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Economics ( Macro Economics & Micro Economics ) - Scope and Significance :
Economics deals with the behaviour and interactions of economic agents, as well as the functioning of economies. Microeconomics studies what are regarded as basic parts of the economy, such as individual agents and markets, their interactions, and the effects of such interactions. Individual agents might include households, firms, buyers, and sellers. Macroeconomics examines the economy as a system in which production, consumption, saving, and investment interact, as well as the variables influencing it : employment of labour, capital, and land, currency inflation, economic growth, and governmental policies that affect these parts.
Other major divisions within the field of economics include those between normative and positive economics, which advocate "what ought to be," economic theory and practical economics, rational and behavioural economics, and mainstream and heterodox economics. Every aspect of society, including business, banking, IT cybersecurity, healthcare, engineering and government can benefit from economic analysis. It is also used to discuss a wide range of topics, including law, feminism, Human Rights & Gender Studies HRGS, crime, education, social studies SST, the family, politics ( Political Science - Pol Science ), religion, Sociology & social institutions, war, science, and the environment.
Political economy was the discipline's previous name, but from the late 19th century, it has more generally been referred to as "economics." The phrase ultimately comes from the Ancient Greek word o ( oikonomia ), which means "the way ( nomos ) to administer a family ( oikos )" or, more precisely, "the know - how of an oikonomikos," or "household or farm manager." Hence, derived words like "economy" frequently mean "frugal" or "thrifty." Hence, "political economy" came to mean how a polis or state should be run.
Modern definitions of economics vary; some reflect changing ideas about the field or disagreements among economists. Adam Smith, a Scottish philosopher, described political economy in 1776 as "an inquiry into the nature and causes of the wealth of nations," as, a field of political science that a statesman or legislator practises with the dual goals of giving the populace a bountiful source of income or support and giving the state or commonwealth money to pay for public services.
It was defined as the science of the creation, transfer, and consumption of wealth by Jean-Baptiste Say in 1803 in order to distinguish the topic from its applications in public policy. Thomas Carlyle ( 1849 ) used the term "the dismal science" in jest to refer to classical economics, which is frequently associated with the pessimistic analysis of Malthus in this context ( 1798 ). John Stuart Mill ( 1844 ) further outlined the subject, as the study of the laws governing social phenomena that result from humankind's united efforts to produce wealth, provided that these phenomena remain unaltered by the pursuit of any other goal.
In his textbook Principles of Economics ( 1890 ), Alfred Marshall offered a concept that is still frequently used and broadened the scope of research beyond wealth and from the macroeconomic to the microeconomic level and inferred that Economics is the study of man as he goes about his daily activity. It asks where he obtains his money from and how he spends it. As a result, it is both a component of the study of man and, on the other, and more crucial, the study of wealth.
What has been referred to as "perhaps the most frequently recognised present definition of the subject" was developed by Lionel Robbins in 1932. Economics is a branch of study that examines how human behaviour relates to scarce resources with multiple applications. The definition, according to Robbins, is analytical in nature and "focuses attention on a particular component of behaviour, the form imposed by the influence of scarcity," rather than classificatory in "picking out various forms of behaviour."
He stated that prior economists had typically focused their research on the analysis of wealth, including how it is produced, distributed, and consumed as well as how it can increase. Nonetheless, he asserted that economics may be utilised to investigate other topics, such as war, that fall outside of its typical area of study. This is so that resources human life and other costs can be employed to achieve the aim of winning the war, which is the desired outcome of the conflict.
The deciding players assuming they are rational may never go to war, a decision, but instead investigate other options if the conflict cannot be won or if the predicted costs outweigh the advantages. We cannot define economics as the science that analyses money, war, crime, education, or any other area to which economic analysis might be applied. Instead, we should define it as the science that examines a specific characteristic that unites each of those areas they all use scarce resources to attain a sought after end.
Numerous comments that followed criticised the concept for being too broad and for not limiting its subject matter to market analysis. Nevertheless, from the 1960s onward, these remarks stopped as the rational-choice modelling and economic theory of maximising behaviour broadened the subject's scope to include topics that had previously been studied in other domains. Further critiques include the fact that scarcity does not take into account the macroeconomics of high unemployment.
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The strategy Gary Becker preferred was one that "combined the assumptions of maximising behaviour, stable preferences, and market equilibrium, utilised ruthlessly and unflinchingly," according to Becker, who contributed to the growth of economics into new fields. With significant clarity regarding the "decision process and the type of social interaction that such analysis implies," one commenter describes the remark as making economics an approach rather than a subject matter.
The same source examines a variety of definitions found in textbooks on economic concepts and comes to the conclusion that there is no need for the lack of consensus to alter the subject matter the texts cover. It makes the case that among economists in general, a specific definition put forward may indicate the direction the author thinks economics is moving, or should progress.
In terms of its subject matter, many economists, including Nobel laureates James M. Buchanan and Ronald Coase, reject the method-based definition of Robbins and continue to favour definitions similar to that of Say. For instance, according to Ha-Joon Chang, the definition of Robbins would make economics particularly odd because all other sciences identify themselves in terms of the subject matter or object of the study rather than the methodology.
Not all biology should be examined through DNA analysis, according to the biology department. Many various methods are used to investigate living things, including DNA analysis, anatomy, and the development of game theoretic models of animal behaviour. Nonetheless, they are all referred to as biology because they all focus on living things. This idea that you can and should only analyse the economy in one way, for instance, by looking at only rational choices, and going even farther and essentially reframing economics as a theory of everything, is highly unusual, according to Ha Joon Chang.
The Boeotian poet Hesiod raises issues related to resource allocation throughout his works, and a number of economic historians have referred to him as the "first economist." However, Oikos, the Greek word from which the word economy is derived, was used to refer to household management issues rather than some normative societal system of resource distribution, which is a much more recent phenomenon. A household was understood to be the landowner, his family, and his slaves. Philologues attribute the origin of the word economy to Xenophon, who wrote the Oeconomicus.
Aristotle, Chanakya also known as Kautilya, Qin Shi Huang, Ibn Khaldun, and Thomas Aquinas are among other important authors from Antiquity through the Renaissance who wrote about. Tomás de Mercado, Luis de Molina, and Juan de Lugo were among the 16th and 17th century scholastic writers who Joseph Schumpeter claimed "came closer than any other group to becoming the 'parents' of scientific economics" in terms of monetary, interest, and value theory from a natural-law perspective.
Two groups had a more direct impact on the following development of the topic. These groups were afterwards referred to as "mercantilists" and "physiocrats." The emergence of economic nationalism and contemporary capitalism in Europe were both attributed to both groups. Between the sixteenth and eighteenth centuries, merchants and statesmen alike produced a prodigious amount of pamphlets that promoted the economic ideology known as mercantilism.
According to this theory, a country's prosperity was based on how much gold and silver it had amassed. Countries without access to mines could only obtain gold and silver through commerce by restricting the import of items other than gold and silver and selling goods overseas. The concept advocated for the importation of inexpensive raw materials to be used in the production of items that could be exported, as well as for state regulation to put protective tariffs on foreign produced goods and forbid domestic manufacturing.
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The concept of the economy as a circular flow of revenue and output was conceived by a group of French intellectuals and authors in the 18th century. According to physiocrats, agriculture was the source of all prosperity since it was the only sector of production that produced a demonstrable surplus over costs. As a result, they opposed mercantilist policies like import taxes that promoted manufacturing and trade at the expense of farmers. The Physiocrats favoured a single tax on the income of landowners in place of administratively expensive tax collections.
In opposition to a plethora of mercantilist trade restrictions, the physiocrats promoted a laissez-faire economic policy that sought for little to no government intervention in the market. An early proponent of economic theory was Adam Smith ( 1723 – 1790 ). Notwithstanding his scathing criticism of the mercantilists, Smith believed that the physiocratic system was "probably the clearest approximation to the truth that has yet been presented," despite all of its flaws.
The Wealth of Nations by Adam Smith was published in 1776, and it has been said that this marked "the actual beginning of economics as a separate subject." As opposed to the physiocratic notion that only agriculture was productive, the book defined land, labour, and capital as the three forces of production and the key contributions to a nation's wealth.
In his discussion of the possible advantages of specialisation through the division of labour, Smith highlights profits from trade, both domestically and internationally, as well as greater labour productivity. His "theorem" that "the division of labour is limited by the scope of the market" has been referred to as a "basic concept of economic organisation" and the "heart of a theory of the functions of business and industry."
The idea that, in a market with competition, resource owners of labour, land, and capital seek their most lucrative uses, resulting in an equilibrium with an equal rate of return for all uses, is attributed to Smith as "the most important substantive proposition in all of economics" and the basis of resource - allocation theory adjusted for apparent differences arising from such factors as training and unemployment.
In an argument that includes "one of the most famous passages in all of economics," Smith portrays every person as trying to use any capital they may possess for their own benefit, not that of the society, and for the sake of profit, which is required to some extent for employing capital in domestic industry and positively related to the value of produce. He typically neither aims nor is aware of the extent to which he is advancing the public interest in this.
He only has his own security in mind when he chooses to support domestic industry over foreign industry, and he only has his own gain in mind when he directs that industry to produce the most valuable goods possible. In this case, as in many others, he is being guided by an invisible hand to further an objective that was not his intention. However, being excluded from society isn't always for the worst. He frequently advances society more effectively by advancing his personal interests than when he genuinely means to.
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Outline of Central Board of Secondary Education CBSE / NCERT prescribed Economics Syllabus for Class 9th ( IX - 9 ) :
The Story of Village Palampur,
People as Resource,
Poverty as a Challenge,
Food Security in India
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Outline of Central Board of Secondary Education CBSE / NCERT prescribed Economics Syllabus for Class 10th ( X - 10 ) :
Development,
Sectors Of The Indian Economy,
Money And Credit,
Globalisation And The Indian Economy,
Consumer Rights
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Outline of Central Board of Secondary Education CBSE / NCERT prescribed Economics Syllabus for Class 11th ( XI - 11 ) :
Unit I : Development Policies And Experience (1947-1990)
Chapter 1: Indian Economy On The Eve Of Independence
– Low Level Of Economic Development Under The Colonial Rule
– Agricultural Sector
– Industrial Sector
– Foreign Trade
– Demographic Condition
– Occupational Structure
– Infrastructure
Chapter 2 : Indian Economy 1950-1990
– The Goals Of Five Year Plans
– Agriculture
– Industry And Trade
– Trade Policy: Import Substitution
UNIT II : Economic Reforms Since 1991
Chapter 3 : Liberalisation, Privatisation And Globalisation : An Appraisal
– Background
– Liberalisation
– Privatisation
– Globalisation
– Indian Economy During Reforms: An Assessment
Unit III: Current Challenges Facing The Indian Economy
Chapter 4 : Poverty
– Who Are The Poor?
– How Are Poor People Identified?
– The Number Of Poor In India
What Causes Poverty?
– Policies And Programmes Towards Poverty Alleviation
– Poverty Alleviation Programmes-A Critical Assessment
Chapter 5 : Human Capital Formation In India
– What Is Human Capital?
– Sources Of Human Capital
– Human Capital And Human Development
– State Of Human Capital Formation In India
– Education Sector In India
– Future Prospects
Chapter 6 : Rural Development
– What Is Rural Development?
– Credit And Marketing In Rural Areas
– Agricultural Market System
– Diversification Into Productive Activities
– Sustainable Development And Organic Farming
Chapter 7 : Employment: Growth, Informalisation And Other Issues
– Workers And Employment
– Participation Of People In Employment
– Self-Employed And Hired Workers
– Employment In Firms, Factories And Offices
– Growth And Changing Structure OF Employment
– Informalisation Of Indian Workforce
– Unemployment
– Government And Employment Generation
Chapter 8 : Infrastructure
– What Is Infrastructure?
– Relevance Of Infrastructure
– The State Of Infrastructure In India
– Energy
– Health
Chapter 9 : Environment And Sustainable Development
– Environment — Definition And Functions
– State Of India's Environment
– Sustainable Development
– Strategies For Sustainable Development
Unit IV : Development Experiences Of India : A Comparison With Neighbours
Chapter 10 : Comparative Development Experiences Of India And Its Neighbours
– Developmental Path - A Snapshot View
– Demographic Indicators
– Gross Domestic Product And Sectors
– Indicators Of Human Development
– Development Strategies
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Outline of Central Board of Secondary Education CBSE / NCERT prescribed Statistics for Economics Syllabus for Class 11th ( XI - 11 ) :
Introduction To Statistics,
Collection of Data,
Organisation of Data,
Presentation of Data ,
Measures of Central Tendency,
Measures of Dispersion ,
Correlation,
Index Numbers,
Use of Statistical Tools,
Statistical Terms,
Table Of Two-Digit Random Numbers
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Outline of Central Board of Secondary Education CBSE / NCERT prescribed Micro - Economics Syllabus for Class 12th ( XII - 12 ) :
Introduction To Microeconomics
A Simple Economy,
Central Problems of an Economy,
Organisation of Economic Activities,
The Centrally Planned Economy,
The Market Economy,
Positive and Normative Economics,
Microeconomics and Macroeconomics
Theory Of Consumer Behaviour
Utility,
Cardinal Utility Analysis,
Ordinal Utility Analysis,
The Consumer’s Budget,
Budget Set and Budget Line,
Changes in the Budget Set,
Optimal Choice of the Consumer,
Demand,
Demand Curve and the Law of Demand,
Deriving a Demand Curve from Indifference,
Curves and Budget Constraints,
Normal and Inferior Goods,
Substitutes and Complements,
Shifts in the Demand Curve,
Movements along the Demand Curve and Shifts in the Demand Curve,
Market Demand,
Elasticity of Demand,
Elasticity along a Linear Demand Curve,
Factors Determining Price Elasticity of Demand for a Good,
Elasticity and Expenditure
Production And Costs
Production Function,
The Short Run and the Long Run,
Total Product,
Average Product and Marginal Product,
Total Product,
Average Product,
Marginal Product,
The Law of Diminishing Marginal Product and the Law of Variable Proportions,
Shapes of Total Product,
Marginal Product and Average Product Curves,
Returns to Scale,
Costs,
Short Run Costs,
Long Run Costs
The Theory Of The Firm Under Perfect Competition
Perfect Competition: Defining Features,
Revenue,
Profit Maximisation,
Condition 1, Condition 2, Condition 3,
The Profit Maximisation Problem: Graphical Representation,
Supply Curve of a Firm,
Short Run Supply Curve of a Firm,
Long Run Supply Curve of a Firm,
The Shut Down Point,
The Normal Profit and Break-even Point,
Determinants of a Firm’s Supply Curve,
Technological Progress,
Input Prices,
Market Supply Curve,
Price Elasticity of Supply
Market Equilibrium
Equilibrium,
Excess Demand,
Excess Supply,
Market Equilibrium: Fixed Number of Firms,
Market Equilibrium: Free Entry and Exit, Applications,
Price Ceiling,
Price Floor
Non-Competitive Markets :
Simple Monopoly in the Commodity Market,
Market Demand Curve is the Average Revenue Curve,
Total, Average and Marginal Revenues,
Marginal Revenue and Price Elasticity of Demand,
Short Run Equilibrium of the Monopoly Firm,
Other Non-perfectly Competitive Markets,
Monopolistic Competition,
How do Firms behave in Oligopoly?
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Outline of Central Board of Secondary Education CBSE / NCERT prescribed Macro-Economics Syllabus for Class 12th ( XII - 12 ) :
Introduction To Macroeconomics
Emergence of Macroeconomics
National Income Accounting
Some Basic Concepts of Macroeconomics,
Circular Flow of Income and Methods of Calculating National Income,
The Product or Value Added Method,
Expenditure Method,
Income Method,
Factor Cost,
Basic Prices and Market Prices,
Some Macroeconomic Identities,
Nominal and Real GDP,
GDP and Welfare
Money And Banking
Functions of Money,
Demand for Money and Supply of Money,
Demand for Money,
Supply of Money,
Money Creation by Banking System,
Balance Sheet of a Fictional Bank,
Limits to Credit Creation and Money Multiplier,
Policy Tools to Control Money Supply
Determination Of Income And Employment
Aggregate Demand and its Components,
Consumption,
Investment,
Determination of Income in Two-sector Model,
Determination of Equilibrium Income in the Short Run,
Macroeconomic equilibrium with price level fixed,
Effect of an autonomous change in aggregate demand on income and output,
The Multiplier Mechanism,
Some More Concepts
Government Budget And The Economy
Government Budget – Meaning and its Components,
Objectives of Government Budget,
Classification of Receipts,
Classification of Expenditure,
Balanced,
Surplus and Deficit Budget,
Measures of Government Deficit
Open Economy Macroeconomics
The Balance of Payments,
Current Account,
Capital Account,
Balance of Payments Surplus and Deficit,
The Foreign Exchange Market,
Foreign Exchange Rate,
Determination of the Exchange Rate,
Merits and Demerits of Flexible and Fixed Exchange Rate Systems,
Managed Floating
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In order to explain low living standards, the Rev. Thomas Robert Malthus ( 1798 ) developed the idea of diminishing returns. He said that the growth of the human population was typically geometric, outpacing the arithmetical growth of food production. Diminished returns to labour were caused by the pressure of a fast expanding population on a finite amount of land. He asserted that the outcome was persistently low salaries that kept the majority of the population's standard of living at or below the subsistence level.
Malthus' conclusions have drawn criticism from economist Julian Lincoln Simon. David Ricardo ( 1817 ) concentrated on the distribution of revenue among landowners, workers, and capitalists while Adam Smith ( 1876 ) placed more emphasis on the creation of income. Landowners and labour and capital on the one hand, and landowners on the other, were inherently at odds, according to Ricardo.
He proposed that rising capital and population pressure on a limited amount of land leads to higher rents and stagnant wages and profits. The idea of comparative advantage, which states that each country should focus on manufacturing and exporting items in which it has a lower relative cost of production rather than relying entirely on its own production, was first articulated and shown by Ricardo. Gains from trade have been described as having a "basic analytical explanation."
John Stuart Mill ( 1848 ), who emerged at the conclusion of the classical school, broke with older classical economists on the subject of the inevitable distribution of income generated by the market system. The two functions of the market—the distribution of income and the allocation of resources—are clearly separate from one another, according to Mill. He claimed that while the market may be effective at allocating resources, it is ineffective at distributing income, necessitating social intervention.
Classical theory emphasised value theory. According to Smith, the "true cost of anything... is the toil and bother of obtaining it." Smith argued that in addition to rent and profit, wages are not the only costs that affect a commodity's price. The "labour theory of value," developed by other classical economists, offered variants on Smith's ideas. Classical economics concentrated on the propensity of any market economy to reach a final stationary state with a fixed amount of material wealth (capital) and a fixed number of people.
Marx's work is the source of Marxist and later Marxian economics, which is descended from classical economics. Das Kapital, Marx's most significant work, was initially published in German in 1867. Marx concentrated on the labour theory of value and the surplus value theory in it because he thought they provided an explanation for how capital exploits labour.
According to the labour theory of value, an exchanged good's value is defined by the labour that went into producing it, and the surplus value theory showed that employees only received a part of the value that their labour produced. The Economic Doctrines of Karl Marx and The Class Struggle ( Erfurt Program ), written by Karl Kautsky ( 1854 – 1938 ), Finance Capital by Rudolf Hilferding ( 1877–1941 ), The Development of Capitalism in Russia and Imperialism, the Highest Stage of Capitalism by Vladimir Lenin ( 1870 – 1924 ), and The Accumulation of Capital by Rosa Luxemburg ( 1871 – 1919 ) all contributed to the further development of Marxian economics.
In his Treatise on Political Economics or, The Production, Distribution, and Consumption of Wealth, Jean-Baptiste Say defined and extensively analysed economics at its inception as the study of wealth production, distribution, and consumption ( 1803 ). Science only takes into account these three things in connection to the growth or decline of wealth, not in relation to how they are carried out. [b] Say's definition has been accepted up to this point, with the exception that "wealth" is used in place of "goods and services," indicating that wealth may also include immaterial things.
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Lionel Robbins observed that this definition was no longer accurate 130 years later. [c] as a result of the fact that many economists were advancing economic theory and philosophy in other spheres of human endeavour. In his Essay on the Nature and Importance of Economic Science, he put forth a description of economics as the study of a certain component of human behaviour that is influenced by scarcity, forcing people to make decisions, divide limited resources among conflicting goals, and make savings, seeking the greatest welfare while avoiding the wasting of scarce resources.
Robbins found a solution to the problem of inadequacy, and his definition enables us to declare that production, distribution, and consumption economics — as well as education economics, safety and security economics, health economics, and war economics — are all legitimate branches of the economic science."
According to Robbins, "Economics is the study that examines human behaviour as a relationship between ends and limited resources that can be put to other purposes." Robbins' concept gained widespread acceptance among orthodox economics after years of debate, and it is now included in most textbooks. Although there is significant disagreement, the majority of mainstream economists would agree with some aspect of Robbins' definition, despite the fact that many have voiced serious concerns about the term's implications for the nature and practise of economics.
The outdated concept is nonetheless widely accepted in many circles due to the absence of a clear consensus and the fact that the production, distribution, and consumption of goods and services constitute the main focus of economics research. Between roughly 1870 and 1910, a body of ideas that was later known as "neoclassical economics" or "marginalism" developed.
Neoclassical economists like Alfred Marshall and Mary Paley Marshall made the term "economics" popular as a shorthand for "economic science" and to replace the earlier term "political economy." This was in line with how mathematical techniques utilised in the natural sciences had an impact on the topic. Supply and demand were systematised in neoclassical economics as joint factors that determine price and quantity in a market equilibrium, having an impact on both the allocation of output and the distribution of income.
On the demand side, it substituted a marginal utility theory of value for the labour theory of value inherited from classical economics, and on the supply side, a more comprehensive theory of costs. Neoclassical theorists abandoned the older hypothesis that a society's overall value could be assessed in favour of ordinal utility, which only hypothesises relationships among people based on their behaviour, in the 20th century.
Neoclassical economics depicts incentives and costs as playing a ubiquitous role in influencing decision-making in microeconomics. The consumer theory of individual demand, which isolates how prices as expenses and income affect quantity desired, is a clear illustration of this. It can be seen in the early and enduring neoclassical synthesis with Keynesian macroeconomics in macroeconomics.
Whether by its detractors or supporters, orthodox economics is sometimes used to refer to neoclassical economics. Neoclassical economics serves as a foundation for modern mainstream economics, but it has undergone numerous refinements that either add to or generalise earlier analysis. Examples of these refinements include econometrics, game theory, analyses of market failure and imperfect competition, and the neoclassical model of economic growth for examining long-run factors affecting national income.
Neoclassical economics examines how individuals, families, and groups—also known as economic actors, players, or agents — manage or employ limited resources that can be put to other uses in order to attain their goals. It is believed that agents would behave rationally, have many desirable ends in mind, a finite amount of resources at their disposal to achieve these ends, a stable set of preferences, a clear overarching goal, and the ability to make decisions.
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When one or more resource-controlling players decide to make a choice to achieve the best result within bounded rational circumstances, there is an economic problem that economic science can research. In other words, resource-controlling agents seek to maximise value while being constrained by the information at their disposal, their cognitive capacities, and the limited time available for decision-making and action. The focus of economic research is on the actions of the economic actors that make up society.
The focus of economic study is on them. [e] By the investigation of agent behaviour under scarcity, the following is one way to approach understanding these processes : Prices for all commodities and services are determined by the ongoing interactions or exchange or trade between economic actors on all markets, which in turn allows for the efficient use of limited resources.
The level of output or production, consumption, savings, and investment in an economy, as well as the compensation or distribution paid to the owners of labour in the form of wages, capital in the form of profits, and land, are simultaneously determined by the decisions or choices made by the same actors as they pursue their own interests in the form of rent. [f] Economic actors influence the economy and pricing processes each period as if they were in a massive feedback system, and they are in turn influenced by them, until a steady state or equilibrium of all the variables involved is reached or until an outside shock forces the system towards a new equilibrium point.
The economy is an adaptive complex system because of the rational interacting agents' independent behaviours. John Maynard Keynes, in particular his book The General Theory of Employment, Interest, and Money (1936), which established modern macroeconomics as a separate discipline, is the source of Keynesian economics. The book concentrated on factors that influence national income in the short run while prices are comparatively rigid.
Keynes made an effort to provide a wide theoretical analysis of why low "effective demand" can prevent high labour market unemployment from self-correcting and why price flexibility and monetary intervention might also be ineffective. The book's impact on economic analysis has earned it the label "revolutionary." There are two schools of thought that replace Keynesian economics. Macroeconomic rigidities and adjustment processes are another area of emphasis in post-Keynesian economics.
Instead of using straightforward optimising models, research on the micro foundations for their models is said to be based on real-world activities. It is frequently linked to Joan Robinson's work and the University of Cambridge. Developments in the Keynesian aesthetic are also connected to New-Keynesian economics. Within this group, researchers frequently share the emphasis on models using microfoundations and behaviour optimisation with other economists, but with a limited focus on traditional Keynesian topics like price and wage rigidity.
Instead of being assumed, as in earlier Keynesian-style models, these are typically made to be endogenous aspects of the models. The Chicago School of Economics is most well-known for its support of the free market and monetarist theories. Milton Friedman and monetarists contend that market economies are essentially stable as long as the money supply does not significantly increase or decrease. Former Federal Reserve Chairman Ben Bernanke is one of the economists who today mostly agrees with Friedman's explanation of the origins of the Great Depression.
Many of the fundamental ideas put out by Adam Smith and the classical economists were successfully modernised by Milton Friedman. A good illustration of this is his assertion that a company's social responsibility should be to "use its resources and engage in activities designed to increase its profits through open and free competition without deception or fraud" in an article that appeared in The New York Times Magazine on September 13, 1970.
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In order to create a vibrant and prosperous economy, the Austrian School places a strong emphasis on human action, property rights, and the freedom to contract and transact. It also underlines that the state should have a negligibly minimal, if any, involvement in regulating business transactions between two parties. The idea of sound money is a cornerstone of Austrian economics.
According to Ludwig Von Mises, one of the most well - known Austrian economists of the 20th century, "sound money" is in the same philosophical category as political constitutions and bills of rights. According to Austrian economists, sound money prohibits government actors from debasing the currency, interfering with the population's savings rate, and unnaturally skewing the economic decisions of individual actors.
The Freiburg School, the School of Lausanne, post-Keynesian economics, and the Stockholm School are a few other well-known schools or trends of thought that refer to a specific style of economics practised at and disseminated from well-defined groups of academicians that have become well-known internationally. Modern mainstream economics is occasionally divided into two schools, viz., the Saltwater approach, used by colleges on the US's Eastern and Western coasts, and the Freshwater approach, used by the Chicago School.
Macroeconomic theories include monetarism, new classical economics, new keynesian economics, and the new neoclassical synthesis. These theories are listed in roughly chronological sequence of their historical debut in the literature. Alternative economic advances generally include feminist economics, biophysical economics, constitutional economics, institutional economics, evolutionary economics, dependency theory, structuralist economics, world systems theory, ecological economics, and structuralist economics.
A priori quantitative economic models that use a number of different concepts are the foundation of mainstream economic theory. Ceteris paribus, which refers to retaining constant explanatory factors other than the one being considered, is the standard starting point for theory. Finding theories that are at least as basic in information requirements, more accurate in predictions, and more productive in generating new lines of research is the goal when developing new theories. Economic theory can assume the shape of different schools of thought, such as in heterodox economic theories, even though neoclassical economic theory is the mainstream or orthodox theoretical as well as methodological framework.
Supply and demand, marginalism, rational choice theory, opportunity cost, financial limitations, utility, and the theory of the company are some of the key ideas in microeconomics. Early macroeconomic models emphasised simulating links between aggregate variables, but since these relationships appeared to alter over time, macroeconomists, particularly new Keynesians, rebuilt their models in terms of microfoundations.
Macroeconomic models heavily rely on the aforementioned microeconomic ideas. For instance, in monetary theory, the quantity theory of money predicts that increases in the growth rate of the money supply will raise inflation, and inflation is thought to be controlled by rational expectations. Due to the diminishing marginal returns on capital and investment, slower growth in industrialised countries has occasionally been projected in development economics; the Four Asian Tigers have confirmed this prediction.
An economic theory could occasionally be more qualitative than quantitative. Two-dimensional graphs are frequently used to illustrate theoretical linkages in explanations of economic reasoning. A more general definition of mathematical economics is the use of mathematical techniques to represent theories and examine economics-related issues. The approach is best shown by Paul Samuelson's 1947 book Foundations of Economic Analysis, especially in terms of maximising the behavioural interactions of agents approaching equilibrium.
The book concentrated on analysing the group of claims known as operationally meaningful theorems in economics, which are theorems that could potentially be disproven by empirical evidence. Economic theories are routinely put to the test using empirical methods, primarily by utilising econometrics to analyse economic data. In economics, controlled experiments, which are prevalent in the physical sciences, are challenging and rare, and instead, wide data is seen and evaluated.
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This sort of testing is generally regarded as less rigorous than controlled experimentation, and the conclusions are typically more uncertain. Yet, the study of experimental economics is expanding, and more natural experiments are being used. Regression analysis is one popular statistical tool. The size, economic significance, and statistical significance or the signal strength of the hypothesised relation(s) are estimated using such techniques, and noise from other variables is also taken into account. With such methods, a hypothesis might be accepted, albeit in a probabilistic sense as opposed to a certain one.
The ability of the falsifiable hypothesis to withstand tests is required for acceptance. With various tests, data sets, and preexisting opinions, using generally accepted methodologies may not necessarily result in a definitive answer or even an agreement on a particular subject. Although much economic research has been accused of being non - replicable and esteemed journals have been accused of not facilitating replication by not providing the code and data, criticisms based on professional standards and non-replicability of results serve as additional checks against bias, errors, and overgeneralization.
The use of test statistics is also subject to critical review, just like theories, albeit in the past 40 years, the amount of critical comments on economics publications in respected journals like the American Economic Review has sharply decreased. Journals' motivations to increase citations have been cited as the cause of this in order to improve their position on the Social Science Citation Index (SSCI). Input-output models that use linear programming techniques are fairly frequent in applied economics.
Vast volumes of data are run via computer science oriented coding algorithms, including Python programming and other related computer languages to examine the impact of various policies; IMPLAN is one well-known example. The use of scientifically controlled experiments has been encouraged by experimental economics. As a result, the boundary between economics and the natural sciences has become less significant because direct testing of previously accepted axioms is now possible.
They have discovered that the axioms are not always true; for instance, the ultimatum game demonstrated that people reject offers that are not equal. In 2002, psychologist Daniel Kahneman and economist Amos Tversky shared the Nobel Prize in Economics for their empirical studies of a number of cognitive biases and heuristics. In neuroeconomics, similar empirical testing is conducted. Another illustration is the choice between a model that assesses selfish, altruistic, and cooperative preferences vs the assumption of strictly selfish preferences. Others have claimed that economics is a "real science" as a result of these strategies.
Microeconomics looks at how the components of a market structure interact with one another to build a market system. These organisations, which can be classified as either public or private participants and operate best when there are few tradable units and little government oversight, contain both. The exchanged item could be a physical good like apples or a service like entertainment, legal advice, or repair work.
Theoretically, in a free market, the aggregates or sum of quantity demanded by buyers and quantity supplied by sellers may reach economic equilibrium over time in response to price changes. In practise, however, a number of obstacles may prevent equilibrium, and any equilibrium that is reached may not necessarily be morally just. For instance, if external circumstances restrict the availability of healthcare services, the equilibrium price may be out of reach for many people who need them but cannot afford them.
There are numerous market structures. No participant in a market with perfect competition is big enough to have the clout to dictate the price of a homogeneous good. In other words, because no participant has any influence over a product's pricing, every participant is a "price taker." In the actual world, imperfect competition is common in markets.
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Monopsony, which occurs when there is only one buyer of a good, Duopoly, which occurs when there are only two buyers of a good, Oligopoly, which occurs when there are only a few buyers of a good, Monopoliistic Competition, which occurs when there are many sellers producing highly differentiated goods, and Oligopsony in which there are few buyers of a good. Imperfect competition, in contrast to perfect competition, always results in an uneven distribution of market power.
Companies operating in an environment of imperfect competition have the potential to be "price makers," or have the ability to control product pricing by controlling a disproportionately high part of the market. By presuming that activity in the market being studied has no impact on other markets, microeconomics can study specific markets by simplifying the whole economic system. Partial - equilibrium analysis is the term for this technique of analysis ( supply and demand ).
With this technique, only one market is aggregated, i.e. the total of all activity. The general - equilibrium theory investigates the behaviour of various marketplaces. The total amount of activity across all markets is aggregated. This approach investigates market changes as well as the interactions that contribute to equilibrium. Production in microeconomics is the transformation of inputs into outputs.
It is an economic procedure that employs inputs to produce a good or service that can be sold or used directly. Production is a flow, and as such, it is a pace of output over time. There are differences between the production of products for consumption ( food, haircuts, etc. ) and investment ( new tractors, buildings, roads, etc. ), as well as between public and private goods ( new computers, bananas, etc. ) and between "weapons" and "butter."
Economically speaking, opportunity cost is the value of the next best chance that is lost. There must be decisions between actions that are both advisable and incompatible. It is said to convey "the fundamental link between scarcity and choice." For instance, if a baker uses a bag of flour one morning to make pretzels, he or she cannot utilise the flour or the morning to create bagels the next morning. Making pretzels comes at a price because the flour and the morning are no longer available for use in other ways.
When selecting whether to engage in an activity more frequently or less frequently, the opportunity cost of that activity is a factor in ensuring that limited resources are spent effectively. The true cost of output forgone, leisure, or anything else that provides the alternative advantage could be used to quantify opportunity costs instead of just being limited to monetary or financial expenses ( utility ).
Primary factors of production such as labour services, capital ( durable manufactured products utilised in manufacturing, such as an existing factory ), and land are examples of inputs used in the production process including natural resources. A new car's steel is an example of an intermediate good that is utilised in the creation of final goods.
How well a system produces intended output with a given set of inputs and accessible technology is measured by its economic efficiency. If more output is produced with the same inputs, or, to put it another way, if "waste" is decreased, efficiency is increased. Pareto efficiency, which is reached when no further adjustment can make someone better off without leaving someone else worse off, is a generally accepted benchmark.
The production - possibility frontier ( PPF ) is a graphical illustration of efficiency, cost, and scarcity. An economy can only create two products in the most basic scenario ( say "guns" and "butter" ). The PPF is a table or graph that displays the various quantity combinations of the two items that are possible for production with a given technology and total factor inputs. The greatest practicable output of one good, given a feasible output quantity of the other good, is represented by each point on the curve. This potential total output for the economy is shown by the entire curve.
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Those who would be willing but collectively unable to consume more than the PPF ( such as at X ) and the negative slope of the curve serve as the figure's representation of scarcity. Production of the second good declines as one good's output rises along the curve, showing an inverse relationship. This is because boosting the output of one item necessitates diverting resources away from producing the other good, hence lowering the latter.
The trade-off between the two things is shown by the slope of the curve at a particular location on it. It calculates the value of units of the other good foregone for each additional unit of the first good, which is an illustration of a genuine opportunity cost. The opportunity cost of one Gun is 100 Butter if one additional Gun costs 100 units of butter. Scarcity indicates along the PPF that selecting more of one good overall implies using less of the other good.
But, in a market economy, movement along the curve may show that the agents expect their decision to choose the greater output to be worthwhile in terms of the cost. Each point on the curve demonstrates effective productivity in maximising output for a given total input. The output of one or both items might be increased by travelling in a northeasterly direction to a point on the curve, but a position inside the curve reflects production inefficiency or wasteful use of resources.
Instances of this inefficiency given include excessive unemployment during a business cycle slump or an economy that inhibits resource utilisation to its full potential. If a point on the curve does not result in a combination of items that consumers prefer above other points, then it may still not fully meet allocative efficiency, also known as Pareto efficiency.
Applied economics in public policy is heavily focused on figuring out how to increase an economy's efficiency. The "essence of economics" has been defined as the study of how to arrange society to make the best use of resources given the reality of scarcity. Here is where "economics makes its unique contribution." Considering both theoretical and practical factors, specialisation is regarded as being essential to economic efficiency. Real opportunity costs of production may fluctuate between people or countries, depending on factors like the amount of human capital per worker or the capital-to-labor ratio.
Theoretically, this could result in a comparative advantage in the manufacturing of items that employ the relative more abundant, thus comparatively cheaper, input more intensively. Even if a region has an absolute advantage in terms of the ratio of its outputs to inputs for every type of output, it may still choose to focus on the output for which it has a comparative advantage in order to benefit from trade with a region that lacks an absolute advantage but has an advantage over it when producing a different kind of output.
High-income nations included, it has been noted that substantial trade takes place between regions even when they have access to comparable technologies and a variety of factor inputs. To the overall benefit of the separate trade parties or areas, this has prompted research into economies of scale and agglomeration to explain specialisation in related but distinct product lines.
The general notion of specialisation covers commerce between people, farms, businesses, services, and economies. There may be a matching division of labour among each of these production systems, with various work groups specialising, as well as proportionately various forms of capital equipment and diversified land uses. A country that, like developed countries, specialises in the production of high-tech knowledge products and trades with developing countries for goods made in factories where labour is relatively cheap and plentiful, resulting in different in opportunity costs of production, is an example that combines the features mentioned above.
Hence, specialisation in production and trade results in greater overall productivity and usefulness than if each nation developed its own high-tech and low-tech goods. Theory and observation outline the circumstances under which market prices for outputs and productive inputs allocate factor inputs based on comparative advantage, resulting in the production of relatively low - cost outputs. The method may result in a rise in aggregate output either accidentally or on purpose.
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Due to this specialisation of production, resource owners have the opportunity to profit from trade by exchanging one sort of output for other, more valuable goods. The higher income levels that trade may enable serve as a gauge of trade's benefits. The properties of commodities produced and traded in a market economy that can be observed most immediately are prices and quantities, according to some. The basic principle for describing how prices coordinate the amounts produced and consumed is the theory of supply and demand.
In microeconomics, it refers to the determination of prices and output for a market with perfect competition, which includes the requirement of having no customers or sellers with sufficient purchasing power. Demand is the ratio of the quantity that all purchasers would be willing to buy at each unit price of the good for a particular market of a commodity. Tables or graphs that display price and amount demanded are frequently used to illustrate demand.
In accordance with their income, preferences, and other factors, individual consumers choose the most desirable quantity of each good, according to demand theory. "Constrained utility maximisation" is a word for this ( with income and wealth as the constraints on demand ). Utility in this context refers to the assumed relationship between each individual consumer's preference for various product bundles.
According to the law of demand, the relationship between price and quantity requested in a particular market is often inverse. In other words, individuals would be willing to purchase less of a product if its price was greater ( other things unchanged ). Consumers switch from purchasing comparably more expensive things to the commodity when its price drops ( the substitution effect ). A further benefit of the price drop is that it boosts purchasing power ( the income effect ). A rise in income, for instance, will cause the demand curve for a typical good to move away from the origin, as shown in the image. Most determinants are treated as constant forces affecting supply and demand.
The relationship between the quantity of a good available for purchase at a certain price and its price is known as supply. An illustration of the relationship between price and quantity delivered can be a table or graph. Producers, like commercial enterprises, are assumed to be profit maximizers, which means they make an effort to produce and offer the maximum number of items in order to maximise their profits.
If other elements remain constant, supply is often depicted as a function connecting price and quantity. In other words, producers will supply more of the good, as shown in the picture, the higher the price at which it may be sold. It is profitable to increase output because of the increased pricing. The position of the supply can fluctuate, just like it might on the demand side, for example due to a change in the cost of a productive input or a technical advancement. According to the "Law of Supply," a rise in price results in an expansion of supply, whereas a decline in price results in a contraction of supply.
The supply determinants in this case as well, including the cost of production, the technology used, and other manufacturing inputs, are all assumed to be constant for the duration of the supply evaluation. The supply and demand curves in the above picture intersect at this point, which represents the market equilibrium, where the quantity supplied equals the quantity demanded. A shortfall of quantity supplied compared to amount required exists at a price below equilibrium.
This is supposed to drive up the price. There is an excess of quantity supplied relative to amount sought at a price above equilibrium. The price is lowered as a result. According to the supply and demand model, price and quantity will stabilise at the point where amount provided and quantity wanted are equal for the given supply and demand curves. Similar to this, a change in supply or demand is predicted by the demand - and - supply theory to result in a new price - quantity combination.
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On markets, people typically don't engage in direct trading. Instead, people might work for and produce through businesses on the supply side. Corporations, partnerships, and trusts are the three most prevalent types of businesses. Ronald Coase asserts that when operating costs are lower than on the market, people start to arrange their production into enterprises. Companies can attain much bigger economies of scale than individual market trade (where the average cost per unit decreases as more units are produced). Businesses mix labour and capital.
There are numerous producers in fully competitive markets covered by the theory of supply and demand, yet none of them has a substantial impact on pricing. Industrial organisation extrapolates from that unique instance to examine the strategic actions of businesses that do exercise extensive price control. It takes into account the organisation of these marketplaces and how they interact. In addition to perfect competition, oligopoly in its different forms, monopoly, and monopolistic competition are frequently researched market structures.
Microeconomic analysis is applied to particular decisions in business firms or other management units by managerial economics. In the absence of certainty and complete knowledge, it strongly borrows upon quantitative methods like operations research and programming and from statistical methods like regression analysis. In light of the firm's goals and the limitations imposed by technology and market conditions, an overarching topic is the attempt to optimise business decisions, including unit-cost minimization and profit maximisation.
In economics, uncertainty refers to the unknown possibility of profit or loss, whether or not it can be quantified as risk. Without it, household behaviour would not be impacted by a lack of stable employment and income opportunities, the financial and capital markets would only allow for the trading of a single instrument throughout each market period, and there would be no communications industry. Given its diverse manifestations, there are numerous approaches to depict uncertainty and model how economic agents will react to it.
One type of uncertainty is taken into account by the discipline of applied mathematics known as game theory: the strategic interactions between agents. It offers a mathematical underpinning for industrial organisation, as discussed above, to model various types of firm behaviour, such as in a solipsistic industry (few sellers), but it is equally applicable to wage negotiations, bargaining, contract design, and any circumstance in which there aren't enough agents to have noticeable effects on one another.
It has been used to describe the interactions of agents whose interests are at least partially at odds with their own in behavioural economics. This generalises maximisation techniques created to analyse market participants, such as the supply and demand model, and allows for agents with partial information. The area has its roots in John von Neumann and Oskar Morgenstern's 1944 book Theory of Games and Economic Behavior.
It appears to have important applications outside of economics in fields as diverse as developing nuclear war plans, coding algorithms, computer science & engineering, ethics, political science, law and evolutionary biology. If markets that work well, such as those for insurance, commodities futures contracts, and financial instruments, risk aversion may encourage activity that reduces risk and disseminates information about risk. The distribution of financial resources is described by financial economics or simply finance.
Additionally, it examines the price of financial instruments, corporate financial structures, the strength and brittleness of the financial markets, financial crises, and relevant governmental legislation. Uncertainty - related inefficiencies may be caused by some market organisations. The paradigm example is based on George Akerlof's article "Market for Lemons," which describes a shady used vehicle industry.
Buyers who don't know if a car is a "lemon" lower its price below what a nice used automobile would cost. If the vendor knows more pertinent information than the buyer but has no motivation to provide it, information asymmetry results. Adverse selection, which makes people who pose the greatest risk more likely to get insurance such as irresponsible drivers, and moral hazard, which makes insurance encourage riskier behaviour, are related issues in the insurance industry say more reckless driving.
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By pushing away otherwise interested buyers and sellers from the market, both issues could increase insurance prices and decrease efficiency as in "incomplete markets". However, seeking to address one issu e— say, adverse selection — by requiring insurance could exacerbate another, such as moral hazard. Such issues are relevant to fields including insurance, contract law, mechanism design, monetary economics, and health care, according to information economics, which investigates them.
Applied topics include market and legal risk-spreading or risk-reduction strategies, such as warranties, government-mandated limited insurance, bankruptcy or restructuring law, inspection, and quality control and information disclosure regulations. The phrase "market failure" refers to a number of issues that could cast doubt on accepted economic theories. The following categories appear in the primary texts despite the fact that economists classify market failures in a variety of ways. [h] The term "market failures" is often employed when economic theories don't match reality, rendering these theories and the paradigms in which these terms are used unfalsifiable, according to authors who are critical of economics.
Economic inefficiency may be caused by information asymmetries and imperfect markets, but there is also a chance to improve efficiency through the aforementioned market, legal, and regulatory remedies. An extreme example of how competition fails to serve as a producer restraint is a natural monopoly, which is the overlapping idea of "practical" and "technical" monopoly. High economies of scale could be a contributing factor.
Public goods are products that, in a regular market, are undersupplied. The characteristics are that people can use public goods without having to pay for them and that multiple people can use them simultaneously. When there are large societal advantages or costs associated with production or consumption that are not accounted for by market prices, this is known as an externality. As an illustration, air pollution could have a negative externality while education could have a positive externality ( less crime, etc. ).
In an effort to address the price distortions brought on by these externalities, governments frequently tax or otherwise restrict the sale of commodities that have negative externalities and subsidise or otherwise promote the purchase of goods that have positive externalities. Basic demand - and - supply theory can forecast equilibrium, but it cannot predict how quickly the equilibrium will change in response to a change in demand or supply.
In many instances, some type of price stickiness is proposed to explain why quantities react to changes in the short run of either the supply or demand, as opposed to prices. This comprises common macroeconomic analyses of the business cycle. Analysis frequently focuses on the factors that contribute to this price stickiness and how they may affect the possibility of achieving a long-run equilibrium. Wage rates in labour markets and posted prices in markets with imperfect competition are two examples of such price stickiness in specific markets.
Market failure is a topic that is more prevalent in some disciplines of economics than others. One illustration is the economics of the public sector. Externalities or "public bads" are major topics in environmental economics. Regulations that take into account cost-benefit analyses are one type of policy approach, as are market solutions that alter incentives through the imposition of emission costs or the redefining of property rights.
Using microeconomic methods, welfare economics assesses well-being from the distribution of productive components in relation to desirability and economic effectiveness within an economy, frequently in relation to competitive general equilibrium. It examines social wellbeing, as it may be determined, in terms of the economic pursuits of the people who make up the hypothetical community under consideration. As a result, whether of a group, community, or society, individuals with related economic activities serve as the fundamental units for aggregating social wellbeing.
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There is no such thing as "social welfare" apart from the "welfare" linked with its individual units. Macroeconomics looks at the entire economy in order to "top down"— that is, employ a condensed version of general - equilibrium theory — explain broad aggregates and their relationships. The unemployment rate, price inflation, and national income and output are a few examples of such aggregates, as are sub - aggregates like total consumption and investment spending and their constituent parts. It also examines the results of fiscal and monetary policies.
Macroeconomics has been more thoroughly incorporated into micro-based sector modelling, including the rationality of actors, effective use of market knowledge, and imperfect competition, at least since the 1960s. This has addressed a long-standing issue with the same subject's inconsistent developments. Macroeconomic analysis takes into account variables that affect the level and long-term growth of national income. These elements include the growth of the labour force, technical advancement, and capital accumulation.
Growth economics investigates the variables that contribute to sustained increases in a nation's production per person. The same reasons are used to explain why some countries grow faster than others and whether or not countries converge at the same rates of growth, as well as variances in the level of output per capita between nations. The rate of investment, population expansion, and technological advancement are all heavily researched variables. They are depicted in growth accounting as well as theoretical and empirical forms such as the neoclassical and endogenous growth models.
The establishment of "macroeconomics" as a distinct subject was prompted by the economics of a slump. The General Theory of Employment, Interest, and Money, written by John Maynard Keynes during the 1930s Great Depression, outlines the main concepts of Keynesian economics. Keynes argued that during economic downturns, the overall demand for goods could be insufficient, resulting in excessively large unemployment and losses in potential productivity.
In order to stabilise output over the economic cycle, he consequently favoured active policy responses from the public sector, including monetary policy actions by the central bank and fiscal policy actions by the government. So, a key finding of Keynesian economics is that there are some circumstances in which there is no powerful automatic mechanism that drives output and employment levels towards full employment.
The General Theory has been most successfully interpreted using John Hicks' IS/LM model. Understanding of the business cycle has evolved through time into a number of study initiatives, most of which are either to or unrelated to Keynesianism. The Keynesianism is right in the short run, but is qualified by neoclassical-like considerations in the intermediate and long run, according to the neoclassical synthesis, which unifies Keynesian economics with neoclassical economics.
In contrast to the Keynesian theory of the business cycle, new classical macroeconomics proposes market clearing with incomplete knowledge. It comprises the real business cycle theory, Robert Lucas' "rational expectations" theory, and Friedman's permanent income hypothesis on consumption. The new Keynesian method, in contrast, makes a number of market failures while keeping the rational expectations assumption. In instance, New Keynesians believe that wages and prices are "sticky," meaning they do not immediately alter in response to changes in the economy.
As a result, the new classical school of thought holds that prices and wages will adjust automatically to reach full employment, in contrast to the new Keynesian school, which believes that full employment will only be automatically achieved in the long run. For this reason, government and central bank policies are necessary because the "long run" may be extremely long. The unemployment rate, or the proportion of workers without jobs in the labour force, is used to calculate the level of unemployment in a given economy.
The only people in the labour force are those who are actively looking for work. The labour force excludes those who are retired, enrolled in school, or deterred from looking for work due to a lack of employment opportunities. There are multiple different types of unemployment that are often tied to various causes. When wages are too high, firms are unwilling to take on extra workers, according to traditional models of unemployment. Similar to classical unemployment, frictional unemployment happens when a worker can obtain suitable employment, but the time it takes to look for and land that position results in a period of unemployed.
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A mismatch between employees' skills and the skills needed for open jobs is one of several potential reasons of structural unemployment. When an economy is switching industries and people discover their prior set of skills are no longer in demand, there can be significant structural unemployment. Similar to frictional unemployment in that both highlight the difficulty in matching job seekers with open positions, structural unemployment also takes into account the time required to develop new skills, as opposed to only the short-term job search process.
While some forms of unemployment can happen no matter how the economy is doing, cyclical unemployment happens when growth slows. The empirical link between unemployment and economic growth is represented by Okun's law. According to Okun's law's original formulation, a 3% rise in output would result in a 1% drop in unemployment.
In most economies with a price system, money is the primary form of final payment for goods and the unit of account used to express prices. Money is widely accepted, has a relatively constant value, is divisible, durable, portable, elastic in supply, and has a long lifespan with widespread public confidence. Checkable deposits and non-bank public currencies are included. It has been compared to a social convention similar to language that is beneficial to one person primarily because it benefits others. Money is what money does, as well-known economist Francis Amasa Walker once said ( "Money is that money does" in the original ).
Money, as a means of exchange, makes trade easier. It functions as a measure of value and, more crucially, a store of value that serves as the foundation for the formation of credit. Contrast its economic purpose with barter or non-monetary exchange. A difficult - to - find double coincidence of wants as to what is exchanged, such as apples and a book, may be required in barter due to the wide variety of created items and specialised providers.
When money is instantly accepted, the cost of exchange can be reduced. Thus accepting money in exchange for anything rather than what the buyer provides is less expensive for the seller. Theory and data support a positive link between the total money supply, the nominal value of total output, and the general price level at the level of an economy. Because of this, controlling the money supply is a crucial component of monetary policy.
Governments use fiscal policy to modify aggregate demand and affect macroeconomic circumstances through modifying spending and taxation policies. There is an output gap when total demand is lower than the economy's potential output, leaving some of its productive capacity idle. To enhance aggregate demand, governments decrease taxes and increase spending. Government agencies can make use of idle resources.
For instance, expanding roadways could involve hiring unemployed home builders. Tax reductions give customers more money to spend, which increases total demand. Tax reductions and expenditures both have multiplier effects, which means that the initial rise in demand caused by the policy spreads throughout the economy and spurs more economic activity. Crowding out has the potential to limit the effects of fiscal policy.
Crowding out has the potential to limit the effects of fiscal policy. The economy is generating at its maximum potential and there are no surpluses of resources that can be put to use when there is no output gap. If the government boosts expenditure in this circumstance, it uses resources that the private sector would have otherwise used, resulting in a decrease in overall output. While some economists believe that crowding out is a problem regardless of output, others do not believe that it is a significant problem at all. The claim of Ricardian equivalence is also made by critics of fiscal policy.
They contend that because future tax hikes will be required to cover a growth in debt, individuals will cut back on their spending and start saving money. Any rise in demand brought on by tax cuts will be countered by increased savings meant to cover future tax increases, according to the Ricardian equivalence theory. Economic inequality includes wealth inequality, which is determined by the distribution of wealth or the amount of wealth people own, and income inequality, which is determined by the distribution of income or the amount of money people receive.
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It also includes other indicators like consumption, land ownership, and human capital. Different levels of inequality exist between nations or states, sociological groups, societal groups, civics and people. There are various ways to measure inequality, and the Gini coefficient is frequently used to compare individual income discrepancies. The Inequality-adjusted Human Development Index, a composite index that considers inequality, is an illustration of a measure of inequality between nations. Equity, equality of result, and equality of opportunity are significant ideas of equality.
Economic inequality has been linked in studies to social and political unrest, including uprisings, the dissolution of democracies, and civil war. According to research, increasing inequality impedes macroeconomic stability and economic progress, and inequality of land and human capital is more detrimental to growth than disparity of income. Considering that government spending and tax policies have a considerable impact on income distribution, inequality is at the forefront of economic policy discussions around the world. In developed economies, taxes and transfers reduce income inequality by one-third, with public social spending accounting for the majority of this reduction such as pensions and family benefits.
The area of economics known as "public economics" is concerned with the economic operations of the public sector, typically the government. The course covers topics including tax incidence (who actually pays a certain tax), cost-benefit analyses of government initiatives, the impact of various spending and tax policies on economic efficiency and income distribution, and fiscal politics. The latter, a component of public choice theory, simulates interactions between self-interested voters, politicians, and bureaucrats in a manner similar to microeconomic theory.
Positive economics focuses on describing and forecasting economic occurrences. Normative economics aims to define what types of economies are desirable. A branch of normative economics known as welfare economics uses microeconomic methods to estimate both the income distribution and the allocative efficiency of an economy. It makes an effort to gauge social wellbeing by looking at how each member of society is making money. International trade researches the factors that influence the flow of commodities and services across borders.
It also has to do with the quantity and distribution of trade-related profits. Estimating the consequences of shifting tariff rates and trade quotas is one example of a policy application. The study of the movement of capital across international borders and its impact on currency rates is known as international finance. Increasing international trade in products, services, and capital is one of the main effects of modern globalisation.
The goal of labour economics is to comprehend the dynamics and operation of wage labour markets. Employers and employees interact to drive the operation of labour markets. In order to comprehend the pattern of wages, employment, and income that results, labour economics looks at the employers who want labour services and the employees who supply those services. Labor is a term used in economics to describe the work that people perform.
It is typically compared to other production inputs like land and capital. Although some macroeconomic system theories contend that the word "human capital" is a contradiction in terms, other theories have established the idea of "human capital," which refers to the abilities that employees possess rather than necessarily their actual labour.
With a focus on structural change, poverty, and economic growth, development economics investigates the financial aspects of the economic development process in relatively low-income nations. Social and political aspects are regularly taken into account in development economics methodologies.
Economic theory has historically come under fire for being based on implausible, unprovable, or too simplistic assumptions, often because these assumptions make the justifications for desired results easier to prove. A scientistic approach to economics, for instance, according to economist Friedrich Hayek, is "decidedly unscientific in the real sense of the word, since it involves a mechanical and unthinking application of habits of thought to sectors different from those in which they have been established."
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Perfect information, profit maximisation, and rational decision-making are contemporary manifestations of these neoclassical economics premises. These objections frequently mix together modern economics with neoclassical economics. Information economics encompasses both mathematical and economic research as well as behavioural economics, which is similar to behavioural psychology studies. Confounding variables to the neoclassical assumptions are the focus of extensive research in many economic fields.
Keynes and Joskow, two well-known historical mainstream economists, noted that much of the economics of their day was conceptual rather than quantitative and challenging to describe and formalise numerically. Paul Joskow made the observation that in practise, serious researchers of real economies preferred to employ "informal models" based on qualitative elements unique to certain industries in a discussion on oligopoly research in 1975. Joskow strongly believed that formal models were "trotted out ex post" and that the crucial work in oligopolies was done through informal observations.
He asserted that formal models were generally not significant in the empirical work as well and that the fundamental component of behaviour that underlies the theory of the company, was ignored. Deirdre McCloskey and Stephen Ziliak contend that while her criticism of the way many empirical economic research are published has been received favourably, actual reporting practises have not changed.
Although economists have noted the discipline's adoption of increasingly rigorous modelling, others have criticised the field's focus on creating computer simulations divorced from reality and have pointed out the loss of prestige the field suffered for failing to foresee the Great Recession. The extent to which practise has improved since the early 2000s is disputed.
Thomas Carlyle, a Victorian historian, first used the derisive term "the dismal science" to refer to economics in the 19th century. It is frequently said that Thomas Robert Malthus's study, which anticipated worldwide starvation as a result of predictions that population expansion would outpace the rate of increase in the food supply, prompted Carlyle to give it this moniker.
The phrase was actually first used by Carlyle, who supported slavery in a debate with John Stuart Mill on the subject. Carlyle believed that economics was "dismal" because it "reduced the duty of human governors to that of letting men alone" and "found the secret of this Universe in 'supply and demand'."
Economic geography, economic history, public choice, energy economics, cultural economics, family economics, and institutional economics are just a few of the subjects within the social sciences that have an overlap with economics. An approach to legal theory that applies economic principles to law is known as law and economics, or economic analysis of law. It uses economic theories to analyse the consequences of legal regulations, determine which regulations are economically efficient, and forecast future regulations.
In a groundbreaking article written in 1961, Ronald Coase argued that clear property rights may solve the issue of externalities. In order to understand how political institutions, the political environment and the economic system whether capitalist, socialist, or mixed impact one another. Political economy is an interdisciplinary field of study that blends economics, law, and political science. It investigates issues such how monopolies, rent-seeking behaviour, and externalities ought to affect governmental decisions.
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Political economy has been used by historians to examine how individuals and organisations with similar economic interests have utilised politics in the past to change things that benefited their interests. Energy economics is a vast field of science that covers both supply and demand-related issues. In contrast to what he saw as the mechanistic foundation of neoclassical economics derived from Newtonian physics, Georgescu - Roegen reintroduced the concept of entropy in relation to economics and energy from thermodynamics.
Both thermo - economics and ecological economics benefited greatly from his work. He also contributed to the development of evolutionary economics through foundational studies. Through the contributions of Émile Durkheim, Max Weber, and Georg Simmel, the sociological branch of economic sociology emerged as a method for examining how economic events interact with the dominant social science paradigm ( i.e. modernity ). The Protestant Ethic and the Spirit of Capitalism by Max Weber and The Philosophy of Money by Georg Simmel are both classic works ( 1900 ).
In more recent times, this discipline has benefited from the contributions of Richard Swedberg, Peter Hedstrom, Mark Granovetter, James S. Coleman, and James S. Coleman. In 1974, Gary Becker introduced an economic theory of social interactions, including applications to the family, altruism, merit goods, interactions involving multiple people, and jealousy and hatred. In 2001, he and Kevin Murphy wrote a book that examined market behaviour in a social setting.
The main development in economics since around 1900 has been characterised as the professionalisation of the field, which is evidenced by the expansion of graduate programmes in the field. Whether it be in the liberal arts, business, or for professional study, the majority of major universities and many colleges have a major, school, or department in which academic degrees are granted in the topic. see economics bachelor's and master's degrees.
Professional economists work as consultants and in various industries, such as banking and finance, in the private sector. Moreover, economists are employed by a variety of governmental departments and organisations, such as the national treasury, the central bank, or the National Bureau of Statistics. The Nobel Memorial Prize in Economic Sciences, albeit not a Nobel Prize, is the most well-known of the several awards given to economists each year for their remarkable intellectual contributions to the discipline.
Math is a tool in modern economics. Calculus, linear algebra, statistics, game theory, coding algorithms, Information technology IT, informatics practices IP and computer science are tools used by economists. While a minority of economists focus on econometrics and mathematical techniques, professional economists are expected to be proficient with these tools.
Classical economic theory was largely popularised by Harriet Martineau ( 1802 – 1876 ), who was highly read. The Economics of Industry was co-authored by Mary Paley Marshall ( 1850 – 1944 ), the first female instructor at a British economics faculty, and her husband Alfred Marshall. One of the most significant post-Keynesian economists was Joan Robinson ( 1903 – 1983 ).
Along with Milton Friedman, economic historian Anna Schwartz ( 1915 – 2012 ) wrote A Monetary History of the United States, 1867 – 1960. The Economics Nobel Prize has been won by two women, Elinor Ostrom ( 2009 ) and Esther Duflo ( 2019 ). Susan Athey ( 2007 ), Esther Duflo ( 2010 ), Amy Finkelstein ( 2012 ), Emi Nakamura ( 2019 ), and Melissa Dell are the five recipients of the John Bates Clark Medal ( 2020 ).
From 1940 until the 1970s, the proportion of female authors in prestigious economic journals fell ; however, it has since increased, with varying patterns of gendered co - authorship. Despite national variations, women continue to be underrepresented in the profession globally ( 19% of authors in the RePEc database in 2018 ).
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