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.
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Some articles on economics:
... 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 ... The field of information economics includes both mathematical-economical research and also behavioral economics, akin to studies in behavioral psychology ... economists such as Keynes and Joskow have observed that much of economics is conceptual rather than quantitative, and difficult to model and formalize quantitatively ...
... 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 is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general ... 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 ...
... first proposed 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 ... 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 ...
Famous quotes containing the word economics:
“Womens 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 animals that depend on instinct have an inherent knowledge of the laws of economics and of how to apply them; Man, with his powers of reason, has reduced economics to the level of a farce which is at once funnier and more tragic than Tobacco Road.”
—James Thurber (18941961)
“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)