Economics is the social science that studies how people interact with value. It focuses on the production, distribution, and consumption of goods and services. Economic analysis is sometimes also applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions and war.
About Economics in brief
Economics is the social science that studies how people interact with value. It focuses on the production, distribution, and consumption of goods and services. Economic analysis is sometimes also applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, science, and the environment. There are a variety of modern definitions of economics; some reflect evolving views of the subject or different views among economists. We cannot define economics as the science that study’s wealth, but, as the field that studies a particular aspect of each of those subjects. Some subsequent comments have been criticized as overly broad in failing to limit its subject matter to the analysis of markets. From the 1960s, Gary Becker expanded the domain of economics into new areas, such as maximizing behaviour, maximizing stable behaviour, and accounting for high unemployment, as well as accounting for scarcity in the macroeconomics of high unemployment. The current definition of economics is that it is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. It 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 theStudy of man. The subject of economics can be used to study other things such as war, that are outside its usual focus. This is because war has as the goal winning it, generates both cost and benefits; and, resources are used to attain the goal.
If the war is not winnable or if the expected costs outweigh the benefits, the deciding actors never go to war, but rather explore other alternatives. The study of war and any other field that may be applied to may be a field of economic analysis that studies the common aspect of these subjects. It can be applied in real estate, business, finance, health care, and government, for example, to solve problems such as unemployment and crime. The definition of economic theory is not classificatory but rather analytical in that it focuses on one aspect of behaviour, the form imposed by the influence of scarcity. It has been used to describe the theory of rational-choice modelling, which abated as the economic theory and maximizing rational behaviour was expanded into other fields such as finance, crime, and other fields of the social sciences. In the late 19th century, Alfred Marshall changed the name of the discipline from political economy to \”economics\” as a shorter term for ‘economic science’. The discipline became more open to rigorous thinking and made increased use of mathematics, which helped support efforts to have it accepted as a science and as a separate discipline outside of political science and other social Sciences. John Stuart Mill defines the subject in a social context 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.
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This page is based on the article Economics published in Wikipedia (as of Dec. 06, 2020) and was automatically summarized using artificial intelligence.
