyers and
quantity supplied by sellers may reach economic equilibrium over t ime in react ion t o price
changes; in pract ice, various issues may prevent equilibrium, and any equilibrium reached may
not necessarily be morally equit able. For example, if t he supply of healt hcare services is
limit ed by ext ernal fact ors, t he equilibrium price may be unaffordable for many who desire it
but cannot pay for it .

Various market st ruct ures exist . In perfect ly compet it ive market s, no part icipant s are large
enough t o have t he market power t o set t he price of a homogeneous product . In ot her words,
every part icipant is a "price t aker" as no part icipant influences t he price of a product . In t he
real world, market s oft en experience imperfect compet it ion.

Forms include monopoly (in which t here is only one seller of a good), duopoly (in which t here
are only t wo sellers of a good), oligopoly (in which t here are few sellers of a good),
monopolist ic compet it ion (in which t here are many sellers producing highly different iat ed
goods), monopsony (in which t here is only one buyer of a good), and oligopsony (in which t here
are few buyers of a good). Unlike perfect compet it ion, imperfect compet it ion invariably
means market power is unequally dist ribut ed. Firms under imperfect compet it ion have t he
pot ent ial t o be "price makers", which means t hat , by holding a disproport ionat ely high share of
market power, t hey can influence t he prices of t heir product s.

Microeconomics st udies individual market s by simplifying t he economic syst em by assuming

t hat act ivit y in t he market being analysed does not affect ot her market s. This met hod of
analysis is known as part ial-equilibrium analysis (supply and demand). This met hod aggregat es
(t he sum of all act ivit y) in only one market . General-equilibrium t heory st udies various market s
and t heir behaviour. It aggregat es (t he sum of all act ivit y) across all market s. This met hod
st udies bot h changes in market s and t heir int eract ions leading t owards equilibrium.[101]

Production, cost, and efficiency

In microeconomics, product ion is t he conversion of input s int o out put s. It is an economic

process t hat uses input s t o creat e a commodit y or a service for exchange or direct use.
Product ion is a flow and t hus a rat e of out put per period of t ime. Dist inct ions include such
product ion alt ernat ives as for consumpt ion (food, haircut s, et c.) vs. invest ment goods (new
t ract ors, buildings, roads, et c.), public goods (nat ional defence, smallpox vaccinat ions, et c.) or
privat e goods (new comput ers, bananas, et c.), and "guns" vs "but t er".
Opport unit y cost is t he economic cost of product ion: t he value of t he next best opport unit y
foregone. Choices must be made bet ween desirable yet mut ually exclusive act ions. It has
been described as expressing "t he basic relat ionship bet ween scarcit y and choice".[102] For
example, if a baker uses a sack of flour t o make pret zels one morning, t hen t he baker cannot
use eit her t he flour or t he morning t o make bagels inst ead. Part of t he cost of making
pret zels is t hat neit her t he flour nor t he morning are available any longer, for use in some ot her
way. The opport unit y cost of an act ivit y is an element in ensuring t hat scarce resources are
used efficient ly, such t hat t he cost is weighed against t he value of t hat act ivit y in deciding on
more or less of it . Opport unit y cost s are not rest rict ed t o monet ary or financial cost s but
could be measured by t he real cost of out put forgone, leisure, or anyt hing else t hat provides
t he alt ernat ive benefit (ut ilit y).[103]

Input s used in t he product ion process include such primary fact ors of product ion as labour
services, capit al (durable produced goods used in product ion, such as an exist ing fact ory), and
land (including nat ural resources). Ot her input s may include int ermediat e goods used in
product ion of final goods, such as t he st eel in a new car.

Economic efficiency measures how well a syst em generat es desired out put wit h a given set
of input s and available t echnology. Efficiency is improved if more out put is generat ed wit hout
changing input s, or in ot her words, t he amount of "wast e" is reduced. A widely accept ed
general st andard is Paret o efficiency, which is reached when no furt her change can make
someone bet t er off wit hout making someone else worse off.

An example production–possibility frontier with illustrative points marked.

The product ion–possibilit y front ier (PPF) is an exposit ory figure for represent ing scarcit y,
cost , and efficiency. In t he simplest case an economy can produce just t wo goods (say "guns"
and "but t er"). The PPF is a t able or graph (as at t he right ) showing t he different quant it y
combinat ions of t he t wo goods producible wit h a given t echnology and t ot al fact or input s,
which limit feasible t ot al out put . Each point on t he curve shows pot ent ial t ot al out put for t he
economy, which is t he maximum feasible out put of one good, given a feasible out put quant it y
of t he ot her good.

Scarcit y is represent ed in t he figure by people being willing but unable in t he aggregat e t o

consume beyond the PPF (such as at X) and by t he negat ive slope of t he curve.[104] If
product ion of one good increases along t he curve, product ion of t he ot her good decreases, an
inverse relat ionship. This is because increasing out put of one good requires t ransferring input s
t o it from product ion of t he ot her good, decreasing t he lat t er.

The slope of t he curve at a point on it gives t he t rade-off bet ween t he t wo goods. It

measures what an addit ional unit of one good cost s in unit s forgone of t he ot her good, an
example of a real opportunity cost. Thus, if one more Gun cost s 100 unit s of but t er, t he
opport unit y cost of one Gun is 100 But t er. Along the PPF, scarcit y implies t hat choosing more
of one good in t he aggregat e ent ails doing wit h less of t he ot her good. St ill, in a market
economy, movement along t he curve may indicat e t hat t he choice of t he increased out put is
ant icipat ed t o be wort h t he cost t o t he agent s.

By const ruct ion, each point on t he curve shows productive efficiency in maximizing out put for
given t ot al input s. A point inside t he curve (as at A), is feasible but represent s production
inefficiency (wast eful use of input s), in t hat out put of one or both goods could increase by
moving in a nort heast direct ion t o a point on t he curve. Examples cit ed of such inefficiency
include high unemployment during a business-cycle recession or economic organizat ion of a
count ry t hat discourages full use of resources. Being on t he curve might st ill not fully sat isfy
allocat ive efficiency (also called Paret o efficiency) if it does not produce a mix of goods t hat
consumers prefer over ot her point s.

Much applied economics in public policy is concerned wit h det ermining how t he efficiency of
an economy can be improved. Recognizing t he realit y of scarcit y and t hen figuring out how t o
organize societ y for t he most efficient use of resources has been described as t he "essence
of economics", where t he subject "makes it s unique cont ribut ion."[105]

Specialization
A map showing the main trade routes for goods within late medieval Europe

Specializat ion is considered key t o economic efficiency based on t heoret ical and empirical
considerat ions. Different individuals or nat ions may have different real opport unit y cost s of
product ion, say from differences in st ocks of human capit al per worker or capit al/labour
rat ios. According t o t heory, t his may give a comparat ive advant age in product ion of goods
t hat make more int ensive use of t he relat ively more abundant , t hus relatively cheaper, input .

Even if one region has an absolut e advant age as t o t he rat io of it s out put s t o input s in every
t ype of out put , it may st ill specialize in t he out put in which it has a comparat ive advant age
and t hereby gain from t rading wit h a region t hat lacks any absolut e advant age but has a
comparat ive advant age in producing somet hing else.

It has been observed t hat a high volume of t rade occurs among regions even wit h access t o a
similar t echnology and mix of fact or input s, including high-income count ries. This has led t o
invest igat ion of economies of scale and agglomerat ion t o explain specializat ion in similar but
different iat ed product lines, t o t he overall benefit of respect ive t rading part ies or regions.[106]

The general t heory of specializat ion applies t o t rade among individuals, farms, manufact urers,
service providers, and economies. Among each of t hese product ion syst ems, t here may be a
corresponding division of labour wit h different work groups specializing, or correspondingly
different t ypes of capit al equipment and different iat ed land uses.[107]

An example t hat combines feat ures above is a count ry t hat specializes in t he product ion of
high-t ech knowledge product s, as developed count ries do, and t rades wit h developing
nat ions for goods produced in fact ories where labour is relat ively cheap and plent iful,
result ing in different in opport unit y cost s of product ion. More t ot al out put and ut ilit y t hereby
result s from specializing in product ion and t rading t han if each count ry produced it s own high-
t ech and low-t ech product s.

Theory and observat ion set out t he condit ions such t hat market prices of out put s and
product ive input s select an allocat ion of fact or input s by comparat ive advant age, so t hat
(relat ively) low-cost input s go t o producing low-cost out put s. In t he process, aggregat e
out put may increase as a by-product or by design.[108] Such specializat ion of product ion
creat es opport unit ies for gains from t rade whereby resource owners benefit from t rade in t he
sale of one t ype of out put for ot her, more highly valued goods. A measure of gains from t rade
is t he increased income levels t hat t rade may facilit at e.[109]

Supply and demand

The supply and demand model describes how prices vary as a result of a balance between product availability and
demand. The graph depicts an increase (that is, right-shift) in demand from D1 to D2 along with the consequent
increase in price and quantity required to reach a new equilibrium point on the supply curve (S).

Prices and quant it ies have been described as t he most direct ly observable at t ribut es of
goods produced and exchanged in a market economy.[110] The t heory of supply and demand is
an organizing principle for explaining how prices coordinat e t he amount s produced and
consumed. In microeconomics, it applies t o price and out put det erminat ion for a market wit h
perfect compet it ion, which includes t he condit ion of no buyers or sellers large enough t o
have price-set t ing power.

For a given market of a commodit y, demand is t he relat ion of t he quant it y t hat all buyers
would be prepared t o purchase at each unit price of t he good. Demand is oft en represent ed
by a t able or a graph showing price and quant it y demanded (as in t he figure). Demand t heory
describes individual consumers as rat ionally choosing t he most preferred quant it y of each
good, given income, prices, t ast es, et c. A t erm for t his is "const rained ut ilit y maximizat ion"
(wit h income and wealt h as t he const raint s on demand). Here, ut ilit y refers t o t he
hypot hesized relat ion of each individual consumer for ranking different commodit y bundles as
more or less preferred.

The law of demand st at es t hat , in general, price and quant it y demanded in a given market are
inversely relat ed. That is, t he higher t he price of a product , t he less of it people would be
prepared t o buy (ot her t hings unchanged). As t he price of a commodit y falls, consumers move
t oward it from relat ively more expensive goods (t he subst it ut ion effect ). In addit ion,
purchasing power from t he price decline increases abilit y t o buy (t he income effect ). Ot her
fact ors can change demand; for example an increase in income will shift t he demand curve
for a normal good out ward relat ive t o t he origin, as in t he figure. All det erminant s are
predominant ly t aken as const ant fact ors of demand and supply.

Supply is t he relat ion bet ween t he price of a good and t he quant it y available for sale at t hat
price. It may be represent ed as a t able or graph relat ing price and quant it y supplied.
Producers, for example business firms, are hypot hesized t o be profit maximizers, meaning
t hat t hey at t empt t o produce and supply t he amount of goods t hat will bring t hem t he
highest profit . Supply is t ypically represent ed as a funct ion relat ing price and quant it y, if ot her
fact ors are unchanged.

That is, t he higher t he price at which t he good can be sold, t he more of it producers will
supply, as in t he figure. The higher price makes it profit able t o increase product ion. Just as on
t he demand side, t he posit ion of t he supply can shift , say from a change in t he price of a
product ive input or a t echnical improvement . The "Law of Supply" st at es t hat , in general, a
rise in price leads t o an expansion in supply and a fall in price leads t o a cont ract ion in supply.
Here as well, t he det erminant s of supply, such as price of subst it ut es, cost of product ion,
t echnology applied and various fact ors input s of product ion are all t aken t o be const ant for a
specific t ime period of evaluat ion of supply.

Market equilibrium occurs where quant it y supplied equals quant it y demanded, t he

int ersect ion of t he supply and demand curves in t he figure above. At a price below equilibrium,
t here is a short age of quant it y supplied compared t o quant it y demanded. This is posit ed t o
bid t he price up. At a price above equilibrium, t here is a surplus of quant it y supplied compared
t o quant it y demanded. This pushes t he price down. The model of supply and demand predict s
t hat for given supply and demand curves, price and quant it y will st abilize at t he price t hat
makes quant it y supplied equal t o quant it y demanded. Similarly, demand-and-supply t heory
predict s a new price-quant it y combinat ion from a shift in demand (as t o t he figure), or in
supply.

Firms

People frequent ly do not t rade direct ly on market s. Inst ead, on t he supply side, t hey may
work in and produce t hrough firms. The most obvious kinds of firms are corporat ions,
part nerships and t rust s. According t o Ronald Coase, people begin t o organize t heir product ion
in firms when t he cost s of doing business becomes lower t han doing it on t he market .[111]
Firms combine labour and capit al, and can achieve far great er economies of scale (when t he
average cost per unit declines as more unit s are produced) t han individual market t rading.

In perfect ly compet it ive market s st udied in t he t heory of supply and demand, t here are many
producers, none of which significant ly influence price. Indust rial organizat ion generalizes from
t hat special case t o st udy t he st rat egic behaviour of firms t hat do have significant cont rol of
price. It considers t he st ruct ure of such market s and t heir int eract ions. Common market
st ruct ures st udied besides perfect compet it ion include monopolist ic compet it ion, various
forms of oligopoly, and monopoly.[112]

Managerial economics applies microeconomic analysis t o specific decisions in business firms

or ot her management unit s. It draws heavily from quant it at ive met hods such as operat ions
research and programming and from st at ist ical met hods such as regression analysis in t he
absence of cert aint y and perfect knowledge. A unifying t heme is t he at t empt t o opt imize
business decisions, including unit -cost minimizat ion and profit maximizat ion, given t he firm's
object ives and const raint s imposed by t echnology and market condit ions.[113]

Uncertainty and game theory

Uncert aint y in economics is an unknown prospect of gain or loss, whet her quant ifiable as risk
or not . Wit hout it , household behaviour would be unaffect ed by uncert ain employment and
income prospect s, financial and capit al market s would reduce t o exchange of a single
inst rument in each market period, and t here would be no communicat ions indust ry.[114] Given
it s different forms, t here are various ways of represent ing uncert aint y and modelling
economic agent s' responses t o it .[115]

Game t heory is a branch of applied mat hemat ics t hat considers st rat egic int eract ions
bet ween agent s, one kind of uncert aint y. It provides a mat hemat ical foundat ion of indust rial
organizat ion, discussed above, t o model different t ypes of firm behaviour, for example in a
solipsist ic indust ry (few sellers), but equally applicable t o wage negot iat ions, bargaining,
cont ract design, and any sit uat ion where individual agent s are few enough t o have percept ible
effect s on each ot her. In behavioural economics, it has been used t o model t he st rat egies
agent s choose when int eract ing wit h ot hers whose int erest s are at least part ially adverse t o
t heir own.[116]

In t his, it generalizes maximizat ion approaches developed t o analyse market act ors such as in
t he supply and demand model and allows for incomplet e informat ion of act ors. The field
dat es from t he 1944 classic Theory of Games and Economic Behavior by John von Neumann
and Oskar Morgenst ern. It has significant applicat ions seemingly out side of economics in such
diverse subject s as t he formulat ion of nuclear st rat egies, et hics, polit ical science, and
evolut ionary biology.[117]

Risk aversion may st imulat e act ivit y t hat in well-funct ioning market s smoot hs out risk and
communicat es informat ion about risk, as in market s for insurance, commodit y fut ures
cont ract s, and financial inst rument s. Financial economics or simply finance describes t he
allocat ion of financial resources. It also analyses t he pricing of financial inst rument s, t he
financial st ruct ure of companies, t he efficiency and fragilit y of financial market s,[118] financial
crises, and relat ed government policy or regulat ion.[119]

Some market organizat ions may give rise t o inefficiencies associat ed wit h uncert aint y. Based
on George Akerlof's "Market for Lemons" art icle, t he paradigm example is of a dodgy second-
hand car market . Cust omers wit hout knowledge of whet her a car is a "lemon" depress it s price
below what a qualit y second-hand car would be.[120] Informat ion asymmet ry arises here, if t he
seller has more relevant informat ion t han t he buyer but no incent ive t o disclose it . Relat ed
problems in insurance are adverse select ion, such t hat t hose at most risk are most likely t o
insure (say reckless drivers), and moral hazard, such t hat insurance result s in riskier behaviour
(say more reckless driving).[121]

Bot h problems may raise insurance cost s and reduce efficiency by driving ot herwise willing
t ransact ors from t he market ("incomplet e market s"). Moreover, at t empt ing t o reduce one
problem, say adverse select ion by mandat ing insurance, may add t o anot her, say moral hazard.
Informat ion economics, which st udies such problems, has relevance in subject s such as
insurance, cont ract law, mechanism design, monet ary economics, and healt h care.[121] Applied
subject s include market and legal remedies t o spread or reduce risk, such as warrant ies,
government -mandat ed part ial insurance, rest ruct uring or bankrupt cy law, inspect ion, and
regulat ion for qualit y and informat ion disclosure.[122][123]

Market failure
Pollution can be a simple example of market failure. If costs of production are not borne by producers but are by the
environment, accident victims or others, then prices are distorted.

Environmental scientist sampling water

The t erm "market failure" encompasses several problems which may undermine st andard
economic assumpt ions. Alt hough economist s cat egorize market failures different ly, t he
following cat egories emerge in t he main t ext s.[h]

Aut hors crit ical of economics t end t o view t he t alk of "market failiures", as a t erm which is
used when economic t heories don't correspond wit h realit y, making t hese t heories and
paradigms in which t hese t erms are used unfalsifiable.[124]

Informat ion asymmet ries and incomplet e market s may result in economic inefficiency but
also a possibilit y of improving efficiency t hrough market , legal, and regulat ory remedies, as
discussed above.

Nat ural monopoly, or t he overlapping concept s of "pract ical" and "t echnical" monopoly, is an
ext reme case of failure of competition as a rest raint on producers. Ext reme economies of
scale are one possible cause.

Public goods are goods which are under-supplied in a t ypical market . The defining feat ures
are t hat people can consume public goods wit hout having t o pay for t hem and t hat more t han
one person can consume t he good at t he same t ime.

Ext ernalit ies occur where t here are significant social cost s or benefit s from product ion or
consumpt ion t hat are not reflect ed in market prices. For example, air pollut ion may generat e a
negat ive ext ernalit y, and educat ion may generat e a posit ive ext ernalit y (less crime, et c.).
Government s oft en t ax and ot herwise rest rict t he sale of goods t hat have negat ive
ext ernalit ies and subsidize or ot herwise promot e t he purchase of goods t hat have posit ive
ext ernalit ies in an effort t o correct t he price dist ort ions caused by t hese ext ernalit ies.[125]
Element ary demand-and-supply t heory predict s equilibrium but not t he speed of adjust ment
for changes of equilibrium due t o a shift in demand or supply.[126]

In many areas, some form of price st ickiness is post ulat ed t o account for quant it ies, rat her
t han prices, adjust ing in t he short run t o changes on t he demand side or t he supply side. This
includes st andard analysis of t he business cycle in macroeconomics. Analysis oft en revolves
around causes of such price st ickiness and t heir implicat ions for reaching a hypot hesized
long-run equilibrium. Examples of such price st ickiness in part icular market s include wage
rat es in labour market s and post ed prices in market s deviat ing from perfect compet it ion.

Some specialized fields of economics deal in market failure more t han ot hers. The economics
of t he public sect or is one example. Much environment al economics concerns ext ernalit ies or
"public bads".

Policy opt ions include regulat ions t hat reflect cost -benefit analysis or market solut ions t hat
change incent ives, such as emission fees or redefinit ion of propert y right s.[127]

Welfare

Welfare economics uses microeconomics t echniques t o evaluat e well-being from allocat ion
of product ive fact ors as t o desirabilit y and economic efficiency wit hin an economy, oft en
relat ive t o compet it ive general equilibrium.[128] It analyzes social welfare, however measured,
in t erms of economic act ivit ies of t he individuals t hat compose t he t heoret ical societ y
considered. Accordingly, individuals, wit h associat ed economic act ivit ies, are t he basic unit s
for aggregat ing t o social welfare, whet her of a group, a communit y, or a societ y, and t here is
no "social welfare" apart from t he "welfare" associat ed wit h it s individual unit s.

Macroeconomics
The circulation of money in an economy in a macroeconomic model. In this model the use of natural resources and
the generation of waste (like greenhouse gases) is not included.

Macroeconomics examines t he economy as a whole t o explain broad aggregat es and t heir

int eract ions "t op down", t hat is, using a simplified form of general-equilibrium t heory.[129] Such
aggregat es include nat ional income and out put , t he unemployment rat e, and price inflat ion
and subaggregat es like t ot al consumpt ion and invest ment spending and t heir component s. It
also st udies effect s of monet ary policy and fiscal policy.

Since at least t he 1960s, macroeconomics has been charact erized by furt her int egrat ion as
t o micro-based modelling of sect ors, including rat ionalit y of players, efficient use of market
informat ion, and imperfect compet it ion.[130] This has addressed a long-st anding concern
about inconsist ent development s of t he same subject .[131]

Macroeconomic analysis also considers fact ors affect ing t he long-t erm level and growt h of
nat ional income. Such fact ors include capit al accumulat ion, t echnological change and labour
force growt h.[132]

Growth

Growth economics st udies fact ors t hat explain economic growt h – t he increase in out put per
capita of a count ry over a long period of t ime. The same fact ors are used t o explain
differences in t he level of out put per capita between count ries, in part icular why some
count ries grow fast er t han ot hers, and whet her count ries converge at t he same rat es of
growt h.
Much-st udied fact ors include t he rat e of invest ment , populat ion growt h, and t echnological
change. These are represent ed in t heoret ical and empirical forms (as in t he neoclassical and
endogenous growt h models) and in growt h account ing.[133]

Business cycle

A basic illustration of economic/business cycles

The economics of a depression were t he spur for t he creat ion of "macroeconomics" as a

separat e discipline. During t he Great Depression of t he 1930s, John Maynard Keynes aut hored
a book ent it led The General Theory of Employment, Interest and Money out lining t he key
t heories of Keynesian economics. Keynes cont ended t hat aggregat e demand for goods
might be insufficient during economic downt urns, leading t o unnecessarily high unemployment
and losses of pot ent ial out put .

He t herefore advocat ed act ive policy responses by t he public sect or, including monet ary
policy act ions by t he cent ral bank and fiscal policy act ions by t he government t o st abilize
out put over t he business cycle.[134]
Thus, a cent ral conclusion of Keynesian economics is
t hat , in some sit uat ions, no st rong aut omat ic mechanism moves out put and employment
t owards full employment levels. John Hicks' IS/LM model has been t he most influent ial
int erpret at ion of The General Theory.

Over t he years, underst anding of t he business cycle has branched int o various research
programmes, most ly relat ed t o or dist inct from Keynesianism. The neoclassical synt hesis
refers t o t he reconciliat ion of Keynesian economics wit h neoclassical economics, st at ing
t hat Keynesianism is correct in t he short run but qualified by neoclassical-like considerat ions
in t he int ermediat e and long run.[73]

New classical macroeconomics, as dist inct from t he Keynesian view of t he business cycle,
posit s market clearing wit h imperfect informat ion. It includes Friedman's permanent income
hypot hesis on consumpt ion and "rat ional expect at ions" t heory,[135] led by Robert Lucas, and
real business cycle t heory.[136]
In cont rast , t he new Keynesian approach ret ains t he rat ional expect at ions assumpt ion,
however it assumes a variet y of market failures. In part icular, New Keynesians assume prices
and wages are "st icky", which means t hey do not adjust inst ant aneously t o changes in
economic condit ions.[88]

Thus, t he new classicals assume t hat prices and wages adjust aut omat ically t o at t ain full
employment , whereas t he new Keynesians see full employment as being aut omat ically
achieved only in t he long run, and hence government and cent ral-bank policies are needed
because t he "long run" may be very long.

Unemployment

US unemployment rate, 1990–2022.

The amount of unemployment in an economy is measured by t he unemployment rat e, t he

percent age of workers wit hout jobs in t he labour force. The labour force only includes
workers act ively looking for jobs. People who are ret ired, pursuing educat ion, or discouraged
from seeking work by a lack of job prospect s are excluded from t he labour force.
Unemployment can be generally broken down int o several t ypes t hat are relat ed t o different
causes.[137]

Classical models of unemployment occurs when wages are t oo high for employers t o be
willing t o hire more workers. Consist ent wit h classical unemployment , frict ional
unemployment occurs when appropriat e job vacancies exist for a worker, but t he lengt h of
t ime needed t o search for and find t he job leads t o a period of unemployment .[137]

St ruct ural unemployment covers a variet y of possible causes of unemployment including a

mismat ch bet ween workers' skills and t he skills required for open jobs.[138] Large amount s of
st ruct ural unemployment can occur when an economy is t ransit ioning indust ries and workers
find t heir previous set of skills are no longer in demand. St ruct ural unemployment is similar t o
frict ional unemployment since bot h reflect t he problem of mat ching workers wit h job
vacancies, but st ruct ural unemployment covers t he t ime needed t o acquire new skills not just
t he short t erm search process.[139]

While some t ypes of unemployment may occur regardless of t he condit ion of t he economy,
cyclical unemployment occurs when growt h st agnat es. Okun's law represent s t he empirical
relat ionship bet ween unemployment and economic growt h.[140] The original version of Okun's
law st at es t hat a 3% increase in out put would lead t o a 1% decrease in unemployment .[141]

Inflation and monetary policy

Money is a means of final payment for goods in most price syst em economies, and is t he unit
of account in which prices are t ypically st at ed. Money has general accept abilit y, relat ive
consist ency in value, divisibilit y, durabilit y, port abilit y, elast icit y in supply, and longevit y wit h
mass public confidence. It includes currency held by t he nonbank public and checkable
deposit s. It has been described as a social convent ion, like language, useful t o one largely
because it is useful t o ot hers. In t he words of Francis Amasa Walker, a well-known 19t h-
cent ury economist , "Money is what money does" ("Money is that money does" in t he
original).[142]

As a medium of exchange, money facilit at es t rade. It is essent ially a measure of value and
more import ant ly, a st ore of value being a basis for credit creat ion. It s economic funct ion can
be cont rast ed wit h bart er (non-monet ary exchange). Given a diverse array of produced goods
and specialized producers, bart er may ent ail a hard-t o-locat e double coincidence of want s as
t o what is exchanged, say apples and a book. Money can reduce t he t ransact ion cost of
exchange because of it s ready accept abilit y. Then it is less cost ly for t he seller t o accept
money in exchange, rat her t han what t he buyer produces.[143]

At t he level of an economy, t heory and evidence are consist ent wit h a posit ive relat ionship
running from t he t ot al money supply t o t he nominal value of t ot al out put and t o t he general
price level. For t his reason, management of t he money supply is a key aspect of monet ary
policy.[144]

Fiscal policy

Government s implement fiscal policy t o influence macroeconomic condit ions by adjust ing
spending and t axat ion policies t o alt er aggregat e demand. When aggregat e demand falls
below t he pot ent ial out put of t he economy, t here is an out put gap where some product ive
capacit y is left unemployed. Government s increase spending and cut t axes t o boost
aggregat e demand. Resources t hat have been idled can be used by t he government .
For example, unemployed home builders can be hired t o expand highways. Tax cut s allow
consumers t o increase t heir spending, which boost s aggregat e demand. Bot h t ax cut s and
spending have mult iplier effect s where t he init ial increase in demand from t he policy
percolat es t hrough t he economy and generat es addit ional economic act ivit y.

The effect s of fiscal policy can be limit ed by crowding out . When t here is no out put gap, t he
economy is producing at full capacit y and t here are no excess product ive resources. If t he
government increases spending in t his sit uat ion, t he government uses resources t hat
ot herwise would have been used by t he privat e sect or, so t here is no increase in overall
out put . Some economist s t hink t hat crowding out is always an issue while ot hers do not t hink
it is a major issue when out put is depressed.

Scept ics of fiscal policy also make t he argument of Ricardian equivalence. They argue t hat an
increase in debt will have t o be paid for wit h fut ure t ax increases, which will cause people t o
reduce t heir consumpt ion and save money t o pay for t he fut ure t ax increase. Under Ricardian
equivalence, any boost in demand from t ax cut s will be offset by t he increased saving
int ended t o pay for fut ure higher t axes.

Public economics

Public economics is t he field of economics t hat deals wit h economic act ivit ies of a public
sect or, usually government . The subject addresses such mat t ers as t ax incidence (who really
pays a part icular t ax), cost -benefit analysis of government programmes, effect s on economic
efficiency and income dist ribut ion of different kinds of spending and t axes, and fiscal polit ics.
The lat t er, an aspect of public choice t heory, models public-sect or behaviour analogously t o
microeconomics, involving int eract ions of self-int erest ed vot ers, polit icians, and
bureaucrat s.[145]

Much of economics is posit ive, seeking t o describe and predict economic phenomena.
Normat ive economics seeks t o ident ify what economies ought t o be like.

Welfare economics is a normat ive branch of economics t hat uses microeconomic t echniques
t o simult aneously det ermine t he allocat ive efficiency wit hin an economy and t he income
dist ribut ion associat ed wit h it . It at t empt s t o measure social welfare by examining t he
economic act ivit ies of t he individuals t hat comprise societ y.[146]

International economics
List of countries by GDP (PPP) per capita in April 2022.

Int ernat ional t rade st udies det erminant s of goods-and-services flows across int ernat ional
boundaries. It also concerns t he size and dist ribut ion of gains from t rade. Policy applicat ions
include est imat ing t he effect s of changing t ariff rat es and t rade quot as. Int ernat ional finance
is a macroeconomic field which examines t he flow of capit al across int ernat ional borders, and
t he effect s of t hese movement s on exchange rat es. Increased t rade in goods, services and
capit al bet ween count ries is a major effect of cont emporary globalizat ion.[147]

Labor economics

Labor economics seeks t o underst and t he funct ioning and dynamics of t he market s for wage
labor. Labor markets funct ion t hrough t he int eract ion of workers and employers. Labor
economics looks at t he suppliers of labor services (workers), t he demands of labor services
(employers), and at t empt s t o underst and t he result ing pat t ern of wages, employment , and
income. In economics, labor is a measure of t he work done by human beings. It is
convent ionally cont rast ed wit h such ot her fact ors of product ion as land and capit al. There
are t heories which have developed a concept called human capit al (referring t o t he skills t hat
workers possess, not necessarily t heir act ual work), alt hough t here are also count er posing
macro-economic syst em t heories t hat t hink human capit al is a cont radict ion in t erms.

Development economics

Development economics examines economic aspect s of t he economic development

process in relat ively low-income count ries focusing on st ruct ural change, povert y, and
economic growt h. Approaches in development economics frequent ly incorporat e social and
polit ical fact ors.[148]
Criticism

Related subjects

Profession

The professionalizat ion of economics, reflect ed in t he growt h of graduat e programmes on

t he subject , has been described as "t he main change in economics since around 1900".[176]
Most major universit ies and many colleges have a major, school, or depart ment in which
academic degrees are awarded in t he subject , whet her in t he liberal art s, business, or for
professional st udy.
See Bachelor of Economics and Mast er of Economics.

In t he privat e sect or, professional economist s are employed as consult ant s and in indust ry,
including banking and finance. Economist s also work for various government depart ment s and
agencies, for example, t he nat ional t reasury, cent ral bank or Nat ional Bureau of St at ist ics.
See Economic analyst .

There are dozens of prizes awarded t o economist s each year for out st anding int ellect ual
cont ribut ions t o t he field, t he most prominent of which is t he Nobel Memorial Prize in
Economic Sciences, t hough it is not a Nobel Prize.

Cont emporary economics uses mat hemat ics. Economist s draw on t he t ools of calculus, linear
algebra, st at ist ics, game t heory, and comput er science.[177] Professional economist s are
expect ed t o be familiar wit h t hese t ools, while a minorit y specialize in economet rics and
mat hemat ical met hods.

Women in economics

Harriet Mart ineau (1802-1876) was a widely-read populariser of classical economic t hought .
Mary Paley Marshall (1850-1944), t he first women lect urer at a Brit ish economics facult y,
wrot e The Economics of Industry wit h her husband Alfred Marshall. Joan Robinson (1903-
1983) was an import ant post -Keynesian economist . The economic hist orian Anna Schwart z
(1915-2012) coaut hored A Monetary History of the United States, 1867–1960 wit h Milt on
Friedman.[178] Two women have received t he Nobel Prize in Economics: Elinor Ost rom (2009)
and Est her Duflo (2019). Five have received t he John Bat es Clark Medal: Susan At hey (2007),
Est her Duflo (2010), Amy Finkelst ein (2012), Emi Nakamura (2019) and Melissa Dell (2020).
Women's aut horship share in prominent economic journals reduced from 1940 t o t he 1970s,
but has subsequent ly risen, wit h different pat t erns of gendered coaut horship.[179] Women
remain globally under-represent ed in t he profession (19% of aut hors in t he RePEc dat abase in
2018), wit h nat ional variat ion.[180]

See also

Notes

a. "Capital" in Smith's usage includes fixed capital and circulating capital. The latter includes wages
and labour maintenance, money, and inputs from land, mines, and fisheries associated with
production.[56]

b. "This science indicates the cases in which commerce is truly productive, where whatever is gained by
one is lost by another, and where it is profitable to all; it also teaches us to appreciate its several
processes, but simply in their results, at which it stops. Besides this knowledge, the merchant must
also understand the processes of his art. He must be acquainted with the commodities in which he
deals, their qualities and defects, the countries from which they are derived, their markets, the
means of their transportation, the values to be given for them in exchange, and the method of
keeping accounts. The same remark is applicable to the agriculturist, to the manufacturer, and to
the practical man of business; to acquire a thorough knowledge of the causes and consequences of
each phenomenon, the study of political economy is essentially necessary to them all; and to
become expert in his particular pursuit, each one must add thereto a knowledge of its processes."
(Say 1803, p. XVI)

c. "And when we submit the definition in question to this test, it is seen to possess deficiencies which,
so far from being marginal and subsidiary, amount to nothing less than a complete failure to exhibit
either the scope or the significance of the most central generalisations of all."(Robbins 2007, p. 5)

d. "The conception we have adopted may be described as analytical. It does not attempt to pick out
certain kinds of behaviour, but focuses attention on a particular aspect of behaviour, the form
imposed by the influence of scarcity. (Robbins 2007, p. 17)

e. See Agent-based computational economics

f. Interest payments are considered a form of rent on credit money.

g. See Complex adaptive system and Dynamic network analysis

h. Compare with Nicholas Barr (2004), whose list of market failures is melded with failures of
economic assumptions, which are (1) producers as price takers (i.e. presence of oligopoly or
monopoly; but why is this not a product of the following?) (2) equal power of consumers (what
labour lawyers call an imbalance of bargaining power) (3) complete markets (4) public goods (5)
external effects (i.e. externalities?) (6) increasing returns to scale (i.e. practical monopoly) (7)
perfect information (in The Economics of the Welfare State (https://books.google.com/books?id=g
 WxfQgAACAAJ&pg=PP1) (4th ed.). Oxford University Press. 2004. pp. 72–79. ISBN 978-0-19-
926497-1.).

   • Joseph E. Stiglitz (2015) classifies market failures as from failure of competition (including
natural monopoly), information asymmetries, incomplete markets, externalities, public good
situations, and macroeconomic disturbances (in "Chapter 4: Market Failure" (https://books.google.c
om/books?id=miPeCgAAQBAJ&pg=PP1) . Economics of the Public Sector: Fourth International
Student Edition (4th ed.). W. W. Norton & Company. 2015. pp. 81–100. ISBN 978-0-393-93709-1.).

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Further reading

Anderson, David A. (2019). Survey of Economics. New York: Wort h. ISBN 978-1-4292-5956-

9.

Blaug, Mark (1985). Economic Theory in Retrospect (4t h ed.). Cambridge: Cambridge
Universit y Press. ISBN 978-0521316446.

McCann, Charles Robert Jr. (2003). The Elgar Dictionary of Economic Quotations. Edward
Elgar. ISBN 9781840648201.

Samuelson, Paul A; Nordhaus, William D. (2014). Economics. Bost on: Irwin McGraw-Hill.

Economics (ht t ps://librivox.org/search?t it le=Economics&aut hor=&reader=&keywords=&

genre_ id=0&st at us=all&project _ t ype=eit her&recorded_ language=&sort _ order=cat alog_ da
t e&search_ page=1&search_ form=advanced) public domain audiobook at LibriVox

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