Copyright © Philip M. Parker, INSEAD. Terms of Use.

Definition: Economics |
EconomicsNoun1. The branch of social science that deals with the production and distribution and consumption of goods and services and their management. Source: WordNet 1.7.1 Copyright © 2001 by Princeton University. All rights reserved. |
Date "economics" was first used in popular English literature: sometime before 1588. (references) |
Etymology: Economics \E`co*nom"ics\, noun. [from Greek expression. See Economic.]. (Websters 1913) |
| Domain | Definitions |
Economics | The study of production, distribution, selling and use of goods and services. Source: European Union. (references) |
Finance | The branch of the social sciences that deals with the financial considerations of the production, distribution, and consumption of goods and services. (references) |
Source: compiled by the editor from various references; see credits. | |
(From Wikipedia, the free Encyclopedia)
Aspects receiving particular attention in economics are trade, resource allocation and competition. Economics may be applied to such diverse topics as the governance of production, distribution and consumption of wealth as well as the various related problems of finance, taxation, labor, law, poverty, pollution etc.
Economics is said to be positive when it attempts to explain the consequences of different choices given a set of assumptions and normative when it prescribes a certain route of action. The nature of positive and normative economics is discussed further below.
Most contemporary theory assumes that economic agents act rationally to optimize well-being given available information. This may sometimes be an acceptable approximation (for instance, if individual irrationality cancel each other out in the aggregate) and tends to produce tractable results. However, this framework ("homo economicus") is not accepted by all. More recently, irrational behavior and imperfect information have increasingly been the subject of formal modelling (often referred to as behavioral economics), resulting in some Nobel Prizes in economics.
Mathematical economics is based on the belief that mathematical methods encourage researchers to focus on essentials and makes exposition less prone to ambiguity. However, the basic ideas of economics can be taught with no more than simple arithmetic and graphs, without knowledge of the underlying formal mathematical theory. Indeed, the Austrian School of economics believes that anything beyond simple logic is not only unnecessary but inappropriate for economic analysis.
In any case, economics relies on formal, mathematical styles of argument more than other social sciences. However, formal modelling is also increasingly used in other social sciences, such as political science, as well as philosophy. Formal modelling can involve advanced mathematical methods, but often only relatively straightforward algebra or elementary calculus is needed.
Within these major divisions there are specialized areas of study that try to answer questions on a broad spectrum of human economic activity (see below). There are also methodologies used by economists whose underlying theories are important. The most significant example may be econometrics, which applies statistical techniques to the study of economic data.
There has been an increasing trend for ideas from economics to be applied in wider contexts. There is an economic aspect to any field where people are faced with alternatives - education, marriage, health, public policy, etc. Public Choice Theory studies how economic analysis can apply to those fields traditionally considered outside of economics. The areas of investigation in Economics therefore overlap with other social sciences, including political science and sociology.
Macroeconomics began with Keynes in the 1930s. For an overview of a number of competing schools, see macroeconomics.
Many economists use a combination of Neoclassical microeconomics and Keynesian macroeconomics. This combination, sometimes known as the Neoclassical synthesis, was dominant in Western teaching and public policy in the years following World War II and up to the late 1970s.
In principle, economics can be applied to any type of economic organization. However, it developed historically in market societies, and its most detailed and precise work has dealt with the institutions belonging to them. To what extent economics must be adjusted to be applied to earlier forms of social organization has been the source of discussion. Generally, mainstream economists mostly feel that the basic framework of economics is relevant and flexible enough to be applied to virtually any form of society. Marxist economists, who were more influential a few decades ago, often feel that each era of history obeys its very own set of laws, and that contemporary economics can only be applied to industrialized societies.
The term economics was coined in around 1870, and popularised by influential neoclassical economists such as Alfred Marshall. Prior to this the subject had been known as political economy. This term is still often used instead of economics, especially by radical economists such as Marxists. Some mainstream universities (such as the University of Toronto) still have a political economy department rather than an economics department. Political economy explicitly brings political considerations into economic analysis and therefore tends to be more normative than most economics.
Areas of study in economics
Economics is usually divided into two main categories:
Attempts to join these two branches or to refute the distinction between them have been important motivators in much of recent economic thought, especially in the late 1970s and early 1980s. Today, the consensus view is arguably that good macroeconomics has solid microeconomic foundations i.e. its premises have support in microeconomics.Branches of economics and related subjects
Economics may be broken down as follows:
Related fields and topics:
Development of economic thought
Modern economic thought is usually said to have begun with Adam Smith in the late 18th century. For an overview of precursors to Smith as well as an overview of schools that have developed later, see history of economic thought. Modern mainstream economics is primarily a further refinement of neoclassical economics. Economics and political economy
See also
List of Marketing Topics List of Management Topics List of Economics Topics List of Accounting Topics List of Finance Topics List of Economists External links
Source: adapted by the editor from Wikipedia, the free encyclopedia under a copyleft GNU Free Documentation License (GFDL) from the article "Economics."
Synonyms: EconomicsSynonyms: economic science (n), political economy (n). (additional references) |
| Context | Synonyms within Context (source: adapted from Roget's Thesaurus). |
Conduct | Management; husbandry; housekeeping, housewifery; stewardship; menage; regime; economy, economics; political economy; government; (direction). |
| Source: adapted from Roget's Thesaurus. | |
| Domain | Usage | |
Screenplays | I see them in my Home Economics class all the time. (Forrest Gump; writing credit: Eric Roth) You don't dig world trade, College Boy, after all the Economics they've tried to shove into you? (Roustabout; writing credit: Allan Weiss; Anthony Lawrence) | |
Movie/TV Titles | The Home Economics Story (1951) Economics 101 (2002) Lies and Global Economics Who's Counting? Marilyn Waring on Sex (1995) | |
Source: compiled by the editor from various references; see credits. | ||
| Domain | Title | ||
Books |
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Periodicals |
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Theater & Movies | |||
Music |
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Source: compiled by the editor from various references; see credits. | |||
| Thumbnail | Description & Credit | Thumbnail | Description & Credit |
![]() | School of Practical Nursing. : Home Economics Class. / Parkway Photographers.Credit: National Library of Medicine. | ![]() | [Demonstration in child care to home economics class].Credit: National Library of Medicine. |
![]() | [Child care demonstration in home economics class].Credit: National Library of Medicine. | ![]() | A Bureau of Commercial Economics truck.Credit: National Library of Medicine. |
![]() | Motion pictures in medicine. : Bureau of Commercial Economics motion picture outfit on the White House elipse.Credit: National Library of Medicine. | ![]() | Motion pictures in medicine. : Bureau of Commercial Economics motion picture outfit in front of the Washington Monument.Credit: National Library of Medicine. |
![]() | Motion pictures in medicine. : Bureau of Commercial Economics motion picture outfit on the White House elipse.Credit: National Library of Medicine. | ![]() | Motion pictures in medicine. : Bureau of Commercial Economics motion picture outfit on the White House elipse.Credit: National Library of Medicine. |
![]() | Motion pictures in medicine. : Bureau of Commercial Economics motion picture outfit on the White House elipse.Credit: National Library of Medicine. | ||
Source: compiled by the editor from various references; see credits. | |||
| Author | Quotation |
John Kenneth Galbraith | In economics the majority is always wrong. |
| In economics, hope and faith coexist with great scientific pretension and also a deep desire for respectability. | |
Source: compiled by the editor from various references. | |
| Subject | Topic | Quote |
Health | In addition to a re-evaluation of the role of government, at all levels, in delivering (or being responsible for the delivery of) services, at least two other shifts in strategy are occurring to reform the targets of economics, access, and quality. (references) | |
A non-Federal, nonadvocate, 14-member panel representing the fields of genetics, obstetrics, internal medicine, nursing, social work, epidemiology, pediatrics, psychiatry, genetic counseling, bioethics, health economics, health services research, law, and the public. (references) | ||
Business | His undergraduate degrees are in mathematics and economics. (references) | |
Economics Economic factors tend to counterbalance low demand concentration. (references) | ||
The agency is set up as an independent government body, which is supervised by the German Federal Economics Ministry. (references) | ||
Civil Liberties | Germany | In response to concerns expressed by foreign governments and multinational firms, in 2000 the Economics Ministry limited the scope of the sect filter to consulting and training contracts. (references) |
Germany | In March the Economics Ministry persuaded the federal and state interior ministries to accept new wording that would only prohibit use of the "technology of L. Ron Hubbard" in executing government contracts. (references) | |
Economic History | Hong Kong | Conclusion: sell on economics, not legislation (as per above). (references) |
Political Economy | Thailand | All Thai parties accept working within a framework of democratic principles and free enterprise economics. (references) |
South Africa | South Africa's apartheid-era government, while preaching free-market economics, essentially practiced statism. (references) | |
Zambia | Orientation of Major Political Parties: The MMD platform is for democracy, human rights, and free market economics. (references) | |
Political Rights | Tajikistan | Days before the election, an apparently arbitrary Supreme Court decision allowed one of the three aspiring opposition candidates, Economics and Foreign Economic Relations Minister Davlat Usmon of the Islamic Renaissance Party, to register. (references) |
Trade | Austria | The export or transit of goods on the Wassenaar ammunition list requires a license from the Austrian Ministry of Economics and Labor. (references) |
Austria | In accordance with EU regulations, the export and re-export of goods to states under sanctions requires a special export license issued by the Austrian Ministry of Economics and Labor. (references) | |
Worker Rights | Turkmenistan | The Ministry of Economics and Finance prepares general guidelines for wages and sets wages in health care, culture, and some other areas. (references) |
Cambodia | According to a survey taken during the year by a local economics research center, garment workers, who were paid in U.S. currency, earned an average of $61 per month, factoring in overtime. (references) | |
Source: compiled by the editor from ICON Group International, Inc.; see credits. | ||
| Speaker | Phrase(s) |
Rush Limbaugh | Rush has always said the reason the world hates us all comes down to economics. |
Source: compiled by the editor from various references; see credits. | |
| Speaker | Term | Phrase(s) |
Bill Clinton | 1993-2001 | But globalization is about more than economics. |
Source: compiled by the editor from various references. | ||
| "Economics" is generally used as a noun (common) -- approximately 99.86% of the time. "Economics" is used about 2,878 times out of a sample of 100 million words spoken or written in English. Its rank is based on over 700,000 words used in the English language. Some parts-of-speech are not covered due to the samples used by the British National Corpus. (note: percents less than one-hundredth of one percent have been omitted) |
| Parts of Speech | Percent | Usage per 100 Million Words | Rank in English |
| Noun (common) | 99.86% | 2,874 | 3,235 |
| Noun (plural) | 0.1% | 3 | 202,518 |
| Noun (proper) | 0.03% | 1 | 339,140 |
| Total | 100.00% | 2,878 | N/A |
Source: compiled by the editor from several corpora; see credits.
Expressions using "economics": agricultural economics ♦ applied economics ♦ business economics ♦ Centrally Planned Economics ♦ commercial economics ♦ department of economics ♦ economics department ♦ economics of scale ♦ economics profession ♦ economics to scale ♦ energy economics ♦ farm economics ♦ Health Care Economics and Organizations ♦ home economics ♦ market economics ♦ ministry of economics ♦ rural economics ♦ school of economics and business administration ♦ technological economics ♦ voodoo economics. Additional references. | |
| Hyphenated Usage | |
Beginning with "economics": Economics-alan, economics-based, economics-defying, economics-style, economics--together. | |
Ending with "economics": macro-economics, micro-economics. | |
| Source: compiled by the editor from various references; see credits. | |
| The following statistics estimate the number of searches per day across the major English-language search engines as identified by various trade publications. Hyperlinks lead to commercial use of the expression at Amazon.com. |
| Expression | Frequency per Day |
economics | 1,806 |
london school of economics | 349 |
economics entrepreneur entrepreneurship | 293 |
medical economics | 83 |
home economics | 70 |
supply side economics | 67 |
definition economics | 65 |
managerial economics | 62 |
dictionary economics | 56 |
health economics | 54 |
| Source: compiled by the editor from various references; see credits. | |
| Language | Translations for "economics"; alternative meanings/domain in parentheses. | |
Albanian | ekonomi politike (political economy), ekonomi (economy, managed economy, prudence, thrift). (various references) | |
Arabic | علم الاقتصاد. (various references) | |
Bulgarian | стопански строй, политическа икономия (political economy), икономика (economy). (various references) | |
Chinese | "濟學 , 经济 (Economic, Economical, Economies, Economy). (various references) | |
Czech | ekonomika (economy), ekonomie, ekonomická stránka, hospodářské vìdy. (various references) | |
Danish | oekonomi. (various references) | |
Dutch | economie (economy). (various references) | |
Esperanto | ekonomiko. (various references) | |
Farsi | علم اقتصاد (Economy), اقتصادیات . (various references) | |
Finnish | taloustiede, talousoppi, kansantaloustiede (national economy), kansantalous (national economy). (various references) | |
French | sciences économiques, économie (economy). (various references) | |
Frisian | ekonomy (economy). (various references) | |
German | volkswirtschaftslehre (political economy), wirtschaftswissenschaft. (various references) | |
Greek | οικονομολογία (finance). (various references) | |
Hebrew | תורת "כלכל", כלכל ות. (various references) | |
Hungarian | közgazdaságtan (political economy, social economy), gazdasági helyzet (economic climate). (various references) | |
Indonesian | ekonomi (economy), ilmu ekonomi. (various references) | |
Italian | scienze economiche, economia (economy, parsimoniousness, saving). (various references) | |
Japanese Kanji | 経済学 , 経済 (business, economy, finance), エクリン腺 (a service station for cars that run on alternative fuels, eccrine gland, echo, echo back, eclair, ecocide, Ecole de Paris, ecological mark, ecology, econometrics, economic animal, economical, economist, economy, economy class, ecosystem, executive, executive class, existence, exit). (various references) | |
Japanese Katakana | エコノミックス , けいざいがく, けいざい (business, economy, finance, minor offense). (various references) | |
Korean | 경 (Economic, Economical, Economies, Economy). (various references) | |
Manx | tarmaynys (economy, good management). (various references) | |
Norwegian | økonomi (economy). (various references) | |
Papiamen | ekonomia (economy). (various references) | |
Pig Latin | economicsay.(various references) | |
Portuguese | economia (economy, fruit, hush, parsimony, Providence, retrenchment, save, saving, thrift). (various references) | |
Romanian | economie (chariness, economy, frugality, husbandry, parsimony, prudence, retrenchment, saving, savings, thrift), ştiinţa economiei. (various references) | |
Russian | экономика (economy). (various references) | |
Serbo-Croatian | ekonomija. (various references) | |
Spanish | Economica, economía política (political economy), ciencias económicas. (various references) | |
Swedish | nationalekonomi (political economy). (various references) | |
Thai | วิชาเศรษฐศาสตร์. (various references) | |
Turkish | ekonomi bilimi, iktisat bilimi (political economy), ülke ekonomisi. (various references) | |
Turkmen | ykdysadyяet. (various references) | |
Ukranian | народне господарство, економічна наука, економіка (economy). (various references) | |
Vietnamese | việc tề gia nội trợ (home economics). (various references) | |
Welsh | economeg. (various references) | |
| Source: compiled by the editor from various translation references. | ||
Derivations | |
Words ending with "economics": macroeconomics, microeconomics. (additional references) | |
| |
"Economics" is suggested in spellcheckers for the following: conomics, ecenomics, econmics, Economica, economicus, econominc, economis, economism, economosis, econonics, econonmics, egonomics, ekonomika. (additional references) | |
| Source: compiled by the editor, based on several corpora (additional references). | |
| # of Phoneme Matches | Pronunciation | Word(s) rhyming with "economics" (pronounced e'kunÄ"miks or ē'kunÄ"miks) |
| 9 | e' k u n Ä" m i k s | microeconomics. |
| 8 | -k u n Ä" m i k s | macroeconomics. |
| 7 | -u n Ä" m i k s | ergonomics. |
| 5 | -Ä" m i k s | comics. |
| 4 | -m i k s | academics, aerodynamics, ceramics, dynamics, electrodynamics, epidemics, gimmicks, hemodynamics, mimics, polemics. |
| 3 | -i k s | acoustics, acrobatics, acrylics, aerobatics, aerobics, aeronautics, aesthetics, affix, alcoholics, analgesics, analytics, anesthetics, anorexics, antibiotics, antics, apparatchiks, appendix, asthmatics, astronautics, astrophysics, athletics, atmospherics, attics, automatics, avionics, ballistics, basics, batiks, beatniks, bioethics, biologics, biophysics, bishoprics, calisthenics, Calix, calyx, catholics, cervix, characteristics, charismatics, civics, classics, clerics, clinics, conics, cosmetics, Criminalistics, critics, cynics, demographics, diabetics, diagnostics, diuretics, domestics, eccentrics, econometrics, electrics, electronics, epics, ethics, ethnics, eugenics, exotics, fabrics, fanatics, forensics, generics, genetics, geometrics, geopolitics, geriatrics, graphics, gymnastics, harmonics, helix, heroics, hieroglyphics, histrionics, hydraulics, hypnotics, hysterics, informatics, ionics, italics, kibbutzniks, kinetics, limericks, linguistics, logistics, lyrics, Magnetics, mathematics, matrix, mavericks, mechanics, medics, metaphysics, metrics, microelectronics, micrographics, mnemonics, mosaics, mystics, narcotics, Nucleonics, numismatics, obstetrics, onomastics, onyx, optics, orthodontics, oryx, panics, paramedics, Pediatrics, Phenix, Phoenix, phonetics, phonics, photovoltaics, physics, plastics, prefix, prosthetics, psychics, publics, pyrotechnics, refuseniks, relics, reprographics, republics, robotics, romantics, semantics, semiotics, skeptics, sonics, specifics, sputniks, statistics, stoics, suffix, synthetics, systematics, tactics, Technics, tectonics, theatrics, therapeutics, thermoplastics, tonics, topics, toxics, tropics, workaholics. |
| 8 | -k u n Ä" m i k s | macroeconomics, microeconomics. |
| 7 | -u n Ä" m i k s | ergonomics. |
| 5 | -Ä" m i k s | comics. |
| 4 | -m i k s | academics, aerodynamics, ceramics, dynamics, electrodynamics, epidemics, gimmicks, hemodynamics, mimics, polemics. |
| 3 | -i k s | acoustics, acrobatics, acrylics, aerobatics, aerobics, aeronautics, aesthetics, affix, alcoholics, analgesics, analytics, anesthetics, anorexics, antibiotics, antics, apparatchiks, appendix, asthmatics, astronautics, astrophysics, athletics, atmospherics, attics, automatics, avionics, ballistics, basics, batiks, beatniks, bioethics, biologics, biophysics, bishoprics, calisthenics, Calix, calyx, catholics, cervix, characteristics, charismatics, civics, classics, clerics, clinics, conics, cosmetics, Criminalistics, critics, cynics, demographics, diabetics, diagnostics, diuretics, domestics, eccentrics, econometrics, electrics, electronics, epics, ethics, ethnics, eugenics, exotics, fabrics, fanatics, forensics, generics, genetics, geometrics, geopolitics, geriatrics, graphics, gymnastics, harmonics, helix, heroics, hieroglyphics, histrionics, hydraulics, hypnotics, hysterics, informatics, ionics, italics, kibbutzniks, kinetics, limericks, linguistics, logistics, lyrics, Magnetics, mathematics, matrix, mavericks, mechanics, medics, metaphysics, metrics, microelectronics, micrographics, mnemonics, mosaics, mystics, narcotics, Nucleonics, numismatics, obstetrics, onomastics, onyx, optics, orthodontics, oryx, panics, paramedics, Pediatrics, Phenix, Phoenix, phonetics, phonics, photovoltaics, physics, plastics, prefix, prosthetics, psychics, publics, pyrotechnics, refuseniks, relics, reprographics, republics, robotics, romantics, semantics, semiotics, skeptics, sonics, specifics, sputniks, statistics, stoics, suffix, synthetics, systematics, tactics, Technics, tectonics, theatrics, therapeutics, thermoplastics, tonics, topics, toxics, tropics, workaholics. |
Source: compiled by the editor (additional references); see credits. | ||
Scrabble® Enable2K-Verified Anagrams | |
| Words within the letters "c-c-e-i-m-n-o-o-s" | |
-1 letter: economic. | |
-2 letters: concise, incomes, mesonic, noisome. | |
-3 letters: comics, comose, conics, conies, cosine, cosmic, eonism, icones, income, minces, monies, oscine, scenic, sconce, simoon, socmen. | |
-4 letters: cines, cions, cisco, cocos, coins, comes, comic, cones, conic, coons, cosec, cosie, eosin, icons, mesic, meson, miens, mince, mines, monie, monos, moons, moose, noise, nomes, nomoi, nomos, noose, omens, onces, osmic, scion, scone, secco, since, sonic. | |
-5 letters: cine, cion, coco, coin, come, cone, coni, cons, coon, coos, emic, eons, ices, icon, ions, meno, mice, mien, mine, mise, miso, mocs, mono, mons, moon, moos, nice, nims, noes, nome, noms, nose, omen, once, ones, semi, sice, sine, some, sone, soon. | |
| Words containing the letters "c-c-e-i-m-n-o-o-s" | |
+1 letter: cosmogenic. | |
+2 letters: microsecond, monocracies. | |
+3 letters: econometrics, microseconds, monospecific. | |
+4 letters: actinomycoses, concomitances, meningococcus, misconception, misconnection, semiconductor, semiconscious, socioeconomic. | |
+5 letters: actinomycetous, carcinomatoses, commonsensical, macroeconomics, microeconomics, misconceptions, misconnections, monosaccharide, noncommercials, noncompliances, semiconductors. | |
| Source: compiled by the editor from various references; see credits. SCRABBLE® is a registered trademark. All intellectual property rights in and to the game are owned in the U.S.A and Canada by Hasbro Inc., and throughout the rest of the world by J.W. Spear & Sons Limited of Maidenhead, Berkshire, England, a subsidiary of Mattel Inc. Mattel and Spear are not affiliated with Hasbro. | |
Hexadecimal (or equivalents, 770AD-1900s) (references)45 63 6F 6E 6F 6D 69 63 73 |
| Leonardo da Vinci (1452-1519; backwards) (references)
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| American Sign Language (origins from 1620-1817 in Italy and, especially, France) (references)
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| Semaphore (1791, in France) (references)
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| Braille (1829, in France) (references)
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Morse Code (1836) (references). -.-. --- -. --- -- .. -.-. ... |
| Dancing Men (Sir Arthur Conan Doyle, 1903) (references)
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Binary Code (1918-1938, probably earlier) (references)01000101 01100011 01101111 01101110 01101111 01101101 01101001 01100011 01110011 |
HTML Code (1990) (references)E c o n o m i c s |
ISO 10646 (1991-1993) (references)0045 0063 006F 006E 006F 006D 0069 0063 0073 |
| British Sign Language (Fingerspelling, BSL; 1992, British Deaf Association Dictionary of British Sign Language) (references)
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Encryption (beginner's substitution cypher): (references)396981808179756985 |
| 1. Definition 2. Synonyms 3. Crosswords 4. Usage: Modern | 5. Usage: Commercial 6. Images: Slideshow 7. Images: Photo Album 8. Quotations: Familiar | 9. Quotations: Non-fiction 10. Quotations: Spoken 11. Quotations: Speeches 12. Usage Frequency | 13. Expressions 14. Expressions: Internet 15. Translations: Modern 16. Derivations | 17. Rhymes 18. Anagrams 19. Orthography 20. Bibliography |
Copyright © Philip M. Parker, INSEAD. Terms of Use.