Economics - Knowledge

5327:"This science indicates the cases in which commerce is truly productive, where whatever is gained by one is lost by another, and where it is profitable to all; it also teaches us to appreciate its several processes, but simply in their results, at which it stops. Besides this knowledge, the merchant must also understand the processes of his art. He must be acquainted with the commodities in which he deals, their qualities and defects, the countries from which they are derived, their markets, the means of their transportation, the values to be given for them in exchange, and the method of keeping accounts. The same remark is applicable to the agriculturist, to the manufacturer, and to the practical man of business; to acquire a thorough knowledge of the causes and consequences of each phenomenon, the study of political economy is essentially necessary to them all; and to become expert in his particular pursuit, each one must add thereto a knowledge of its processes." ( 1901:, he proposed a definition of economics as a study of human behaviour, subject to and constrained by scarcity, which forces people to choose, allocate scarce resources to competing ends, and economise (seeking the greatest welfare while avoiding the wasting of scarce resources). According to Robbins: "Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses". Robbins' definition eventually became widely accepted by mainstream economists, and found its way into current textbooks. Although far from unanimous, most mainstream economists would accept some version of Robbins' definition, even though many have raised serious objections to the scope and method of economics, emanating from that definition. 4656: 3297: 2776: 2912: 2787: 4306: 3785: 1438:

DNA analysis. People study living organisms in many different ways, so some people will do DNA analysis, others might do anatomy, and still others might build game theoretic models of animal behaviour. But they are all called biology because they all study living organisms. According to Ha Joon Chang, this view that the economy can and should be studied in only one way (for example by studying only rational choices), and going even one step further and basically redefining economics as a theory of everything, is very peculiar.

3770: 49: 3160: 15456: 5370:(2004), whose list of market failures is melded with failures of economic assumptions, which are (1) producers as price takers (i.e. presence of oligopoly or monopoly; but why is this not a product of the following?) (2) equal power of consumers (what labour lawyers call an imbalance of bargaining power) (3) complete markets (4) public goods (5) external effects (i.e. externalities?) (6) increasing returns to scale (i.e. practical monopoly) (7) perfect information (in 3962: 1778: 1502: 15420: 15445: 876: 1630: 4491:. When there is no output gap, the economy is producing at full capacity and there are no excess productive resources. If the government increases spending in this situation, the government uses resources that otherwise would have been used by the private sector, so there is no increase in overall output. Some economists think that crowding out is always an issue while others do not think it is a major issue when output is depressed. 4144: 5191: 864: 13340: 15432: 1751:(1848) parted company with the earlier classical economists on the inevitability of the distribution of income produced by the market system. Mill pointed to a distinct difference between the market's two roles: allocation of resources and distribution of income. The market might be efficient in allocating resources but not in distributing income, he wrote, making it necessary for society to intervene. 1462: 3409:

technical improvement. The "Law of Supply" states that, in general, a rise in price leads to an expansion in supply and a fall in price leads to a contraction in supply. Here as well, the determinants of supply, such as price of substitutes, cost of production, technology applied and various factors inputs of production are all taken to be constant for a specific time period of evaluation of supply.

1732:(1817) focused on the distribution of income among landowners, workers, and capitalists. Ricardo saw an inherent conflict between landowners on the one hand and labour and capital on the other. He posited that the growth of population and capital, pressing against a fixed supply of land, pushes up rents and holds down wages and profits. Ricardo was also the first to state and prove the principle of 1721:, he argued, tended to increase geometrically, outstripping the production of food, which increased arithmetically. The force of a rapidly growing population against a limited amount of land meant diminishing returns to labour. The result, he claimed, was chronically low wages, which prevented the standard of living for most of the population from rising above the subsistence level. Economist 1891:(1803). These three items were considered only in relation to the increase or diminution of wealth, and not in reference to their processes of execution. Say's definition has survived in part up to the present, modified by substituting the word "wealth" for "goods and services" meaning that wealth may include non-material objects as well. One hundred and thirty years later, 2041: 1371:." He affirmed that previous economists have usually centred their studies on the analysis of wealth: how wealth is created (production), distributed, and consumed; and how wealth can grow. But he said that economics can be used to study other things, such as war, that are outside its usual focus. This is because war has as the goal winning it (as a sought after 1702:

value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.

4498:. They argue that an increase in debt will have to be paid for with future tax increases, which will cause people to reduce their consumption and save money to pay for the future tax increase. Under Ricardian equivalence, any boost in demand from tax cuts will be offset by the increased saving intended to pay for future higher taxes. 1387:) but rather explore other alternatives. Economics cannot be defined as the science that studies wealth, war, crime, education, and any other field economic analysis can be applied to; but, as the science that studies a particular common aspect of each of those subjects (they all use scarce resources to attain a sought after end). 1816:. Marx wrote that they were mechanisms used by capital to exploit labour. The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production, and the theory of surplus value demonstrated how workers were only paid a proportion of the value their work had created. 2283:, macroeconomic research has put greater emphasis on understanding and integrating the financial system into models of the general economy and shedding light on the ways in which problems in the financial sector can turn into major macroeconomic recessions. In this and other research branches, inspiration from 1524:, the Greek word from which the word economy derives, was used for issues regarding how to manage a household (which was understood to be the landowner, his family, and his slaves) rather than to refer to some normative societal system of distribution of resources, which is a much more recent phenomenon. 4332:

covers a variety of possible causes of unemployment including a mismatch between workers' skills and the skills required for open jobs. Large amounts of structural unemployment can occur when an economy is transitioning industries and workers find their previous set of skills are no longer in demand.

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Thus, the new classicals assume that prices and wages adjust automatically to attain full employment, whereas the new Keynesians see full employment as being automatically achieved only in the long run, and hence government and central-bank policies are needed because the "long run" may be very long.

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of supply and demand predicts that for given supply and demand curves, price and quantity will stabilise at the price that makes quantity supplied equal to quantity demanded. Similarly, demand-and-supply theory predicts a new price-quantity combination from a shift in demand (as to the figure), or in

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occurs where quantity supplied equals quantity demanded, the intersection of the supply and demand curves in the figure above. At a price below equilibrium, there is a shortage of quantity supplied compared to quantity demanded. This is posited to bid the price up. At a price above equilibrium, there

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That is, the higher the price at which the good can be sold, the more of it producers will supply, as in the figure. The higher price makes it profitable to increase production. Just as on the demand side, the position of the supply can shift, say from a change in the price of a productive input or a

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In an argument that includes "one of the most famous passages in all economics," Smith represents every individual as trying to employ any capital they might command for their own advantage, not that of the society, and for the sake of profit, which is necessary at some level for employing capital in

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occur where there are significant social costs or benefits from production or consumption that are not reflected in market prices. For example, air pollution may generate a negative externality, and education may generate a positive externality (less crime, etc.). Governments often tax and otherwise

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An example that combines features above is a country that specialises in the production of high-tech knowledge products, as developed countries do, and trades with developing nations for goods produced in factories where labour is relatively cheap and plentiful, resulting in different in opportunity

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resources, which have alternative uses, to achieve desired ends. Agents are assumed to act rationally, have multiple desirable ends in sight, limited resources to obtain these ends, a set of stable preferences, a definite overall guiding objective, and the capability of making a choice. There exists

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was an economic doctrine that flourished from the 16th to 18th century in a prolific pamphlet literature, whether of merchants or statesmen. It held that a nation's wealth depended on its accumulation of gold and silver. Nations without access to mines could obtain gold and silver from trade only by

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in which prices are typically stated. Money has general acceptability, relative consistency in value, divisibility, durability, portability, elasticity in supply, and longevity with mass public confidence. It includes currency held by the nonbank public and checkable deposits. It has been described

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emphasises the role that gender plays in economies, challenging analyses that render gender invisible or support gender-oppressive economic systems. The goal is to create economic research and policy analysis that is inclusive and gender-aware to encourage gender equality and improve the well-being

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of income and output. Physiocrats believed that only agricultural production generated a clear surplus over cost, so that agriculture was the basis of all wealth. Thus, they opposed the mercantilist policy of promoting manufacturing and trade at the expense of agriculture, including import tariffs.

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generalises from that special case to study the strategic behaviour of firms that do have significant control of price. It considers the structure of such markets and their interactions. Common market structures studied besides perfect competition include monopolistic competition, various forms of

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studies the interactions between human economies and the ecosystems in which they are embedded, but in contrast to environmental economics takes an oppositional position towards general mainstream economic principles. A major difference between the two subdisciplines is their assumptions about the

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in 1776, has been described as "the effective birth of economics as a separate discipline." The book identified land, labour, and capital as the three factors of production and the major contributors to a nation's wealth, as distinct from the physiocratic idea that only agriculture was productive.

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has for example argued that the definition of Robbins would make economics very peculiar because all other sciences define themselves in terms of the area of inquiry or object of inquiry rather than the methodology. In the biology department, they do not say that all biology should be studied with

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that analysis involves." The same source reviews a range of definitions included in principles of economics textbooks and concludes that the lack of agreement need not affect the subject-matter that the texts treat. Among economists more generally, it argues that a particular definition presented

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debate across the globe, as government tax and spending policies have significant effects on income distribution. In advanced economies, taxes and transfers decrease income inequality by one-third, with most of this being achieved via public social spending (such as pensions and family benefits.)

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Classical models of unemployment occurs when wages are too high for employers to be willing to hire more workers. Consistent with classical unemployment, frictional unemployment occurs when appropriate job vacancies exist for a worker, but the length of time needed to search for and find the job

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He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest

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Value theory was important in classical theory. Smith wrote that the "real price of every thing ... is the toil and trouble of acquiring it". Smith maintained that, with rent and profit, other costs besides wages also enter the price of a commodity. Other classical economists presented

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is concerned with determining how the efficiency of an economy can be improved. Recognizing the reality of scarcity and then figuring out how to organise society for the most efficient use of resources has been described as the "essence of economics", where the subject "makes its unique

5340:"And when we submit the definition in question to this test, it is seen to possess deficiencies which, so far from being marginal and subsidiary, amount to nothing less than a complete failure to exhibit either the scope or the significance of the most central generalisations of all." ( 3015:

can produce just two goods (say "guns" and "butter"). The PPF is a table or graph (as at the right) showing the different quantity combinations of the two goods producible with a given technology and total factor inputs, which limit feasible total output. Each point on the curve shows

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as to the ratio of its outputs to inputs in every type of output, it may still specialise in the output in which it has a comparative advantage and thereby gain from trading with a region that lacks any absolute advantage but has a comparative advantage in producing something else.

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in goods, labour and credit markets. The monetarist importance of monetary policy in stabilizing the economy and in particular controlling inflation was recognised as well as the traditional Keynesian insistence that fiscal policy could also play an influential role in affecting

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function through the interaction of workers and employers. Labour economics looks at the suppliers of labour services (workers), the demands of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and income. In economics,

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or DSGE models, descending from real business cycles models, but extended with several new Keynesian and other features. These models proved very useful and influential in the design of modern monetary policy and are now standard workhorses in most central banks.

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as a distinct field. The book focused on determinants of national income in the short run when prices are relatively inflexible. Keynes attempted to explain in broad theoretical detail why high labour-market unemployment might not be self-correcting due to low

3857:. Analysis often revolves around causes of such price stickiness and their implications for reaching a hypothesised long-run equilibrium. Examples of such price stickiness in particular markets include wage rates in labour markets and posted prices in markets 1615:(1723–1790) was an early economic theorist. Smith was harshly critical of the mercantilists but described the physiocratic system "with all its imperfections" as "perhaps the purest approximation to the truth that has yet been published" on the subject. 4317:

The amount of unemployment in an economy is measured by the unemployment rate, the percentage of workers without jobs in the labour force. The labour force only includes workers actively looking for jobs. People who are retired, pursuing education, or

2144:. Monetarists contended that monetary policy and other monetary shocks, as represented by the growth in the money stock, was an important cause of economic fluctuations, and consequently that monetary policy was more important than fiscal policy for 5174:

Women's authorship share in prominent economic journals reduced from 1940 to the 1970s, but has subsequently risen, with different patterns of gendered coauthorship. Women remain globally under-represented in the profession (19% of authors in the

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Structural unemployment is similar to frictional unemployment since both reflect the problem of matching workers with job vacancies, but structural unemployment covers the time needed to acquire new skills not just the short term search process.

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theory of value on the demand side and a more comprehensive theory of costs on the supply side. In the 20th century, neoclassical theorists departed from an earlier idea that suggested measuring total utility for a society, opting instead for

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and the freedom to contract and transact to have a thriving and successful economy. It also emphasises that the state should play as small role as possible (if any role) in the regulation of economic activity between two transacting parties.

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is the relation between the price of a good and the quantity available for sale at that price. It may be represented as a table or graph relating price and quantity supplied. Producers, for example business firms, are hypothesised to be

2705:("signal strength") of the hypothesised relation(s) and to adjust for noise from other variables. By such means, a hypothesis may gain acceptance, although in a probabilistic, rather than certain, sense. Acceptance is dependent upon the 2228:. They adopted the principle of rational expectations and other monetarist or new classical ideas such as building upon models employing micro foundations and optimizing behaviour, but simultaneously emphasised the importance of various 1588:

selling goods abroad and restricting imports other than of gold and silver. The doctrine called for importing cheap raw materials to be used in manufacturing goods, which could be exported, and for state regulation to impose protective

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Law and economics, or economic analysis of law, is an approach to legal theory that applies methods of economics to law. It includes the use of economic concepts to explain the effects of legal rules, to assess which legal rules are

5353:"The conception we have adopted may be described as analytical. It does not attempt to pick out certain kinds of behaviour, but focuses attention on a particular aspect of behaviour, the form imposed by the influence of scarcity. ( 1331:

Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of

2540:. When creating theories, the objective is to find assumptions which are at least as simple in information requirements, more precise in predictions, and more fruitful in generating additional research than prior theories. While 4472:

Governments implement fiscal policy to influence macroeconomic conditions by adjusting spending and taxation policies to alter aggregate demand. When aggregate demand falls below the potential output of the economy, there is an

2757:. Another example is the assumption of narrowly selfish preferences versus a model that tests for selfish, altruistic, and cooperative preferences. These techniques have led some to argue that economics is a "genuine science". 1390:

Some subsequent comments criticised the definition as overly broad in failing to limit its subject matter to analysis of markets. From the 1960s, however, such comments abated as the economic theory of maximizing behaviour and

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The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth, in so far as those phenomena are not modified by the pursuit of any other

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Immediately after World War II, Keynesian was the dominant economic view of the United States establishment and its allies, Marxian economics was the dominant economic view of the Soviet Union nomenklatura and its allies.

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are goods which are under-supplied in a typical market. The defining features are that people can consume public goods without having to pay for them and that more than one person can consume the good at the same time.

3405:, meaning that they attempt to produce and supply the amount of goods that will bring them the highest profit. Supply is typically represented as a function relating price and quantity, if other factors are unchanged. 7877: 3346:

is the relation of the quantity that all buyers would be prepared to purchase at each unit price of the good. Demand is often represented by a table or a graph showing price and quantity demanded (as in the figure).

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It has been observed that a high volume of trade occurs among regions even with access to a similar technology and mix of factor inputs, including high-income countries. This has led to investigation of economies of

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Physiocrats advocated replacing administratively costly tax collections with a single tax on income of land owners. In reaction against copious mercantilist trade regulations, the physiocrats advocated a policy of

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The boundaries of what constitutes economics are further blurred by the fact that economic issues are analysed not only by 'economists' but also by historians, geographers, ecologists, management scientists, and

1417:, used relentlessly and unflinchingly." One commentary characterises the remark as making economics an approach rather than a subject matter but with great specificity as to the "choice process and the type of 6180: 2151:

Monetarism rose to prominence in the 1970s and 1980s, when several major central banks followed a monetarist-inspired policy, but was later abandoned again because the results turned out to be unsatisfactory.

4734:(referring to the skills that workers possess, not necessarily their actual work), although there are also counter posing macro-economic system theories that think human capital is a contradiction in terms. 8264:, p. 223: "There remained division over whether economics was defined by a method or a subject matter but both sides in that debate could increasingly accept some version of the Robbins definition." 10921: 2148:. Friedman was also skeptical about the ability of central banks to conduct a sensible active monetary policy in practice, advocating instead using simple rules such as a steady rate of money growth. 3374:

states that, in general, price and quantity demanded in a given market are inversely related. That is, the higher the price of a product, the less of it people would be prepared to buy (other things

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Other schools or trends of thought referring to a particular style of economics practised at and disseminated from well-defined groups of academicians that have become known worldwide, include the

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represents the empirical relationship between unemployment and economic growth. The original version of Okun's law states that a 3% increase in output would lead to a 1% decrease in unemployment.

3800:" encompasses several problems which may undermine standard economic assumptions. Although economists categorise market failures differently, the following categories emerge in the main texts. 2843:

to set the price of a homogeneous product. In other words, every participant is a "price taker" as no participant influences the price of a product. In the real world, markets often experience

3467:, people begin to organise their production in firms when the costs of doing business becomes lower than doing it on the market. Firms combine labour and capital, and can achieve far greater 1250:

a branch of the science of a statesman or legislator a plentiful revenue or subsistence for the people ... to supply the state or commonwealth with a revenue for the publick services.

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For example, unemployed home builders can be hired to expand highways. Tax cuts allow consumers to increase their spending, which boosts aggregate demand. Both tax cuts and spending have

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The professionalisation of economics, reflected in the growth of graduate programmes on the subject, has been described as "the main change in economics since around 1900". Most major

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where some productive capacity is left unemployed. Governments increase spending and cut taxes to boost aggregate demand. Resources that have been idled can be used by the government.

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restrict the sale of goods that have negative externalities and subsidise or otherwise promote the purchase of goods that have positive externalities in an effort to correct the price

2870:(in which there are few buyers of a good). Firms under imperfect competition have the potential to be "price makers", which means that they can influence the prices of their products. 4399:, money facilitates trade. It is essentially a measure of value and more importantly, a store of value being a basis for credit creation. Its economic function can be contrasted with 3842:

caused by these externalities. Elementary demand-and-supply theory predicts equilibrium but not the speed of adjustment for changes of equilibrium due to a shift in demand or supply.

1223:), or "household or homestead manager". Derived terms such as "economy" can therefore often mean "frugal" or "thrifty". By extension then, "political economy" was the way to manage a 7363: 3251:

costs of production. More total output and utility thereby results from specializing in production and trading than if each country produced its own high-tech and low-tech products.

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Two groups, who later were called "mercantilists" and "physiocrats", more directly influenced the subsequent development of the subject. Both groups were associated with the rise of

12981: 12272: 2257:. It integrated the rational expectations and optimizing framework of the new classical theory with a new Keynesian role for nominal rigidities and other market imperfections like 7874:, Bk. IV: Of Systems of political Œconomy, ch. II, "Of Restraints upon the Importation from Foreign Countries of such Goods as can be Produced at Home", IV.2.3 para. 3–5 and 8–9. 3947:

for aggregating to social welfare, whether of a group, a community, or a society, and there is no "social welfare" apart from the "welfare" associated with its individual units.

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is postulated to account for quantities, rather than prices, adjusting in the short run to changes on the demand side or the supply side. This includes standard analysis of the

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method of analysis, it is assumed that activity in the market being analysed does not affect other markets. This method aggregates (the sum of all activity) in only one market.

4422:. The primary monetary tool is normally the adjustment of interest rates, either directly via administratively changing the central bank's own interest rates or indirectly via 3984:

Macroeconomics, another branch of economics, examines the economy as a whole to explain broad aggregates and their interactions "top down", that is, using a simplified form of

2637:(1947) exemplifies the method, particularly as to maximizing behavioural relations of agents reaching equilibrium. The book focused on examining the class of statements called 6737: 1673:, whether between town and country or across countries. His "theorem" that "the division of labor is limited by the extent of the market" has been described as the "core of a 2250:

After decades of often heated discussions between Keynesians, monetarists, new classical and new Keynesian economists, a synthesis emerged by the 2000s, often given the name

13585: 3943:, in terms of economic activities of the individuals that compose the theoretical society considered. Accordingly, individuals, with associated economic activities, are the 1681:" and a "fundamental principle of economic organization." To Smith has also been ascribed "the most important substantive proposition in all of economics" and foundation of 1927:

as joint determinants of both price and quantity in market equilibrium, influencing the allocation of output and income distribution. It rejected the classical economics'

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The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". The term is ultimately derived from

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example is of a dodgy second-hand car market. Customers without knowledge of whether a car is a "lemon" depress its price below what a quality second-hand car would be.

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business decisions, including unit-cost minimisation and profit maximisation, given the firm's objectives and constraints imposed by technology and market conditions.

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hypothesis surviving tests. Use of commonly accepted methods need not produce a final conclusion or even a consensus on a particular question, given different tests,

13059: 11828: 2070:" and why even price flexibility and monetary policy might be unavailing. The term "revolutionary" has been applied to the book in its impact on economic analysis. 1895:

noticed that this definition no longer sufficed, because many economists were making theoretical and philosophical inroads in other areas of human activity. In his

4902:, as distinguished from what he viewed as the mechanistic foundation of neoclassical economics drawn from Newtonian physics. His work contributed significantly to 2683:; this type of testing is typically regarded as less rigorous than controlled experimentation, and the conclusions typically more tentative. However, the field of 8195: 7496: 4322:

by a lack of job prospects are excluded from the labour force. Unemployment can be generally broken down into several types that are related to different causes.

7886:, Bk. IV: Of Systems of political Œconomy, ch. II, "Of Restraints upon the Importation from Foreign Countries of such Goods as can be Produced at Home", para. 9. 5049: 3572:, discussed above, to model different types of firm behaviour, for example in a solipsistic industry (few sellers), but equally applicable to wage negotiations, 11492: 5127: 1904:

A body of theory later termed "neoclassical economics" formed from about 1870 to 1910. The term "economics" was popularised by such neoclassical economists as

9933:, ch. 1, p. 5 (quotation) and sect. C, "The Production-Possibility Frontier", pp. 9–15; ch. 2, "Efficiency" sect.; ch. 8, sect. D, "The Concept of Efficiency. 9317:

Frey, Bruno S.; Pommerehne, Werner W.; Schneider, Friedrich; Gilbert, Guy (December 1984). "Consensus and Dissension among Economists: An Empirical Inquiry".

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choosing the most preferred quantity of each good, given income, prices, tastes, etc. A term for this is "constrained utility maximisation" (with income and

4563:, democratic breakdown and civil conflict. Research suggests that greater inequality hinders economic growth and macroeconomic stability, and that land and 2595:

models focused on modelling the relationships between aggregate variables, but as the relationships appeared to change over time macroeconomists, including

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for the functioning of the economy, as had Keynes. Not least, they proposed various reasons that potentially explained the empirically observed features of

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to explore the ways in the past that persons and groups with common economic interests have used politics to effect changes beneficial to their interests.

4164: 2057: 9100: 6272: 8706: 7951: 4815: 12662:"When, where, and by how much do biophysical limits constrain the economic process? A survey of Georgescu-Roegen's contribution to ecological economics" 9049: 6219: 6021: 4411:

of exchange because of its ready acceptability. Then it is less costly for the seller to accept money in exchange, rather than what the buyer produces.

1409:, a contributor to the expansion of economics into new areas, described the approach he favoured as "combin assumptions of maximizing behaviour, stable 12027: 7275: 5059:

There are dozens of prizes awarded to economists each year for outstanding intellectual contributions to the field, the most prominent of which is the

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may result in economic inefficiency but also a possibility of improving efficiency through market, legal, and regulatory remedies, as discussed above.

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International trade studies determinants of goods-and-services flows across international boundaries. It also concerns the size and distribution of

6146: 4199:. Thus, a central conclusion of Keynesian economics is that, in some situations, no strong automatic mechanism moves output and employment towards 4414:

Monetary policy is the policy that central banks conduct to accomplish their broader objectives. Most central banks in developed countries follow

1760: 1379:(human life and other costs) are used to attain the goal. If the war is not winnable or if the expected costs outweigh the benefits, the deciding 9183: 5592: 2730:

because it allows direct tests of what were previously taken as axioms. In some cases these have found that the axioms are not entirely correct.

12840: 7841: 4611:, models public-sector behaviour analogously to microeconomics, involving interactions of self-interested voters, politicians, and bureaucrats. 3304:

model describes how prices vary as a result of a balance between product availability and demand. The graph depicts an increase in demand from D

7823: 7162: 5090:. Professional economists are expected to be familiar with these tools, while a minority specialise in econometrics and mathematical methods. 13036: 12578: 12453: 12389: 12334: 12254: 12202: 12153: 11625: 11546: 11434: 11361: 11228: 11159: 11107: 11076: 11047: 10898: 10869: 10840: 10705: 10622: 10573: 10514: 10438: 10328: 10272: 10229: 10076: 10024: 9909: 9853: 9656: 9610: 9519: 9436: 9387: 9301: 8646: 8475: 8420: 8328: 8125: 8081: 7997: 6773: 6663: 6371: 3046:. This is because increasing output of one good requires transferring inputs to it from production of the other good, decreasing the latter. 2619:

Expositions of economic reasoning often use two-dimensional graphs to illustrate theoretical relationships. At a higher level of generality,

12062: 1024:, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. 7337: 7314: 4541: 4336:

While some types of unemployment may occur regardless of the condition of the economy, cyclical unemployment occurs when growth stagnates.

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arises here, if the seller has more relevant information than the buyer but no incentive to disclose it. Related problems in insurance are

2820:. These entities include private and public players with various classifications, typically operating under scarcity of tradable units and 1855: 1399:

of the subject to areas previously treated in other fields. There are other criticisms as well, such as in scarcity not accounting for the

11687: 9157:"DIW Berlin: A Matter of Opinion : How Ecological and Neoclassical Environmental Economists Think about Sustainability and Economics" 3721:. Applied subjects include market and legal remedies to spread or reduce risk, such as warranties, government-mandated partial insurance, 14762: 14718: 906: 838: 12096:

Neves, Pedro Cunha; Afonso, Óscar; Silva, Sandra Tavares (2016). "A Meta-Analytic Reassessment of the Effects of Inequality on Growth".

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industry. Given its different forms, there are various ways of representing uncertainty and modelling economic agents' responses to it.

3323:. The theory of supply and demand is an organizing principle for explaining how prices coordinate the amounts produced and consumed. In 3222:

to explain specialisation in similar but differentiated product lines, to the overall benefit of respective trading parties or regions.

6822: 2750: 1689:, resource owners (of labour, land, and capital) seek their most profitable uses, resulting in an equal rate of return for all uses in 13655: 8159: 4403:(non-monetary exchange). Given a diverse array of produced goods and specialised producers, barter may entail a hard-to-locate double 4176:

for goods might be insufficient during economic downturns, leading to unnecessarily high unemployment and losses of potential output.

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outward relative to the origin, as in the figure. All determinants are predominantly taken as constant factors of demand and supply.

8958: 3701:"). Moreover, attempting to reduce one problem, say adverse selection by mandating insurance, may add to another, say moral hazard. 3631:

may stimulate activity that in well-functioning markets smooths out risk and communicates information about risk, as in markets for

1887:

was defined and discussed at length as the study of production, distribution, and consumption of wealth by Jean-Baptiste Say in his

1433:

reject the method-based definition of Robbins and continue to prefer definitions like those of Say, in terms of its subject matter.

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refers to the hypothesised relation of each individual consumer for ranking different commodity bundles as more or less preferred.

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considerations. Different individuals or nations may have different real opportunity costs of production, say from differences in

1580: 13668: 10105: 8549: 7897: 7519: 6840: 5318:. The latter includes wages and labour maintenance, money, and inputs from land, mines, and fisheries associated with production. 3057:

between the two goods. It measures what an additional unit of one good costs in units forgone of the other good, an example of a

1849: 4679:

is a macroeconomic field which examines the flow of capital across international borders, and the effects of these movements on

4484:

where the initial increase in demand from the policy percolates through the economy and generates additional economic activity.

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analysis to specific decisions in business firms or other management units. It draws heavily from quantitative methods such as

3117:

or economic organisation of a country that discourages full use of resources. Being on the curve might still not fully satisfy

2267: 1204: 13615: 13579: 13276: 13250: 13030: 12990: 12893: 12801: 12771: 12750: 12641: 12572: 12483: 12447: 12383: 12320: 12248: 12196: 12147: 11863: 11804: 11754: 11743:(1992). "Money (Money as a Social Institution and Public Good)". In Newman, Peter K.; Milgate, Murray; Eatwell, John (eds.). 11619: 11582: 11540: 11475: 11428: 11355: 11222: 11153: 10997: 10674: 10616: 10567: 10508: 10432: 10322: 10266: 10223: 10165: 10132: 10070: 10018: 9903: 9847: 9650: 9604: 9561: 9513: 9476: 9430: 9381: 9295: 9236: 9139: 9094: 9003: 8930: 8903: 8746: 8640: 8588: 8469: 8414: 8322: 8285: 8119: 8075: 7991: 7934: 7646: 7613: 7583: 7425: 7357: 7219: 7198: 7137: 6967: 6904: 6767: 6657: 6563: 6393: 6339: 6139: 5794: 5621: 5433: 5382: 3597: 1740:

cost of production, rather relying only on its own production. It has been termed a "fundamental analytical explanation" for

1339:(1932) developed implications of what has been termed "erhaps the most commonly accepted current definition of the subject": 11872: 7225: 6097: 5944: 3106:

could increase by moving in a northeast direction to a point on the curve. Examples cited of such inefficiency include high

1756: 11015:, ch. 11, "Uncertainty and Game Theory" and Glossary of Terms, "Economics of information", "Game theory", and "Regulation" 10649:, ch. 11, "Uncertainty and Game Theory" and Glossary of Terms, "Economics of information", "Game theory", and "Regulation" 7452: 6421: 5830: 3478:

markets studied in the theory of supply and demand, there are many producers, none of which significantly influence price.

13394: 13067: 1974:

builds on neoclassical economics but with many refinements that either supplement or generalise earlier analysis, such as

13701: 11794: 7556: 3697:

Both problems may raise insurance costs and reduce efficiency by driving otherwise willing transactors from the market ("

3008: 2916: 2906: 1829: 13424: 13406: 11880: 7104: 13317: 13298: 13216: 13159:

Hoover, Kevin D.; Siegler, Mark V. (20 March 2008). "Sound and Fury: McCloskey and Significance Testing in Economics".

12960: 12834: 12289: 12080: 12045: 9023: 8182: 7484: 6249: 6091: 6060: 6015: 5757: 5536: 3020:

for the economy, which is the maximum feasible output of one good, given a feasible output quantity of the other good.

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Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework and Its Applications

4540:

being widely used for income differences among individuals. An example measure of inequality between countries is the

4154:

The economics of a depression were the spur for the creation of "macroeconomics" as a separate discipline. During the

3447:

People frequently do not trade directly on markets. Instead, on the supply side, they may work in and produce through

3258:

of outputs and productive inputs select an allocation of factor inputs by comparative advantage, so that (relatively)

7529: 7261: 6461: 6213: 5938: 5838: 5646: 5563: 5494: 4937:, as an approach to analysing the effects of economic phenomena in relation to the overarching social paradigm (i.e. 2236:, usually made to be endogenous features of the models, rather than simply assumed as in older Keynesian-style ones. 11499: 3000:. Efficiency is improved if more output is generated without changing inputs. A widely accepted general standard is 15436: 13131: 12508: 11459: 10774: 9462: 6696: 4532:. Inequality exists at different extents between countries or states, groups of people, and individuals. There are 3312:

and the resulting increase in price and quantity required to reach a new equilibrium point on the supply curve (S).

2633: 1451: 1396: 11927: 8192:

Lionel Robbins's essay on the Nature and Significance of Economic Science, 75th anniversary conference proceedings

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and subaggregates like total consumption and investment spending and their components. It also studies effects of

15372: 13361: 8020: 4427: 3339: 2334: 2330: 899: 15460: 13443: 9216: 3609:. It has significant applications seemingly outside of economics in such diverse subjects as the formulation of 15329: 14983: 14824: 14200: 12666: 7398: 6129: 3869: 2280: 8702: 1761:

final stationary state made up of a constant stock of physical wealth (capital) and a constant population size

14936: 14792: 14170: 14160: 13853: 13517: 13490: 12689:

Daly, Herman E. (June 1995). "On Nicholas Georgescu-Roegen's Contributions to Economics: An Obituary essay".

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are not borne by producers but are by the environment, accident victims or others, then prices are distorted.

3004:, which is reached when no further change can make someone better off without making someone else worse off. 2291:

among the economic agents, e.g. differences in income, plays an increasing role in recent economic research.

1892: 1785: 237: 14381: 3651:

describes the allocation of financial resources. It also analyses the pricing of financial instruments, the

3278:

in the sale of one type of output for other, more highly valued goods. A measure of gains from trade is the

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in economics, which had profound implications for many economic discussions, among which were the so-called

1736:, according to which each country should specialise in producing and exporting goods in that it has a lower 499: 15277: 15187: 14320: 14293: 12123: 11299: 11268: 9319: 5265: 4245: 3944: 2779:

Economists study trade, production, and consumption decisions, including those that occur in a traditional

2314: 2167: 2161: 2114: 9568:... in economics, controlled experiments are rare and reproducible controlled experiments even more so ... 7678: 4852:

in explaining how political institutions, the political environment, and the economic system (capitalist,

4655: 3534:

or not. Without it, household behaviour would be unaffected by uncertain employment and income prospects,

1520:

and several economic historians have described Hesiod himself as the "first economist". However, the word

14829: 14747: 14728: 14305: 14150: 14116: 14101: 14080: 14075: 13634: 13621: 13537: 5260: 4257: 4088: 4020: 3580:, and any situation where individual agents are few enough to have perceptible effects on each other. In 3378:). As the price of a commodity falls, consumers move toward it from relatively more expensive goods (the 2885:

markets. This method studies both changes in markets and their interactions leading towards equilibrium.

2802: 2549: 2318: 2300: 1865: 1447: 1213:) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an 848: 68: 58: 3390:). Other factors can change demand; for example an increase in income will shift the demand curve for a 2790: 15489: 14722: 14298: 13988: 13978: 12503: 8895: 6799: 4781: 4419: 4269: 3502: 3219: 3011:(PPF) is an expository figure for representing scarcity, cost, and efficiency. In the simplest case an 2947:

and thus a rate of output per period of time. Distinctions include such production alternatives as for

2858:(in which there are only two sellers of a good), oligopoly (in which there are few sellers of a good), 2545: 2417:

concentrates on macroeconomic rigidities and adjustment processes. It is generally associated with the

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In the private sector, professional economists are employed as consultants and in industry, including

2952: 15091: 14819: 13868: 13549: 13508: 8856: 8506: 5467: 4683:. Increased trade in goods, services and capital between countries is a major effect of contemporary 4533: 4100: 3887: 3471:(when the average cost per unit declines as more units are produced) than individual market trading. 2527: 2085:

which was a simple formalisation of some of Keynes' insights on the economy's short-run equilibrium.

1796:

Marxist (later, Marxian) economics descends from classical economics and it derives from the work of

252: 13525: 13173: 8520: 8100:(1987). "Marx, Karl Heinrich (1818–1883)". In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). 7812: 3319:

have been described as the most directly observable attributes of goods produced and exchanged in a

1422:

may reflect the direction toward which the author believes economics is evolving, or should evolve.

15424: 15272: 15262: 15059: 14785: 14752: 14698: 14441: 14396: 14235: 14106: 13983: 12979:(2001). "Economics: Overview, The Profession of Economics". In Smelser, N.J.; Baltes, P.B. (eds.). 10814: 10731: 9955: 7154: 5270: 5210: 5205: 5136: 4785: 4634: 4488: 2964: 2881:

theory studies various markets and their behaviour. It aggregates (the sum of all activity) across

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Within macroeconomics there is, in general order of their historical appearance in the literature;

1955:

of individual demand, which isolates how prices (as costs) and income affect quantity demanded. In

1231: 1193: 1155: 990: 821: 559: 514: 367: 136: 80: 14456: 13010: 12718:

Mayumi, Kozo (August 1995). "Nicholas Georgescu-Roegen (1906–1994): an admirable epistemologist".

12552: 12427: 12363: 12300: 12228: 12176: 12127: 11599: 11520: 11408: 11335: 11200: 11133: 11101: 11070: 11041: 10892: 10863: 10834: 10817: 10697: 10596: 10547: 10488: 10398: 10298: 10246: 10203: 10050: 9998: 9879: 9827: 9630: 9584: 9493: 9410: 9361: 9275: 9072: 8620: 8449: 8394: 8302: 8101: 8055: 7971: 6942: 6747: 6637: 6487: 6399: 5040:. Economists also work for various government departments and agencies, for example, the national 4027:. This has addressed a long-standing concern about inconsistent developments of the same subject. 3591:

In this, it generalises maximisation approaches developed to analyse market actors such as in the

3061:. Thus, if one more Gun costs 100 units of butter, the opportunity cost of one Gun is 100 Butter. 574: 15455: 15234: 15122: 15017: 14406: 14240: 14230: 14220: 14210: 13948: 13938: 13898: 13888: 13768: 13694: 6596: 5472: 5412: 5400: 5275: 4957: 4823: 4650: 4553: 4435: 4329: 4276: 4126: 4104: 4069:

of a country over a long period of time. The same factors are used to explain differences in the

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choose when interacting with others whose interests are at least partially adverse to their own.

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is a surplus of quantity supplied compared to quantity demanded. This pushes the price down. The

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Some market organisations may give rise to inefficiencies associated with uncertainty. Based on

2387:

have evolved over time, positioning themselves in contrast to mainstream theory. These include:

2073:

During the following decades, many economists followed Keynes' ideas and expanded on his works.

1947:, neoclassical economics represents incentives and costs as playing a pervasive role in shaping 1556:, as "coming nearer than any other group to being the 'founders' of scientific economics" as to 1282: 15344: 15064: 14892: 14576: 14421: 14281: 14224: 14180: 14143: 13893: 13833: 13808: 13778: 13763: 13470: 13168: 11829:"An International Perspective on Monetary Policy Implementation Systems | Bulletin – June 2022" 11672: 10394: 10354: 9553: 8515: 7638: 6613: 6503: 6268: 5152: 4911: 4718:

is a measure of the work done by human beings. It is conventionally contrasted with such other

4660: 4599:(who really pays a particular tax), cost–benefit analysis of government programmes, effects on 4544:, a composite index that takes inequality into account. Important concepts of equality include 4528:(the amount of wealth people own), and other measures such as consumption, land ownership, and 4525: 4517: 4227: 3764: 3352: 3225:

The general theory of specialisation applies to trade among individuals, farms, manufacturers,

3054: 2924: 2894: 2716: 2684: 2658: 2620: 2572: 2541: 2521: 2461: 2357: 2349: 1960: 1928: 1878: 1809: 1410: 1092: 986: 694: 539: 277: 217: 174: 121: 11771: 9468: 7349: 4567:

inequality reduce growth more than inequality of income. Inequality is at the centre stage of

1598:, a group of 18th-century French thinkers and writers, developed the idea of the economy as a 15267: 15257: 15219: 15192: 15154: 15127: 15037: 14946: 14865: 14855: 14708: 14391: 14366: 14351: 14325: 14264: 13943: 13883: 13863: 13858: 13493:-sponsored guide to 2,000+ Internet resources from "Data" to "Neat Stuff", updated quarterly. 13482: 10155: 9156: 7914: 7603: 7573: 7415: 6957: 6892: 6836: 5819: 5480: 5245: 5022: 4983:

in 1974 presented an economic theory of social interactions, whose applications included the

4838:

published in 1961 suggested that well-defined property rights could overcome the problems of

4743: 4719: 4676: 4630: 4495: 4423: 4261: 4253: 4024: 4016: 4011:

Since at least the 1960s, macroeconomics has been characterised by further integration as to

3917: 3858: 3816:, or the overlapping concepts of "practical" and "technical" monopoly, is an extreme case of 3752: 3702: 3683: 3640: 3595:

model and allows for incomplete information of actors. The field dates from the 1944 classic

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measures how well a system generates desired output with a given set of inputs and available

2971: 2844: 2734: 2608: 2489: 2284: 2258: 2183: 1987: 1733: 1710: 1653: 1639: 1163: 1127: 1119: 1096: 1069: 1037: 828: 509: 484: 469: 327: 267: 247: 242: 12791: 12761: 12740: 11744: 11572: 10664: 10122: 8920: 8275: 8151: 7924: 7180: 7127: 6553: 5611: 5421: 5372: 4418:, whereas the main objective for many central banks in development countries is to uphold a 3262:

inputs go to producing low-cost outputs. In the process, aggregate output may increase as a

3026:

is represented in the figure by people being willing but unable in the aggregate to consume

2701:

are common. Practitioners use such methods to estimate the size, economic significance, and

1693:(adjusted for apparent differences arising from such factors as training and unemployment). 15214: 15054: 15027: 15022: 14919: 14757: 14461: 14205: 14175: 14128: 14091: 14017: 13968: 13933: 13873: 13838: 13773: 13652: 13206: 12820: 12698: 11899: 11712: 11129: 9742: 9731:

Sigmund, Karl; Fehr, Ernst; Nowak, Martin A. (January 2002). "The Economics of Fair Play".

9695: 8445: 6827: 5280: 5255: 4962: 4907: 4768:. Approaches in development economics frequently incorporate social and political factors. 4753: 4749: 4608: 4404: 4385: 4080:

countries, in particular why some countries grow faster than others, and whether countries

4035: 3760: 3730: 3664: 3622: 3618: 3543: 3486: 3442: 3043: 2928: 2473: 2428: 2380: 2322: 2145: 1971: 1690: 1576: 1541: 1414: 1175: 1100: 579: 401: 352: 317: 257: 222: 126: 116: 63: 5970: 3331:, which includes the condition of no buyers or sellers large enough to have price-setting 3198:

in production of goods that make more intensive use of the relatively more abundant, thus

2911: 8: 15394: 15388: 15314: 15229: 15174: 15049: 14914: 14860: 14687: 14496: 14315: 14215: 14195: 14155: 14111: 14096: 14052: 13993: 13918: 13908: 13878: 13801: 13202: 12859:(1992). "Melding Sociology and Economics: James Coleman's Foundations of Social Theory". 12600: 11297:(May 1992). "Business Confidence and Depression Prevention: A Mesoeconomic Perspective". 9733: 8619:(1987). "Keynesian Revolution". In Eatwell, John; Milgate, Murray; Newman, Peter (eds.). 6893:"On the Definition of Political Economy; and on the Method of Investigation Proper to It" 6586: 6320: 6239: 6153: 5315: 5250: 5102: 5026: 4831: 4727: 4619: 4604: 4600: 4549: 4507: 4463: 4415: 4231: 4169: 4159: 3985: 3929: 3921: 3862: 3777: 3644: 3557: 3522: 3498: 3494: 3475: 3379: 3328: 3240: 3226: 3187: 2993: 2979: 2902: 2878: 2874: 2836: 2829: 2775: 2698: 2688: 2680: 2553: 2384: 2353: 2345: 2166:

A more fundamental challenge to the prevailing Keynesian paradigm came in the 1970s from

2052: 2044: 2035: 1916:". This corresponded to the influence on the subject of mathematical methods used in the 1909: 1889:

Treatise on Political Economy or, The Production, Distribution, and Consumption of Wealth

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of different kinds of spending and taxes, and fiscal politics. The latter, an aspect of

1561: 1545: 1475:

Please expand the section to include this information. Further details may exist on the

474: 15484: 15339: 14904: 14742: 14713: 14671: 14476: 14185: 14165: 14133: 14047: 14042: 14022: 13973: 13913: 13903: 13848: 13843: 13687: 13461: 13264: 13186: 13105: 12924: 12916: 12868: 12612: 12533: 12525: 12326: 12008: 12000: 11463: 11316: 10952: 10944: 10766: 10758: 10657: 10543: 10376: 10372: 9964: 9796: 9719: 9546: 9541: 9336: 9188: 8819: 8541: 8375: 8244: 8236: 7801: 7793: 7743: 7735: 7631: 7071: 7039: 6867: 6715: 6633: 6287: 6172: 5894: 5404: 5392: 5290: 5220: 4922: 4799: 4702: 4615: 4559:

Research has linked economic inequality to political and social instability, including

4545: 4447: 4396: 4384:, like language, useful to one largely because it is useful to others. In the words of 4355: 4319: 4305: 4284: 4279:

approach retains the rational expectations assumption, however it assumes a variety of

3821: 3807: 3748: 3714: 3698: 3610: 3468: 3438: 3430: 3412: 3356: 3235: 3206: 3146: 2975: 2932: 2825: 2813: 2798: 2770: 2720: 2588: 2495: 2485: 2310: 1991: 1674: 1662: 1557: 1512:

Questions regarding distribution of resources are found throughout the writings of the

1418: 1278: 1246:

as "an inquiry into the nature and causes of the wealth of nations", in particular as:

1147: 1111: 1080: 1021: 998: 833: 789: 594: 431: 426: 406: 357: 297: 287: 232: 227: 199: 194: 164: 32: 13665: 12680: 12661: 10093: 9754: 8947: 8498: 7850:, p. 30, ch. 2, "Markets and Government in a Modern Economy", The Invisible Hand. 3501:

in the absence of certainty and perfect knowledge. A unifying theme is the attempt to

15309: 15304: 15292: 15287: 15159: 15149: 15069: 15012: 14956: 14606: 14581: 14491: 14371: 14259: 14062: 13998: 13963: 13953: 13823: 13611: 13575: 13313: 13294: 13272: 13260: 13246: 13222: 13212: 13190: 13109: 13026: 12986: 12976: 12956: 12830: 12797: 12767: 12746: 12731: 12710: 12637: 12568: 12537: 12479: 12443: 12423: 12379: 12330: 12316: 12285: 12281: 12244: 12192: 12143: 12076: 12041: 12012: 11859: 11800: 11793:

Department, International Monetary Fund Monetary and Capital Markets (26 July 2023).

11750: 11615: 11578: 11536: 11471: 11424: 11351: 11308: 11218: 11149: 10993: 10989: 10770: 10670: 10612: 10563: 10504: 10428: 10318: 10262: 10219: 10161: 10128: 10101: 10066: 10014: 9899: 9843: 9758: 9711: 9646: 9600: 9557: 9509: 9472: 9426: 9377: 9328: 9291: 9232: 9228: 9135: 9131: 9090: 8999: 8995: 8926: 8899: 8811: 8636: 8584: 8533: 8465: 8410: 8318: 8281: 8248: 8231: 8214: 8115: 8071: 7987: 7930: 7776:

Stigler, George J. (December 1976). "The Successes and Failures of Professor Smith".

7708: 7642: 7609: 7579: 7525: 7421: 7394: 7353: 7267: 7257: 7215: 7194: 7133: 7051: 7043: 7034: 7017: 6963: 6900: 6795: 6763: 6653: 6559: 6467: 6457: 6389: 6335: 6245: 6209: 6199: 6135: 6087: 6077: 6056: 6046: 6011: 5934: 5834: 5800: 5790: 5763: 5753: 5730: 5652: 5642: 5617: 5569: 5559: 5532: 5429: 5378: 5225: 5098: 4849: 4845: 4789: 4777: 4757: 4521: 4513: 4481: 4381: 4287:", which means they do not adjust instantaneously to changes in economic conditions. 4265: 4108: 4092: 3993: 3969: 3903: 3891: 3690:, such that those at most risk are most likely to insure (say reckless drivers), and 3687: 3675: 3652: 3606: 3592: 3585: 3417: 3360: 3301: 3291: 3129: 3122: 3001: 2987: 2580: 2564: 2537: 2465: 2449: 2225: 2086: 1924: 1913: 1834: 1782: 1772: 1537: 1426: 1254: 1243: 1151: 1088: 1005: 724: 699: 609: 489: 446: 382: 347: 337: 169: 131: 87: 14531: 12928: 9947: 7805: 7747: 6522: 6415:

Towards a Green Economy: Pathways to Sustainable Development and Poverty Eradication

6404:(Note the page is broken in some browsers but is still readable through the source.) 6345: 6205:

The Worldly Philosophers: The Lives, Times, and Ideas of the Great Economic Thinkers

5898: 5726: 4926: 4591:

Public economics is the field of economics that deals with economic activities of a

3614: 2040: 1759:'. Classical economics focused on the tendency of any market economy to settle in a 649: 15324: 15169: 15144: 14951: 14941: 14931: 14656: 14601: 14586: 14571: 14556: 14486: 14466: 14446: 14401: 14008: 13958: 13928: 13923: 13813: 13751: 13178: 13097: 13018: 12908: 12727: 12706: 12675: 12560: 12517: 12435: 12371: 12308: 12277: 12236: 12184: 12135: 12109: 12105: 12068: 12033: 11992: 11907: 11607: 11528: 11416: 11343: 11208: 11141: 11098: 10985: 10956: 10936: 10750: 10653: 10604: 10555: 10496: 10418: 10410: 10368: 10310: 10254: 10211: 10058: 10006: 9891: 9835: 9788: 9750: 9723: 9703: 9686: 9638: 9592: 9501: 9418: 9369: 9283: 9224: 9127: 9082: 8991: 8885: 8803: 8626: 8545: 8525: 8457: 8402: 8367: 8310: 8226: 8107: 8063: 7979: 7785: 7727: 7345: 7186: 7063: 7029: 6888: 6859: 6755: 6705: 6645: 6381: 6334:. Cambridge, Massachusetts: American Academy of Arts and Sciences. pp. 51–85. 5982: 5886: 5878: 5722: 5693: 5683: 5396: 5087: 5053: 5014: 4984: 4974: 4966: 4891: 4875: 4819: 4811: 4803: 4723: 4696: 4668: 4586: 4537: 4443: 4408: 4359: 4223: 4173: 4155: 4134: 4130: 4012: 3846: 3813: 3718: 3710: 3660: 3656: 3602: 3573: 3535: 3383: 3296: 3271: 3267: 3244: 3215: 3168: 3154: 3017: 2983: 2936: 2898: 2809: 2676: 2600: 2576: 2408: 2263: 2233: 2171: 2102: 2067: 1932: 1748: 1741: 1718: 1670: 1294: 1171: 1143: 1123: 1053: 1049: 925: 774: 719: 704: 689: 674: 604: 584: 564: 519: 392: 342: 312: 307: 14536: 13006: 12932: 7296:

Cameron, Gregory. (2008). Oikos and Economy: The Greek Legacy in Economic Thought.

3868:

Some specialised fields of economics deal in market failure more than others. The

1234:; some reflect evolving views of the subject or different views among economists. 654: 15334: 15101: 15096: 14909: 14767: 14661: 14626: 14591: 14526: 14451: 14436: 14330: 14286: 14123: 14057: 14032: 14027: 14003: 13746: 13731: 13672: 13659: 13638: 13553: 13541: 13529: 13512: 13486: 13474: 13447: 13428: 13410: 13398: 12950: 12856: 12824: 12631: 12473: 11934: 11716: 11516: 11196: 10539: 10124:

Specialization and Economic Organization: A New Classical Microeconomic Framework

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Fehr, Ernst; Fischbacher, Urs (23 October 2003). "The Nature of Human Altruism".

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Specialisation is considered key to economic efficiency based on theoretical and

3125:) if it does not produce a mix of goods that consumers prefer over other points. 2738: 2727: 2544:

economic theory constitutes both the dominant or orthodox theoretical as well as

2441: 2437: 2404: 2399: 2391: 2306: 2266:. Methodologically, the synthesis led to a new class of applied models, known as 2179: 2141: 2082: 2023: 1999: 1995: 1952: 1948: 1937: 1917: 1905: 1839: 1392: 1344: 1316: 1306: 1235: 1179: 1131: 1065: 1061: 868: 779: 744: 709: 644: 569: 554: 441: 416: 411: 387: 159: 154: 13375: 7444: 4995:

authored a book in 2001 that analysed market behaviour in a social environment.

4030:

Macroeconomic analysis also considers factors affecting the long-term level and

3694:, such that insurance results in riskier behaviour (say more reckless driving). 3531: 15449: 15297: 15209: 15204: 14961: 14882: 14877: 14808: 14681: 14666: 14631: 14616: 14596: 14566: 14386: 14037: 13758: 13726: 13675:

UK Economics Network's database of text, slides, glossaries and other resources

13451: 13391: 13198: 13022: 12564: 12469: 12439: 12375: 12312: 12240: 12188: 12139: 11611: 11532: 11420: 11404: 11347: 11213: 11145: 10608: 10559: 10500: 10414: 10314: 10258: 10215: 10062: 10010: 9895: 9839: 9642: 9596: 9505: 9458: 9422: 9373: 9287: 9086: 8631: 8529: 8461: 8406: 8314: 8111: 8067: 7983: 7967: 7674: 6818: 6759: 6649: 6518: 6385: 5874: 5285: 5230: 5148: 5118: 5075: 4970: 4899: 4795: 4641:

by examining the economic activities of the individuals that comprise society.

4638: 4626: 4219: 4196: 4148: 4120: 3977: 3956: 3854: 3850: 3797: 3742: 3726: 3671: 3636: 3539: 3324: 3320: 3263: 3239:

with different work groups specializing, or correspondingly different types of

3179: 3111: 3074: 2944: 2766: 2754: 2746: 2706: 2628: 2560: 2517: 2513: 2287:

has started playing a more important role in mainstream economic theory. Also,

2229: 2221: 2213: 2187: 2175: 2106: 2062: 1983: 1956: 1944: 1860: 1844: 1565: 1549: 1476: 1400: 1336: 1274: 1025: 1013: 982: 799: 784: 749: 734: 714: 684: 504: 421: 111: 107: 14416: 13182: 13101: 12004: 10423: 10157:

A Concise Economic History of the World: From Paleolithic Times to the Present

7548: 7307:"Oikos Meaning in Bible – New Testament Greek Lexicon – New American Standard" 7190: 5804: 5767: 2982:(durable produced goods used in production, such as an existing factory), and 1912:

as a concise synonym for "economic science" and a substitute for the earlier "

534: 15478: 15400: 15356: 15319: 15249: 15224: 15134: 15032: 14978: 14973: 14646: 14636: 14611: 14551: 14546: 14541: 14521: 14511: 14481: 14471: 14376: 14276: 14249: 14013: 13433: 13421: 13403: 13326: 13226: 13082: 12742:

Bioeconomics and Sustainability: Essays in Honor of Nicholas Georgescu-Roegen

12072: 12037: 11983:

MacCulloch, Robert (2005). "Income Inequality and the Taste for Revolution".

11850: 11312: 10693: 10151: 9823: 9332: 8815: 8616: 8097: 7096: 5890: 5416: 5408: 5367: 5311: 5140: 5122: 5114: 4887: 4883: 4861: 4839: 4807: 4731: 4684: 4680: 4596: 4592: 4564: 4529: 4459: 4388:, a well-known 19th-century economist, "Money is what money does" ("Money is 4337: 4192: 4180: 4005: 3834: 3784: 3722: 3628: 3547: 3530:

in economics is an unknown prospect of gain or loss, whether quantifiable as

3490: 3387: 3371: 3183: 3159: 3133: 2817: 2672: 2596: 2592: 2481: 2422: 2026:(choice) is made by one or more players to attain the best possible outcome. 1729: 1605: 1599: 1434: 1324: 1258: 1199: 1159: 764: 754: 729: 669: 664: 659: 639: 629: 599: 589: 494: 397: 9792: 9019: 7390: 7271: 6471: 5656: 5573: 5395:(2015) classifies market failures as from failure of competition (including 5105:(1850–1944), the first women lecturer at a British economics faculty, wrote 3705:, which studies such problems, has relevance in subjects such as insurance, 1697:

domestic industry, and positively related to the value of produce. In this:

1347:

as a relationship between ends and scarce means which have alternative uses.

48: 15199: 15139: 14887: 14845: 14676: 14621: 14516: 14506: 14501: 14426: 14271: 13796: 13736: 11852:

MC Compendium Monetary policy frameworks and central bank market operations

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Strange, William C. (2008). Durlauf, Steven N.; Blume, Lawrence E. (eds.).

9943: 9762: 9715: 8537: 8499:"Agent-Based Computational Economics: Growing Economies from the Bottom Up" 8358:(April 1937). "Mr. Keynes and the "Classics": A Suggested Interpretation". 8215:"Defining Economics: The Long Road to Acceptance of the Robbins Definition" 7018:"Defining Economics: The Long Road to Acceptance of the Robbins Definition" 5882: 5734: 5524: 5168: 5164: 5144: 5045: 5018: 5010: 4952: 4934: 4918: 4857: 4835: 4372: 4310: 4300: 4188: 4138: 4039: 3827: 3691: 3464: 3456: 3332: 3107: 3081:

of the increased output is anticipated to be worth the cost to the agents.

2960: 2840: 2786: 2742: 2668: 2654: 2477: 2395: 2217: 2078: 2014: 1975: 1820: 1722: 1584: 1553: 1506: 1430: 1028:

analyses economies as systems where production, distribution, consumption,

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Groenewegen, Peter (2008). Durlauf, Steven N.; Blume, Lawrence E. (eds.).

10049:

Groenewegen, Peter (2008). Durlauf, Steven N.; Blume, Lawrence E. (eds.).

5502: 4856:, mixed) influence each other. It studies questions such as how monopoly, 2140:

Monetarism appeared in the 1950s and 1960s, its intellectual leader being

1592:

on foreign manufactured goods and prohibit manufacturing in the colonies.

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The Basic Facts of Economics: A Common-Sense Primer for Advanced Students

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The Origins of Ecological Economics: The Bioeconomics of Georgescu-Roegen

12061:

Cederman, Lars-Erik; Gleditsch, Kristian Skrede; Buhaug, Halvard (2013).

11740: 8184:

Defining Economics: the Long Road to Acceptance of the Robbins Definition

8051: 7633:

The Making of Modern Economics: The Lives and Ideas of the Great Thinkers

7251: 6710: 6691: 6451: 6235: 5924: 5698: 5553: 5156: 5101:(1802–1876) was a widely-read populariser of classical economic thought. 5083: 5070:

Contemporary economics uses mathematics. Economists draw on the tools of

5064: 4980: 4706: 4701:

Labour economics seeks to understand the functioning and dynamics of the

3553: 3527: 3518: 3452: 3391: 3191: 3164: 2862:(in which there are many sellers producing highly differentiated goods), 2780: 2624: 2568: 2090: 1979: 1803: 1595: 1569: 1529: 1473:

about information and behavioural economics, contemporary microeconomics.

1406: 1033: 769: 759: 549: 184: 13518:

Organization For Co-operation and Economic Development (OECD) Statistics

11912: 9707: 8823: 8807: 8791: 8240: 7853: 7712: 6863: 6719: 6330:. In Kaysen C, Miller SE, Malin MB, Nordhaus WD, Steinbruner JD (eds.). 5986: 5688: 5671: 5461: 3769: 1643:

in 1776 is considered to be the first formalisation of economic thought.

15405: 15244: 15086: 15044: 14988: 14561: 14361: 14138: 13286: 12920: 12872: 12616: 11320: 10948: 10922:"The Market for 'Lemons': Quality Uncertainty and the Market Mechanism" 10762: 10735: 10380: 10202:

Findlay, Ronald (2008). Durlauf, Steven N.; Blume, Lawrence E. (eds.).

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and employment, and ultimately the development of wages and inflation.

4439: 4431: 4238:

but qualified by classical-like considerations in the intermediate and

4204: 4065: 3909: 3877: 3233:. Among each of these production systems, there may be a corresponding 2997: 2867: 2821: 2723: 2694: 2361: 2135: 2098: 2074: 2006: 1648: 1634: 1612: 1239: 679: 479: 12529: 11271:

on 20 March 2017 – via Alan Deardorff at University of Michigan.

10160:(2nd ed.). Oxford University Press. pp. 25–25, 32, 276–280. 2017:(called economic actors, players, or agents), when they manage or use 15179: 15076: 15005: 14899: 14411: 14341: 13440: 11796:

Annual Report on Exchange Arrangements and Exchange Restrictions 2022

10359: 5786: 5004: 4942: 4938: 4930: 4865: 4853: 4407:

as to what is exchanged, say apples and a book. Money can reduce the

4235: 4096: 4095:, and technological change. These are represented in theoretical and 3997: 3773: 3632: 3175: 3114: 2863: 2664: 2010: 1797: 1789: 1533: 1270: 1057: 529: 460: 13083:"A historical portrait of female economists' co-authorship networks" 10940: 10754: 9948:"Scale Economies, Product Differentiation, and the Pattern of Trade" 9548:

Probability, Econometrics and Truth: The Methodology of Econometrics

8371: 7067: 4834:, and to predict what the legal rules will be. A seminal article by 4248:, as distinct from the Keynesian view of the business cycle, posits 3961: 3564:

between agents, one kind of uncertainty. It provides a mathematical

3034:) and by the negative slope of the curve. If production of one good 14190: 13506:

Economics Departments, Institutes and Research Centers in the World

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Persky, Joseph (Autumn 1990). "Retrospectives: A Dismal Romantic".

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used in production of final goods, such as the steel in a new car.

2851: 2710: 2679:

are difficult and uncommon in economics, and instead broad data is

2018: 1707: 1609:, which called for minimal government intervention in the economy. 1525: 1368: 1320: 15444: 14777: 12982:

International Encyclopedia of the Social & Behavioral Sciences

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International Encyclopedia of the Social & Behavioral Sciences

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an economic problem, subject to study by economic science, when a

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Lippman, S.S.; McCall, J.J. (2001). "Information, Economics of".

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Xenophons Oikonomikos, Über einen Klassiker der Haushaltsökonomie

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is the interdisciplinary study that combines economics, law, and

4798:

among several and has fields bordering on other areas, including

4761: 4671:. Policy applications include estimating the effects of changing 4143: 3935: 3925: 3648: 3364: 3327:, it applies to price and output determination for a market with 3230: 3078: 3012: 2855: 2642: 2627:

methods to represent theories and analyse problems in economics.

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The End of Economic Man: An Introduction to Humanistic Economics

5672:"Systematically Understanding Cybersecurity Economics: A Survey" 2726:. This has reduced the long-noted distinction of economics from 1777: 1461: 1079:

Other broad distinctions within economics include those between

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The Elusive Republic: Political Economy in Jeffersonian America

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The Foundations of Positive and Normative Economics: A Handbook

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and many colleges have a major, school, or department in which

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Welfare economics is a normative branch of economics that uses

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Theory and observation set out the conditions such that market

2794: 2208:

During the 1980s, a group of researchers appeared being called

1589: 1517: 1266: 1110:

Economic analysis can be applied throughout society, including

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Kianpour, Mazaher; Kowalski, Stewart; Øverby, Harald (2021).

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Welfare economics uses microeconomics techniques to evaluate

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Behavioral Game Theory: Experiments in Strategic Interaction

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4910:. He also did foundational work which later developed into 4730:. There are theories which have developed a concept called 2970:

Inputs used in the production process include such primary

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network that brings together buyers and sellers through an

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A 1638 painting of a French seaport during the heyday of

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Applied regression analysis for business and economics

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6690:Backhouse, Roger E.; Medema, Steven (Winter 2009). 6678: 6055:(7th ed.). Wolters Kluwer – Aspen Publishers. 5459: 4622:seeks to identify what economies ought to be like. 2959:(national defence, smallpox vaccinations, etc.) or 2888: 2645:that can conceivably be refuted by empirical data. 1966:Neoclassical economics is occasionally referred as 1728:While Adam Smith emphasised production and income, 1367:of behaviour, the form imposed by the influence of 1257:(1803), distinguishing the subject matter from its 949: 940: 13479: 11928:Inequality-adjusted Human Development Index (IHDI) 9545: 9500:. Vol. II. 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The controlled experiments common to the 1998:for analysing long-run variables affecting 1819:Marxian economics was further developed by 1536:for being the source of the word economy. 1185: 14800: 14786: 13702: 13688: 12949:Becker, Gary S.; Murphy, Kevin M. (2003). 11982: 11792: 11400:, ch. 27, "The Process of Economic Growth" 9540: 9350: 9181: 9121: 8739: 8496: 7518:Bertholet, Auguste; Kapossy, Béla (2023). 7413: 7132:. University of Chicago Press. p. 5. 6962:. Ludwig von Mises Institute. p. 15. 6745: 6726: 6603: 6267: 6198: 4644: 4520:(the amount of money people receive), and 2155: 1788:comes from the work of German philosopher 1375:), generates both cost and benefits; and, 907: 893: 13718: 13662:: US-based database of learning materials 13600: 13172: 12679: 12032:. 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Similar empirical testing occurs in 2268:dynamic stochastic general equilibrium 2120: 2061:(1936), which ushered in contemporary 2029: 1951:. 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Extreme 3598:Theory of Games and Economic Behavior 3542:would reduce to exchange of a single 3274:whereby resource owners benefit from 2648: 1315:(1890) that extended analysis beyond 15431: 13653:MERLOT Learning Materials: Economics 13468:Research Papers in Economics (RePEc) 13057: 13039:from the original on 24 October 2017 12688: 12456:from the original on 24 October 2017 12392:from the original on 20 October 2017 12361: 12337:from the original on 20 October 2017 12257:from the original on 20 October 2017 12205:from the original on 17 October 2017 12156:from the original on 16 October 2017 11939:United Nations Development Programme 11820: 11786: 11693:from the original on 4 December 2012 11549:from the original on 13 January 2014 11498:. Harvard University. 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(1987). 12140:10.1057/9780230226203.3360 11898:Trapeznikova, Ija (2019). 11612:10.1057/9780230226203.1641 11533:10.1057/9780230226203.1180 11421:10.1057/9780230226203.3097 11348:10.1057/9780230226203.3008 11214:10.1057/9780230226203.2480 11146:10.1057/9780230226203.2520 10862:Kaminsky, Graciela Laura. 10609:10.1057/9780230226203.1753 10560:10.1057/9780230226203.1442 10501:10.1057/9780230226203.3017 10415:10.1057/9780230226203.2788 10315:10.1057/9780230226203.3325 10259:10.1057/9780230226203.2613 10216:10.1057/9780230226203.0274 10063:10.1057/9780230226203.0401 10011:10.1057/9780230226203.1769 9896:10.1057/9780230226203.3485 9840:10.1057/9780230226203.3086 9643:10.1057/9780230226203.2513 9597:10.1057/9780230226203.2512 9506:10.1057/9780230226203.2430 9423:10.1057/9780230226203.3369 9374:10.1057/9780230226203.1184 9288:10.1057/9780230226203.3083 9087:10.1057/9780230226203.3307 9073:"Post-Keynesian economics" 8896:Cambridge University Press 8790:Woodford, Michael (2009). 8632:10.1057/9780230226203.2888 8530:10.1162/106454602753694765 8462:10.1057/9780230226203.1172 8407:10.1057/9780230226203.1781 8315:10.1057/9780230226203.3031 8112:10.1057/9780230226203.3051 8068:10.1057/9780230226203.3052 8019:Mill, John Stuart (1848). 7984:10.1057/9780230226203.0274 7862:, Bk. II: ch. 1, 2, and 5. 7685:. University of Michigan. 6760:10.1057/9780230226203.1300 6746:Groenwegen, Peter (2008). 6744:and Book IV, as quoted in 6650:10.1057/9780230226203.0442 6638:"Economics, definition of" 6502: 6486: 6386:10.1057/9780230226203.1491 5637:Dielman, Terry E. (2001). 5591:Friedman, Milton (1953). " 5002: 4782:Natural resource economics 4775: 4741: 4694: 4648: 4584: 4505: 4457: 4420:fixed exchange rate system 4353: 4347: 4298: 4270:real business cycle theory 4222:has branched into various 4147:A basic illustration of a 4124: 4118: 4049: 3990:national income and output 3954: 3901: 3897: 3746: 3740: 3512: 3428: 3289: 3205:Even if one region has an 3144: 2892: 2764: 2652: 2525: 2511: 2438:substitution possibilities 2374:new neoclassical synthesis 2298: 2281:2007–2008 financial crisis 2275:After the financial crisis 2254:new neoclassical synthesis 2246:New neoclassical synthesis 2243: 2240:New neoclassical synthesis 2201: 2192:real business cycle models 2159: 2133: 2047:, a key economics theorist 2033: 1876: 1770: 1622: 1445: 1215: 1203: 1191: 21:Economics (disambiguation) 18: 15414: 15381: 15365: 15112: 14838: 14815: 14739: 14697: 14339: 14073: 13822: 13787: 13717: 13376:Resources in your library 13271:(3rd ed.). Pearson. 13183:10.1080/13501780801913298 13102:10.1215/00182702-10085601 12559:(2nd ed.): 476–480. 11600:"Structural unemployment" 11334:Howitt, Peter M. (1987). 11201:"Environmental economics" 10658:"Chapter 1: Introduction" 10595:Wakker, Peter P. (2008). 10399:"Industrial organization" 10092:Johnson, Paul M. (2005). 10057:(2nd ed.): 517–526. 9360:Dixon, Huw David (2008). 9155:Berlin, D. I. W. (2006). 8280:(2nd ed.). Praeger. 8225:(Supplement 1): 805–820. 7489:Annales Benjamin Constant 7250:Backhouse, Roger (2002). 7191:10.1007/978-1-349-02116-1 7179:Gordan, Barry J. (1975). 6956:Robbins, Lionel (2007) . 6636:; Medema, Steven (2008). 6592:The Economics of Industry 6450:Backhouse, Roger (2002). 5552:Backhouse, Roger (2002). 5468:Oxford English Dictionary 5107:The Economics of Industry 4941:). Classic works include 4344:Money and monetary policy 4256:. It includes Friedman's 4162:authored a book entitled 4045: 3483:oligopoly, and monopoly. 2721:scientifically controlled 2212:, including among others 2146:purposes of stabilisation 2055:, in particular his book 1359:of behaviour" but rather 13480:Resources For Economists 13427:14 February 2022 at the 13011:"Mathematical economics" 12907:(6). See pp. 1074–1090. 12605:American Economic Review 12475:Economic Analysis of Law 12073:10.1017/cbo9781139084161 12038:10.1017/cbo9780511510809 10355:"The Nature of the Firm" 10245:Kemp, Murray C. (1987). 9956:American Economic Review 8450:"Neoclassical synthesis" 8056:"Marxian value analysis" 7896:Malthus, Thomas (1798). 7185:. MacMillan. p. 3. 7126:Becker, Gary S. (1976). 6165:American Economic Review 6083:The Economics of Justice 6052:Economic Analysis of Law 5971:"Feminism and Economics" 5930:A Treatise on the Family 5871:"Economics of Education" 5297: 5271:List of economics awards 5211:Critical juncture theory 5206:Asymmetric cointegration 5137:Nobel Prize in Economics 4786:Philosophy and economics 4675:rates and trade quotas. 4172:. Keynes contended that 3824:are one possible cause. 3424: 3338:For a given market of a 2860:monopolistic competition 2791:São Paulo Stock Exchange 2719:has promoted the use of 2703:statistical significance 2641:in economics, which are 2546:methodological framework 2499:of marginalised groups. 2454:constitutional economics 2415:Post-Keynesian economics 2210:New Keynesian economists 2190:and the presentation of 2168:new classical economists 1232:definitions of economics 1194:Definitions of economics 1186:Definitions of economics 137:JEL classification codes 15018:international relations 13939:Industrial organization 13769:Computational economics 13552:20 January 2021 at the 13528:24 January 2002 at the 13446:28 October 2021 at the 13416:Encyclopædia Britannica 12630:McCoy, Drew R. (1980). 12478:(7th ed.). Aspen. 12364:"Development economics" 12301:"International finance" 11885:Global Finance Magazine 11571:Dwivedi, D. N. (2005). 10489:"Managerial capitalism" 10299:"Prices and quantities" 10204:"Comparative advantage" 10198:, pp. 37, 433, 435 9878:Montani, Guido (1987). 9793:10.1162/003355300554683 9583:Bastable, C.F. (2008). 9411:"Qualitative economics" 9071:Harcourt, G.C. (1987). 8446:Blanchard, Olivier Jean 8303:"Marginalist economics" 7972:"Comparative advantage" 7950:Ricardo, David (1817). 7926:The Ultimate Resource 2 7902:. J. Johnson Publisher. 7820:Selected Papers, No. 50 7637:. M.E. Sharpe. p. 7449:Encyclopædia Britannica 7385:Lowry, S. Todd (1998). 7101:Encyclopædia Britannica 6938:Principles of Economics 6614:Jevons, William Stanley 6372:"Science, economics of" 6269:Iannaccone, Laurence R. 5527:; Wells, Robin (2012). 5473:Oxford University Press 5401:information asymmetries 5276:List of economics films 5125:(1915–2012) coauthored 4958:The Philosophy of Money 4824:institutional economics 4651:International economics 4645:International economics 4554:equality of opportunity 4330:Structural unemployment 4127:Circular flow of income 3920:as to desirability and 3874:environmental economics 3804:Information asymmetries 3790:environmental scientist 3757:Environmental economics 3570:industrial organisation 3480:Industrial organisation 3435:Industrial organisation 3280:increased income levels 3163:A map showing the main 3100:production inefficiency 2681:observationally studied 2470:structuralist economics 2458:institutional economics 2440:between human-made and 2433:environmental economics 2419:University of Cambridge 2370:New Keynesian economics 2366:new classical economics 2234:price and wage rigidity 2204:New Keynesian economics 2156:New classical economics 1814:theory of surplus value 1312:Principles of Economics 323:Industrial organization 180:Computational economics 15345:Quantum social science 14144:Modern monetary theory 13809:Experimental economics 13779:Pluralism in economics 13764:Mathematical economics 13632:Economics at About.com 13473:16 August 2000 at the 12134:. pp. 1055–1060. 11933:July 12, 2019, at the 10891:Calomiris, Charles W. 10836:Currency Crises Models 10464:"Managerial Economics" 7629:Skousen, Mark (2001). 6837:Malthus, Thomas Robert 6516:, "custom" or "law"). 5883:10.1596/1813-9450-4122 5748:Dharmaraj, E. (2010). 5153:John Bates Clark Medal 4912:evolutionary economics 4832:economically efficient 4752:process in relatively 4664: 4661:gross domestic product 4526:distribution of wealth 4518:distribution of income 4424:open market operations 4375:economies, and is the 4369:means of final payment 4314: 4313:rate from 1990 to 2022 4228:neoclassical synthesis 4151: 4107:growth models) and in 3981: 3972:and the generation of 3818:failure of competition 3793: 3781: 3765:Agricultural economics 3562:strategic interactions 3313: 3171: 3018:potential total output 2920: 2895:Production (economics) 2805: 2783: 2717:Experimental economics 2685:experimental economics 2659:Experimental economics 2623:is the application of 2621:mathematical economics 2573:rational choice theory 2522:Mathematical economics 2462:evolutionary economics 2358:neoclassical synthesis 2350:neoclassical economics 2048: 1961:neoclassical synthesis 1929:labour theory of value 1879:Neoclassical economics 1873:Neoclassical economics 1810:labour theory of value 1802: 1793: 1757:labour theory of value 1704: 1665:, including increased 1644: 1509: 1471:is missing information 1403:of high unemployment. 1349: 1334: 1304: 1252: 1034:investment expenditure 175:Experimental economics 15382:Other categorizations 15235:International studies 15220:History of technology 15155:Communication studies 15038:public administration 13511:30 April 2013 at the 13263:; Amighini, Alessia; 12760:Mayumi, Kozo (2001). 10487:Hughes, Alan (1987). 9999:"Urban agglomeration" 9409:Quirk, James (1987). 8583:. London: Macmillan. 8274:Clark, Barry (1998). 7916:The Ultimate Resource 7095:(15 September 2017). 6845:. London: J. Johnson. 6595:. Macmillan. p. 6402:on 29 September 2017. 6200:Heilbroner, Robert L. 5750:Engineering Economics 5246:Glossary of economics 5063:, though it is not a 5023:Bachelor of Economics 4744:Development economics 4738:Development economics 4720:factors of production 4677:International finance 4659:List of countries by 4658: 4631:allocative efficiency 4614:Much of economics is 4516:, measured using the 4496:Ricardian equivalence 4308: 4262:rational expectations 4254:imperfect information 4146: 4025:imperfect competition 3964: 3888:cost–benefit analysis 3872:is one example. Much 3787: 3772: 3753:Information economics 3703:Information economics 3684:Information asymmetry 3641:financial instruments 3582:behavioural economics 3515:Information economics 3476:perfectly competitive 3317:Prices and quantities 3299: 3196:comparative advantage 3162: 3151:Comparative advantage 3119:allocative efficiency 3087:productive efficiency 3059:real opportunity cost 2972:factors of production 2927:is the conversion of 2914: 2845:imperfect competition 2789: 2778: 2735:behavioural economics 2713:, and prior beliefs. 2490:biophysical economics 2285:behavioural economics 2259:imperfect information 2184:rational expectations 2043: 1988:imperfect competition 1780: 1734:comparative advantage 1711:Thomas Robert Malthus 1699: 1654:The Wealth of Nations 1640:The Wealth of Nations 1632: 1504: 1355:in "pick out certain 1341: 1329: 1299: 1248: 1097:behavioural economics 1038:factors of production 15215:Historical sociology 14018:Social choice theory 13774:Behavioral economics 13658:14 June 2013 at the 13540:27 July 2019 at the 13409:25 June 2022 at the 13397:10 July 2013 at the 13203:Nordhaus, William D. 13064:World Economic Forum 13017:. pp. 401–403. 12691:Ecological Economics 12667:Ecological Economics 12362:Bell, Clive (1987). 12183:. pp. 889–095. 12124:Musgrave, Richard A. 11713:Francis Amasa Walker 11598:Freeman, C. (2008). 11415:. pp. 483–489. 11342:. pp. 273–276. 11207:. pp. 159–164. 11140:. pp. 263–265. 11103:Revelation Principle 10395:Schmalensee, Richard 10051:"Division of labour" 9217:"Feminist Economics" 8919:Gali, Jordi (2015). 8898:. pp. 226–227. 8194:. pp. 209–230. 7602:Hunt, E. K. (2002). 7572:Blaug, Mark (1997). 6711:10.1257/jep.23.1.221 6587:Marshall, Mary Paley 6154:Boulding, Kenneth E. 5781:King, David (2018). 5281:Outline of economics 5256:Humanistic economics 4908:ecological economics 4754:low-income countries 4750:economic development 4609:public choice theory 4405:coincidence of wants 4386:Francis Amasa Walker 4260:on consumption and " 4036:capital accumulation 3761:Ecological economics 3623:evolutionary biology 3487:Managerial economics 3443:Managerial economics 3169:late medieval Europe 3044:inverse relationship 2828:such as apples or a 2812:, interact within a 2508:Theoretical research 2474:world systems theory 2429:Ecological economics 2323:mainstream economics 1972:mainstream economics 1577:economic nationalism 1528:, the author of the 1101:mainstream economics 1068:that have impact on 402:Social choice theory 19:For other uses, see 15395:Geisteswissenschaft 15389:Behavioral sciences 15315:Political sociology 15230:Information science 15175:Development studies 14102:American (National) 13802:Economic statistics 13644:Economics textbooks 13637:2 June 2007 at the 13485:11 May 2013 at the 13464:of UK universities. 13385:General information 13265:Giavazzi, Francesco 13245:. New York: Worth. 13243:Survey of Economics 13070:on 22 January 2016. 12703:1995EcoEc..13..149D 12553:"Political Economy" 12428:"Law and economics" 12177:"Welfare economics" 11913:10.15185/izawol.462 11661:, pp. 445–446. 11649:, pp. 444–445. 11505:on 18 January 2012. 11464:Sheffrin, Steven M. 11261:"Welfare economics" 10544:Rothschild, Michael 9747:2002SciAm.286a..82S 9734:Scientific American 9708:10.1038/nature02043 9700:2003Natur.425..785F 9542:Keuzenkamp, Hugo A. 9048:. 9 November 2019. 8808:10.1257/mac.1.1.267 7679:"Division of labor" 7311:biblestudytools.com 7161:. Huffington Post. 6864:10.1257/jep.4.4.165 6804:. Grigg and Elliot. 6748:"Political Economy" 6634:Backhouse, Roger E. 6241:The Idea of Justice 5987:10.1257/jep.9.2.131 5689:10.3390/su132413677 5471:(Online ed.). 5316:circulating capital 5251:Happiness economics 5103:Mary Paley Marshall 5027:Master of Economics 4620:Normative economics 4605:income distribution 4601:economic efficiency 4550:equality of outcome 4524:measured using the 4508:Economic inequality 4464:Government spending 4416:inflation targeting 4232:classical economics 4224:research programmes 4170:Keynesian economics 4160:John Maynard Keynes 3986:general-equilibrium 3930:general equilibrium 3922:economic efficiency 3863:perfect competition 3778:costs of production 3653:financial structure 3645:Financial economics 3558:applied mathematics 3523:Financial economics 3499:regression analysis 3495:operations research 3380:substitution effect 3329:perfect competition 3243:and differentiated 2994:Economic efficiency 2923:In microeconomics, 2903:Economic efficiency 2879:General-equilibrium 2875:partial equilibrium 2699:regression analysis 2695:Statistical methods 2689:natural experiments 2354:Keynesian economics 2346:classical economics 2121:Post-WWII economics 2095:private consumption 2053:John Maynard Keynes 2045:John Maynard Keynes 2036:Keynesian economics 2030:Keynesian economics 1910:Mary Paley Marshall 1715:diminishing returns 1685:theory—that, under 1683:resource-allocation 1667:labour productivity 1647:The publication of 1633:The publication of 1625:Classical economics 1544:writers, including 1397:expanded the domain 1287:classical economics 1168:social institutions 1105:heterodox economics 1085:normative economics 1072:. It also seeks to 869:Business portal 190:Operations research 170:National accounting 15450:Society portal 14937:auxiliary sciences 13671:9 May 2013 at the 13627:on 6 October 2016. 13462:Internet directory 13261:Blanchard, Olivier 12977:Ashenfelter, Orley 12470:Posner, Richard A. 11904:IZA World of Labor 11460:O'Sullivan, Arthur 11409:"Models of growth" 10966:on 18 August 2011. 10297:Brody, A. (1987). 10247:"Gains from trade" 9819:, pp. 347–349 9459:Samuelson, Paul A. 9189:The New York Times 8211:also published in 8156:The New York Times 8038:, Bk. 1, Ch. 5, 6. 7810:Also published as 7709:Stigler, George J. 7675:Deardorff, Alan V. 7451:. 26 August 2016. 7052:Stigler, George J. 6796:Say, Jean Baptiste 6351:on 2 February 2007 6271:(September 1998). 6078:Posner, Richard A. 6047:Posner, Richard A. 5405:incomplete markets 5393:Joseph E. Stiglitz 5291:Solidarity economy 5221:Economic democracy 5094:Women in economics 4923:economic sociology 4816:cultural economics 4800:economic geography 4665: 4482:multiplier effects 4397:medium of exchange 4371:for goods in most 4356:Monetary economics 4315: 4213:The General Theory 4152: 3982: 3980:, is not included. 3918:productive factors 3822:economies of scale 3808:incomplete markets 3794: 3782: 3749:Government failure 3729:, inspection, and 3715:monetary economics 3699:incomplete markets 3611:nuclear strategies 3469:economies of scale 3439:Business economics 3431:Theory of the firm 3413:Market equilibrium 3363:on demand). Here, 3314: 3236:division of labour 3207:absolute advantage 3172: 3147:Division of labour 2988:intermediate goods 2965:"guns" vs "butter" 2921: 2806: 2799:electronic trading 2784: 2771:Market (economics) 2649:Empirical research 2589:theory of the firm 2581:budget constraints 2550:schools of thought 2496:Feminist economics 2486:feminist economics 2327:Saltwater approach 2311:School of Lausanne 2049: 1992:neoclassical model 1968:orthodox economics 1794: 1663:division of labour 1645: 1510: 1419:social interaction 1415:market equilibrium 1279:the dismal science 1081:positive economics 999:goods and services 200:Industrial complex 195:Middle income trap 15490:Economic theories 15470: 15469: 15310:Political economy 15305:Political ecology 15160:Community studies 15150:Cognitive science 15113:Interdisciplinary 15013:Political science 14775: 14774: 14306:New institutional 13617:978-0-07-337569-4 13581:978-1-319-11327-8 13458:Intute: Economics 13450:(UK-based), with 13431:Definitions from 13362:Library resources 13278:978-1-292-08567-8 13252:978-1-4292-5956-9 13199:Samuelson, Paul A 13032:978-0-333-78676-5 12992:978-0-0804-3076-8 12821:Coleman, James S. 12803:978-0-691-07439-9 12773:978-0-415-23523-5 12752:978-1-85898-667-8 12643:978-0-8078-1416-1 12574:978-0-333-78676-5 12485:978-0-7355-6354-4 12449:978-0-333-78676-5 12385:978-0-333-78676-5 12322:978-0-333-78676-5 12250:978-0-333-78676-5 12198:978-0-333-78676-5 12149:978-0-333-78676-5 12098:World Development 11865:978-92-9259-298-1 11806:979-8-4002-3526-9 11756:978-1-5615-9041-4 11680:Economic Synopses 11621:978-0-333-78676-5 11584:978-0-07-058841-7 11542:978-0-333-78676-5 11477:978-0-13-063085-8 11430:978-0-333-78676-5 11357:978-0-333-78676-5 11224:978-0-333-78676-5 11155:978-0-333-78676-5 11099:Myerson, Roger B. 11043:Adverse Selection 11040:Wilson, Charles. 10999:978-0-08-043076-8 10734:(February 1990). 10676:978-1-4008-4088-5 10654:Camerer, Colin F. 10618:978-0-333-78676-5 10569:978-0-333-78676-5 10510:978-0-333-78676-5 10434:978-0-333-78676-5 10424:2027/uc1.$ b37792 10324:978-0-333-78676-5 10268:978-0-333-78676-5 10225:978-0-333-78676-5 10167:978-0-19-507445-1 10152:Cameron, Rondo E. 10134:978-0-444-88698-9 10127:. North-Holland. 10102:Auburn University 10072:978-0-333-78676-5 10020:978-0-333-78676-5 9946:(December 1980). 9905:978-0-333-78676-5 9849:978-0-333-78676-5 9694:(6960): 785–791. 9652:978-0-333-78676-5 9606:978-0-333-78676-5 9563:978-0-521-55359-9 9515:978-0-333-78676-5 9478:978-0-674-31301-9 9432:978-0-333-78676-5 9383:978-0-333-78676-5 9297:978-0-333-78676-5 9238:978-1-349-95121-5 9141:978-1-349-95121-5 9096:978-0-333-78676-5 9005:978-1-349-95121-5 8955:The New Consensus 8932:978-0-691-16478-6 8905:978-0-521-53142-9 8886:Gordon, Robert J. 8642:978-0-333-78676-5 8590:978-1-57392-139-8 8471:978-0-333-78676-5 8416:978-0-333-78676-5 8324:978-0-333-78676-5 8287:978-0-275-95869-5 8121:978-0-333-78676-5 8077:978-0-333-78676-5 7993:978-0-333-78676-5 7936:978-0-691-00381-8 7648:978-0-7656-0479-8 7615:978-0-7656-0606-8 7585:978-0-521-57701-4 7427:978-0-415-10888-1 7359:978-0-19-938113-5 7256:. Penguin Adult. 7221:978-0-393-05039-4 7200:978-1-349-02116-1 7139:978-0-226-04112-4 6969:978-1-61016-039-1 6906:978-1-60206-978-7 6889:Mill, John Stuart 6828:Fraser's Magazine 6769:978-0-333-78676-5 6659:978-0-333-78676-5 6565:978-1-4129-6142-4 6521:(February 2007). 6395:978-0-333-78676-5 6341:978-0-87724-036-5 6147:Introduction only 6141:978-0-86597-012-0 5891:20.500.12323/2954 5833:. pp. 1–54. 5796:978-1-138-64813-5 5623:978-0-19-532831-8 5505:on 24 August 2022 5479:(Subscription or 5435:978-0-393-93709-1 5419:disturbances (in 5384:978-0-19-926497-1 5226:Economic ideology 5109:with her husband 5099:Harriet Martineau 4870:political economy 4850:political science 4846:Political economy 4794:Economics is one 4790:Political economy 4778:Law and economics 4758:structural change 4522:wealth inequality 4514:income inequality 4382:social convention 4275:In contrast, the 4264:" theory, led by 4109:growth accounting 4099:forms (as in the 4093:population growth 3994:unemployment rate 3970:natural resources 3904:Welfare economics 3688:adverse selection 3676:Market for Lemons 3657:financial markets 3637:futures contracts 3619:political science 3607:Oskar Morgenstern 3593:supply and demand 3403:profit maximisers 3302:supply and demand 3292:Supply and demand 3286:Supply and demand 3241:capital equipment 3167:for goods within 3130:applied economics 3123:Pareto efficiency 3104:one or both goods 3094:the curve (as at 3002:Pareto efficiency 2939:or a service for 2677:physical sciences 2565:supply and demand 2466:dependency theory 2450:Marxian economics 2226:Olivier Blanchard 2087:Franco Modigliani 1925:supply and demand 1914:political economy 1835:Rudolf Hilferding 1773:Marxian economics 1767:Marxian economics 1581:modern capitalism 1538:Joseph Schumpeter 1532:, is credited by 1494: 1493: 1427:James M. Buchanan 1255:Jean-Baptiste Say 1244:political economy 1089:applied economics 985:that studies the 917: 916: 15497: 15458: 15448: 15447: 15434: 15433: 15422: 15421: 15325:Regional science 15170:Cultural studies 15145:Business studies 14802: 14795: 14788: 14779: 14778: 13979:Natural resource 13814:Economic history 13752:Mechanism design 13704: 13697: 13690: 13681: 13680: 13628: 13626: 13620:. Archived from 13609: 13597: 13595: 13593: 13441:Economics Online 13342: 13341: 13323: 13312:. Edward Elgar. 13304: 13282: 13256: 13230: 13194: 13176: 13147: 13146: 13144: 13142: 13136:Banque de France 13127: 13121: 13120: 13118: 13116: 13087: 13078: 13072: 13071: 13066:. Archived from 13055: 13049: 13048: 13046: 13044: 13003: 12997: 12996: 12973: 12967: 12966: 12946: 12940: 12939: 12937: 12931:. Archived from 12898: 12886: 12880: 12876: 12857:Frank, Robert H. 12852: 12850: 12848: 12814: 12808: 12807: 12787: 12781: 12777: 12756: 12735: 12714: 12685: 12683: 12654: 12648: 12647: 12627: 12621: 12620: 12601:Krueger, Anne O. 12597: 12591: 12590: 12588: 12586: 12548: 12542: 12541: 12499: 12493: 12489: 12465: 12463: 12461: 12417: 12411: 12401: 12399: 12397: 12356: 12350: 12346: 12344: 12342: 12295: 12266: 12264: 12262: 12221: 12215: 12214: 12212: 12210: 12172: 12166: 12165: 12163: 12161: 12128:"Public finance" 12120: 12114: 12113: 12093: 12087: 12086: 12058: 12052: 12051: 12023: 12017: 12016: 11980: 11974: 11973: 11971: 11969: 11955: 11942: 11924: 11918: 11917: 11915: 11895: 11889: 11888: 11876: 11870: 11869: 11857: 11847: 11841: 11840: 11838: 11836: 11824: 11818: 11817: 11815: 11813: 11790: 11784: 11783: 11781: 11779: 11767: 11761: 11760: 11737: 11731: 11730: 11728: 11726: 11709: 11703: 11702: 11700: 11698: 11692: 11677: 11668: 11662: 11656: 11650: 11644: 11638: 11637: 11635: 11633: 11595: 11589: 11588: 11568: 11559: 11558: 11556: 11554: 11517:Fischer, Stanley 11513: 11507: 11506: 11504: 11497: 11488: 11482: 11481: 11456: 11450: 11446: 11444: 11442: 11392: 11386: 11380: 11374: 11373: 11371: 11369: 11331: 11325: 11324: 11291: 11285: 11279: 11273: 11272: 11267:. Archived from 11256: 11250: 11240: 11238: 11236: 11216: 11197:Kneese, Allen V. 11190: 11184: 11178: 11172: 11171: 11169: 11167: 11126: 11120: 11119: 11117: 11115: 11095: 11089: 11088: 11086: 11084: 11066: 11060: 11059: 11057: 11055: 11037: 11031: 11030: 11022: 11016: 11010: 11004: 11003: 10977: 10968: 10967: 10965: 10959:. Archived from 10926: 10917: 10911: 10910: 10908: 10906: 10888: 10882: 10881: 10879: 10877: 10859: 10853: 10852: 10850: 10848: 10830: 10824: 10823: 10815:Ross, Stephen A. 10811: 10805: 10804: 10796: 10790: 10789: 10787: 10785: 10779: 10740: 10724: 10718: 10717: 10715: 10713: 10704:(2nd ed.). 10690: 10684: 10680: 10662: 10641: 10635: 10634: 10632: 10630: 10592: 10586: 10585: 10583: 10581: 10540:Machina, Mark J. 10536: 10530: 10526: 10524: 10522: 10483: 10481: 10479: 10457: 10451: 10450: 10448: 10446: 10426: 10391: 10385: 10384: 10347: 10341: 10340: 10338: 10336: 10309:. pp. 1–7. 10294: 10288: 10284: 10282: 10280: 10241: 10239: 10237: 10190: 10184: 10183: 10181: 10179: 10148: 10142: 10138: 10117: 10115: 10113: 10094:"Specialization" 10088: 10086: 10084: 10043: 10037: 10036: 10034: 10032: 9994: 9988: 9987: 9985: 9983: 9977: 9952: 9940: 9934: 9928: 9922: 9921: 9919: 9917: 9890:. pp. 1–4. 9875: 9869: 9865: 9863: 9861: 9828:"Microeconomics" 9811: 9805: 9804: 9776: 9770: 9766: 9727: 9678: 9672: 9668: 9666: 9664: 9627:Smith, Vernon L. 9622: 9620: 9618: 9577: 9571: 9570: 9551: 9538: 9532: 9531: 9529: 9527: 9489: 9483: 9482: 9455: 9449: 9448: 9446: 9444: 9406: 9400: 9399: 9397: 9395: 9357: 9348: 9344: 9313: 9311: 9309: 9268: 9262: 9256: 9250: 9249: 9247: 9245: 9223:. pp. 1–6. 9212: 9206: 9205: 9203: 9201: 9179: 9173: 9172: 9170: 9168: 9152: 9146: 9145: 9119: 9113: 9112: 9110: 9108: 9068: 9062: 9061: 9059: 9057: 9042: 9036: 9035: 9033: 9031: 9016: 9010: 9009: 8983: 8974: 8973: 8971: 8969: 8963: 8952: 8943: 8937: 8936: 8916: 8910: 8909: 8882: 8876: 8875: 8873: 8871: 8861: 8855:Guvenen, Fatih. 8852: 8846: 8843: 8837: 8834: 8828: 8827: 8787: 8781: 8778: 8772: 8769: 8763: 8762: 8760: 8758: 8743: 8737: 8734: 8728: 8725: 8719: 8718: 8716: 8714: 8698: 8692: 8689: 8683: 8680: 8674: 8658: 8656: 8654: 8634: 8610: 8604: 8594: 8571: 8565: 8564: 8562: 8560: 8554: 8523: 8503: 8494: 8488: 8487: 8485: 8483: 8442: 8433: 8432: 8430: 8428: 8390: 8384: 8383: 8352: 8341: 8340: 8338: 8336: 8298: 8292: 8291: 8271: 8265: 8259: 8253: 8252: 8234: 8210: 8208: 8206: 8200: 8189: 8178: 8172: 8171: 8169: 8167: 8147: 8141: 8137: 8135: 8133: 8093: 8091: 8089: 8045: 8039: 8033: 8027: 8026: 8016: 8010: 8009: 8007: 8005: 7964: 7958: 7957: 7947: 7941: 7940: 7920: 7910: 7904: 7903: 7893: 7887: 7881: 7875: 7869: 7863: 7857: 7851: 7845: 7839: 7838: 7836: 7834: 7828: 7817: 7809: 7784:(6): 1199–1213. 7773: 7767: 7766: 7764: 7762: 7756: 7717: 7705: 7699: 7698: 7696: 7694: 7671: 7665: 7659: 7653: 7652: 7636: 7626: 7620: 7619: 7599: 7593: 7589: 7568: 7566: 7564: 7555:. 7 March 2014. 7542: 7536: 7535: 7515: 7509: 7508: 7506: 7504: 7480: 7474: 7464: 7462: 7460: 7438: 7432: 7431: 7411: 7405: 7404: 7382: 7376: 7375: 7373: 7371: 7333: 7327: 7326: 7324: 7322: 7303: 7297: 7294: 7288: 7287: 7285: 7283: 7247: 7241: 7237: 7235: 7233: 7204: 7173: 7167: 7166: 7150: 7144: 7143: 7123: 7117: 7116: 7114: 7112: 7089: 7083: 7079: 7047: 7037: 7010: 7001: 6995: 6989: 6983: 6974: 6973: 6953: 6947: 6946: 6933:Marshall, Alfred 6929: 6923: 6922: 6920: 6918: 6885: 6879: 6875: 6846: 6832: 6812: 6806: 6805: 6792: 6786: 6785: 6783: 6781: 6743: 6730: 6724: 6723: 6713: 6687: 6676: 6675: 6673: 6671: 6630: 6624: 6623: 6610: 6601: 6600: 6583:Marshall, Alfred 6579: 6570: 6569: 6549: 6543: 6542: 6540: 6538: 6514: 6507: 6506: 6498: 6491: 6490: 6482: 6476: 6475: 6447: 6441: 6440: 6438: 6436: 6430: 6419: 6411: 6405: 6403: 6398:. Archived from 6367: 6361: 6360: 6358: 6356: 6350: 6344:. Archived from 6329: 6317: 6311: 6310: 6308: 6306: 6300: 6286:(3): 1465–1495. 6277: 6265: 6259: 6255: 6231: 6229: 6227: 6195: 6193: 6191: 6185: 6162: 6145: 6119: 6113: 6109: 6107: 6105: 6073: 6071: 6069: 6040: 6034: 6033: 6031: 6029: 6002: 6000: 5998: 5967:Nelson, Julie A. 5963: 5957: 5956: 5954: 5952: 5921: 5915: 5914: 5912: 5910: 5866: 5860: 5859: 5857: 5855: 5849: 5824: 5815: 5809: 5808: 5778: 5772: 5771: 5745: 5739: 5738: 5710: 5704: 5703: 5701: 5691: 5667: 5661: 5660: 5634: 5628: 5627: 5607: 5601: 5600: 5588: 5582: 5581: 5549: 5543: 5542: 5521: 5515: 5514: 5512: 5510: 5501:. Archived from 5491: 5485: 5484: 5476: 5464: 5457: 5441: 5439: 5415:situations, and 5397:natural monopoly 5388: 5364: 5358: 5351: 5345: 5338: 5332: 5325: 5319: 5308: 5199: 5194: 5193: 5088:computer science 5054:Economic analyst 5015:academic degrees 4975:Richard Swedberg 4967:Mark Granovetter 4963:James S. Coleman 4892:Georgescu-Roegen 4876:Energy economics 4820:family economics 4812:energy economics 4804:economic history 4772:Related subjects 4697:Labour economics 4691:Labour economics 4669:gains from trade 4587:Public economics 4581:Public economics 4538:Gini coefficient 4444:aggregate demand 4409:transaction cost 4360:History of money 4174:aggregate demand 4156:Great Depression 4135:Aggregate demand 4131:Aggregate supply 4057:Growth economics 3978:greenhouse gases 3847:price stickiness 3814:Natural monopoly 3711:mechanism design 3661:financial crises 3603:John von Neumann 3384:purchasing power 3382:). In addition, 3272:gains from trade 3202:cheaper, input. 3155:Gains from trade 2953:investment goods 2899:Opportunity cost 2810:market structure 2747:cognitive biases 2728:natural sciences 2601:microfoundations 2577:opportunity cost 2421:and the work of 2409:Ludwig von Mises 2315:Stockholm school 2264:aggregate demand 2109:built the first 2103:aggregate demand 2068:effective demand 1933:marginal utility 1918:natural sciences 1807: 1749:John Stuart Mill 1742:gains from trade 1719:Human population 1671:gains from trade 1568:theory within a 1546:Tomás de Mercado 1489: 1486: 1480: 1464: 1456: 1295:John Stuart Mill 1218: 1217: 1208: 1207: 980: 979: 976: 975: 972: 969: 966: 961: 960: 957: 954: 951: 948: 945: 942: 939: 936: 933: 930: 909: 902: 895: 881:Money portal 879: 878: 877: 867: 866: 363:Natural resource 155:Economic systems 51: 28: 27: 15505: 15504: 15500: 15499: 15498: 15496: 15495: 15494: 15475: 15474: 15471: 15466: 15442: 15410: 15377: 15361: 15335:Science studies 15119:Administration 15108: 14834: 14811: 14809:Social sciences 14806: 14776: 14771: 14768:Business portal 14735: 14734: 14733: 14693: 14457:von Böhm-Bawerk 14345: 14344: 14335: 14107:Ancient thought 14085: 14084: 14078: 14069: 14068: 14067: 13818: 13783: 13747:Contract theory 13732:Decision theory 13713: 13708: 13678: 13673:Wayback Machine 13660:Wayback Machine 13639:Wayback Machine 13624: 13618: 13607: 13591: 13589: 13582: 13563: 13561:Study resources 13558: 13554:Wayback Machine 13542:Wayback Machine 13535:World Bank Data 13530:Wayback Machine 13513:Wayback Machine 13501: 13496: 13487:Wayback Machine 13475:Wayback Machine 13452:drop-down menus 13448:Wayback Machine 13429:Wayback Machine 13411:Wayback Machine 13399:Wayback Machine 13387: 13382: 13381: 13380: 13370: 13369: 13365: 13358: 13339: 13320: 13301: 13279: 13253: 13237: 13235:Further reading 13219: 13174:10.1.1.533.7658 13155: 13150: 13140: 13138: 13128: 13124: 13114: 13112: 13085: 13079: 13075: 13056: 13052: 13042: 13040: 13033: 13004: 13000: 12993: 12974: 12970: 12963: 12947: 12943: 12935: 12896: 12890:Becker, Gary S. 12887: 12883: 12879: 12846: 12844: 12837: 12815: 12811: 12804: 12788: 12784: 12780: 12774: 12753: 12655: 12651: 12644: 12628: 12624: 12598: 12594: 12584: 12582: 12575: 12549: 12545: 12500: 12496: 12492: 12486: 12459: 12457: 12450: 12424:Friedman, David 12418: 12414: 12410: 12395: 12393: 12386: 12357: 12353: 12349: 12340: 12338: 12323: 12292: 12260: 12258: 12251: 12222: 12218: 12208: 12206: 12199: 12173: 12169: 12159: 12157: 12150: 12121: 12117: 12094: 12090: 12083: 12059: 12055: 12048: 12024: 12020: 11981: 11977: 11967: 11965: 11957: 11956: 11945: 11935:Wayback Machine 11925: 11921: 11896: 11892: 11879:Ventura, Luca. 11877: 11873: 11866: 11855: 11849: 11848: 11844: 11834: 11832: 11825: 11821: 11811: 11809: 11807: 11791: 11787: 11777: 11775: 11770:Jahan, Sarwat. 11768: 11764: 11757: 11738: 11734: 11724: 11722: 11710: 11706: 11696: 11694: 11690: 11675: 11669: 11665: 11657: 11653: 11645: 11641: 11631: 11629: 11622: 11596: 11592: 11585: 11569: 11562: 11552: 11550: 11543: 11514: 11510: 11502: 11495: 11489: 11485: 11478: 11457: 11453: 11449: 11440: 11438: 11431: 11393: 11389: 11381: 11377: 11367: 11365: 11358: 11332: 11328: 11292: 11288: 11280: 11276: 11257: 11253: 11249: 11234: 11232: 11225: 11191: 11187: 11179: 11175: 11165: 11163: 11156: 11134:"Externalities" 11127: 11123: 11113: 11111: 11096: 11092: 11082: 11080: 11067: 11063: 11053: 11051: 11038: 11034: 11023: 11019: 11011: 11007: 11000: 10978: 10971: 10963: 10941:10.2307/1879431 10924: 10918: 10914: 10904: 10902: 10889: 10885: 10875: 10873: 10865:Currency Crises 10860: 10856: 10846: 10844: 10831: 10827: 10812: 10808: 10803:(2nd ed.). 10797: 10793: 10783: 10781: 10777: 10755:10.2307/2937820 10738: 10725: 10721: 10711: 10709: 10691: 10687: 10683: 10677: 10660: 10642: 10638: 10628: 10626: 10619: 10593: 10589: 10579: 10577: 10570: 10537: 10533: 10529: 10520: 10518: 10511: 10477: 10475: 10462: 10458: 10454: 10444: 10442: 10435: 10392: 10388: 10367:(16): 386–405. 10348: 10344: 10334: 10332: 10325: 10295: 10291: 10287: 10278: 10276: 10269: 10235: 10233: 10226: 10191: 10187: 10177: 10175: 10168: 10149: 10145: 10141: 10135: 10111: 10109: 10082: 10080: 10073: 10044: 10040: 10030: 10028: 10021: 9995: 9991: 9981: 9979: 9975: 9950: 9941: 9937: 9929: 9925: 9915: 9913: 9906: 9876: 9872: 9868: 9859: 9857: 9850: 9812: 9808: 9777: 9773: 9769: 9679: 9675: 9671: 9662: 9660: 9653: 9616: 9614: 9607: 9578: 9574: 9564: 9539: 9535: 9525: 9523: 9516: 9490: 9486: 9479: 9456: 9452: 9442: 9440: 9433: 9407: 9403: 9393: 9391: 9384: 9358: 9351: 9347: 9307: 9305: 9298: 9269: 9265: 9257: 9253: 9243: 9241: 9239: 9213: 9209: 9199: 9197: 9180: 9176: 9166: 9164: 9153: 9149: 9142: 9120: 9116: 9106: 9104: 9097: 9069: 9065: 9055: 9053: 9044: 9043: 9039: 9029: 9027: 9022:. 16 May 2014. 9018: 9017: 9013: 9006: 8984: 8977: 8967: 8965: 8961: 8950: 8944: 8940: 8933: 8917: 8913: 8906: 8883: 8879: 8869: 8867: 8859: 8853: 8849: 8844: 8840: 8835: 8831: 8788: 8784: 8779: 8775: 8770: 8766: 8756: 8754: 8745: 8744: 8740: 8735: 8731: 8726: 8722: 8712: 8710: 8699: 8695: 8690: 8686: 8681: 8677: 8673: 8652: 8650: 8643: 8611: 8607: 8603: 8591: 8572: 8568: 8558: 8556: 8552: 8521:10.1.1.194.4605 8507:Artificial Life 8501: 8495: 8491: 8481: 8479: 8472: 8443: 8436: 8426: 8424: 8417: 8391: 8387: 8372:10.2307/1907242 8353: 8344: 8334: 8332: 8325: 8299: 8295: 8288: 8272: 8268: 8260: 8256: 8204: 8202: 8198: 8187: 8179: 8175: 8165: 8163: 8148: 8144: 8140: 8131: 8129: 8122: 8087: 8085: 8078: 8046: 8042: 8034: 8030: 8017: 8013: 8003: 8001: 7994: 7968:Findlay, Ronald 7965: 7961: 7948: 7944: 7937: 7911: 7907: 7894: 7890: 7882: 7878: 7870: 7866: 7858: 7854: 7846: 7842: 7832: 7830: 7826: 7815: 7811: 7774: 7770: 7760: 7758: 7754: 7715: 7706: 7702: 7692: 7690: 7672: 7668: 7660: 7656: 7649: 7627: 7623: 7616: 7600: 7596: 7592: 7586: 7562: 7560: 7547: 7543: 7539: 7532: 7516: 7512: 7502: 7500: 7481: 7477: 7473: 7458: 7456: 7443: 7439: 7435: 7428: 7412: 7408: 7401: 7383: 7379: 7369: 7367: 7360: 7338:"houses, Greek" 7334: 7330: 7320: 7318: 7305: 7304: 7300: 7295: 7291: 7281: 7279: 7264: 7248: 7244: 7240: 7231: 7229: 7222: 7201: 7174: 7170: 7151: 7147: 7140: 7124: 7120: 7110: 7108: 7090: 7086: 7082: 7068:10.2307/3439864 7028:(s1): 805–820. 7011: 7004: 7000:, pp. 4–7. 6996: 6992: 6984: 6977: 6970: 6954: 6950: 6930: 6926: 6916: 6914: 6907: 6886: 6882: 6878: 6819:Carlyle, Thomas 6813: 6809: 6793: 6789: 6779: 6777: 6770: 6731: 6727: 6688: 6679: 6669: 6667: 6660: 6631: 6627: 6611: 6604: 6580: 6573: 6566: 6550: 6546: 6536: 6534: 6519:Harper, Douglas 6483: 6479: 6464: 6448: 6444: 6434: 6432: 6428: 6417: 6413: 6412: 6408: 6396: 6368: 6364: 6354: 6352: 6348: 6342: 6327: 6318: 6314: 6304: 6302: 6298: 6275: 6266: 6262: 6258: 6252: 6225: 6223: 6216: 6189: 6187: 6183: 6160: 6142: 6120: 6116: 6112: 6103: 6101: 6094: 6067: 6065: 6063: 6041: 6037: 6027: 6025: 6018: 5996: 5994: 5964: 5960: 5950: 5948: 5941: 5925:Becker, Gary S. 5922: 5918: 5908: 5906: 5867: 5863: 5853: 5851: 5847: 5841: 5822: 5816: 5812: 5797: 5779: 5775: 5760: 5746: 5742: 5711: 5707: 5668: 5664: 5649: 5635: 5631: 5624: 5608: 5604: 5589: 5585: 5566: 5550: 5546: 5539: 5522: 5518: 5508: 5506: 5493: 5492: 5488: 5478: 5458: 5454: 5450: 5445: 5444: 5436: 5420: 5391: • 5390: 5385: 5371: 5365: 5361: 5352: 5348: 5339: 5335: 5331:, p. XVI) 5326: 5322: 5309: 5305: 5300: 5295: 5195: 5188: 5185: 5161:Amy Finkelstein 5133:Milton Friedman 5111:Alfred Marshall 5096: 5007: 5001: 4904:thermoeconomics 4860:behaviour, and 4792: 4776:Main articles: 4774: 4766:economic growth 4746: 4740: 4699: 4693: 4653: 4647: 4589: 4583: 4578: 4569:economic policy 4510: 4504: 4470: 4458:Main articles: 4456: 4377:unit of account 4362: 4352: 4350:Monetary policy 4346: 4303: 4297: 4281:market failures 4250:market clearing 4201:full employment 4187:actions by the 4185:monetary policy 4141: 4123: 4117: 4061:economic growth 4054: 4052:Economic growth 4048: 4002:monetary policy 3959: 3953: 3906: 3900: 3767: 3745: 3739: 3678:" article, the 3578:contract design 3560:that considers 3556:is a branch of 3540:capital markets 3525: 3513:Main articles: 3511: 3463:. According to 3445: 3429:Main articles: 3427: 3311: 3307: 3294: 3288: 3229:providers, and 3157: 3145:Main articles: 3143: 3137:contribution." 2976:labour services 2909: 2893:Main articles: 2891: 2773: 2765:Main articles: 2763: 2739:Daniel Kahneman 2737:, psychologist 2661: 2653:Main articles: 2651: 2538:economic models 2534: 2529:Economic Theory 2524: 2512:Main articles: 2510: 2505: 2442:natural capital 2405:Friedrich Hayek 2400:property rights 2392:Austrian School 2307:Freiburg School 2303: 2297: 2277: 2248: 2242: 2230:market failures 2206: 2200: 2180:Edward Prescott 2164: 2158: 2142:Milton Friedman 2138: 2132: 2123: 2038: 2032: 2000:national income 1996:economic growth 1953:consumer theory 1949:decision making 1938:ordinal utility 1931:in favour of a 1906:Alfred Marshall 1881: 1875: 1840:Finance Capital 1837:'s (1877–1941) 1775: 1769: 1627: 1621: 1499: 1490: 1484: 1481: 1474: 1465: 1454: 1446:Main articles: 1444: 1393:rational-choice 1345:human behaviour 1307:Alfred Marshall 1277:(1849) coined " 1196: 1188: 1180:the environment 1066:public policies 1062:economic growth 1006:economic agents 963: 927: 923: 913: 875: 873: 861: 854: 853: 824: 814: 813: 812: 811: 575:von Böhm-Bawerk 463: 452: 451: 213: 205: 204: 160:Economic growth 150: 142: 141: 83: 81:classifications 24: 17: 12: 11: 5: 15503: 15493: 15492: 15487: 15468: 15467: 15465: 15464: 15452: 15440: 15428: 15415: 15412: 15411: 15409: 15408: 15403: 15398: 15391: 15385: 15383: 15379: 15378: 15376: 15375: 15369: 15367: 15363: 15362: 15360: 15359: 15354: 15349: 15348: 15347: 15342: 15332: 15327: 15322: 15317: 15312: 15307: 15302: 15301: 15300: 15295: 15290: 15282: 15281: 15280: 15278:social science 15275: 15270: 15265: 15260: 15252: 15247: 15242: 15237: 15232: 15227: 15222: 15217: 15212: 15210:Global studies 15207: 15205:Gender studies 15202: 15197: 15196: 15195: 15190: 15188:social science 15184:Environmental 15182: 15177: 15172: 15167: 15162: 15157: 15152: 15147: 15142: 15137: 15132: 15131: 15130: 15125: 15116: 15114: 15110: 15109: 15107: 15106: 15105: 15104: 15099: 15094: 15089: 15084: 15074: 15073: 15072: 15067: 15062: 15057: 15052: 15042: 15041: 15040: 15035: 15030: 15025: 15020: 15010: 15009: 15008: 14998: 14997: 14996: 14991: 14986: 14981: 14976: 14966: 14965: 14964: 14959: 14954: 14949: 14944: 14939: 14934: 14924: 14923: 14922: 14917: 14912: 14907: 14897: 14896: 14895: 14890: 14885: 14883:macroeconomics 14880: 14878:microeconomics 14870: 14869: 14868: 14863: 14858: 14853: 14842: 14840: 14836: 14835: 14833: 14832: 14827: 14822: 14816: 14813: 14812: 14805: 14804: 14797: 14790: 14782: 14773: 14772: 14770: 14765: 14760: 14755: 14750: 14745: 14740: 14737: 14736: 14732: 14731: 14726: 14716: 14711: 14705: 14704: 14703: 14701: 14695: 14694: 14692: 14691: 14684: 14679: 14674: 14669: 14664: 14659: 14654: 14649: 14644: 14639: 14634: 14629: 14624: 14619: 14614: 14609: 14604: 14599: 14594: 14589: 14584: 14579: 14574: 14569: 14564: 14559: 14554: 14549: 14544: 14539: 14534: 14529: 14524: 14519: 14514: 14509: 14504: 14499: 14494: 14489: 14484: 14479: 14474: 14469: 14464: 14459: 14454: 14449: 14444: 14439: 14434: 14429: 14424: 14419: 14414: 14409: 14404: 14399: 14394: 14389: 14384: 14379: 14374: 14369: 14364: 14359: 14354: 14348: 14346: 14340: 14337: 14336: 14334: 14333: 14328: 14323: 14318: 14313: 14308: 14303: 14302: 14301: 14291: 14290: 14289: 14279: 14274: 14269: 14268: 14267: 14257: 14252: 14247: 14246: 14245: 14244: 14243: 14233: 14228: 14213: 14208: 14203: 14198: 14193: 14188: 14183: 14178: 14173: 14171:Disequilibrium 14168: 14163: 14158: 14153: 14148: 14147: 14146: 14136: 14131: 14126: 14121: 14120: 14119: 14109: 14104: 14099: 14094: 14088: 14086: 14074: 14071: 14070: 14066: 14065: 14060: 14055: 14050: 14045: 14040: 14035: 14030: 14025: 14020: 14011: 14006: 14001: 13996: 13991: 13986: 13984:Organizational 13981: 13976: 13971: 13966: 13961: 13956: 13951: 13946: 13941: 13936: 13931: 13926: 13921: 13916: 13911: 13906: 13901: 13896: 13891: 13886: 13881: 13876: 13871: 13866: 13861: 13856: 13851: 13846: 13841: 13836: 13830: 13829: 13828: 13826: 13820: 13819: 13817: 13816: 13811: 13806: 13805: 13804: 13793: 13791: 13785: 13784: 13782: 13781: 13776: 13771: 13766: 13761: 13759:Macroeconomics 13756: 13755: 13754: 13749: 13744: 13739: 13734: 13727:Microeconomics 13723: 13721: 13715: 13714: 13707: 13706: 13699: 13692: 13684: 13677: 13676: 13663: 13650: 13641: 13629: 13616: 13598: 13580: 13564: 13562: 13559: 13557: 13556: 13544: 13532: 13520: 13515: 13502: 13500: 13497: 13495: 13494: 13477: 13465: 13455: 13438: 13422:Economics A–Z. 13419: 13401: 13388: 13386: 13383: 13379: 13378: 13372: 13371: 13360: 13359: 13357: 13356:External links 13354: 13353: 13352: 13336: 13327:Post, Louis F. 13324: 13319:978-1840648201 13318: 13305: 13300:978-0521316446 13299: 13283: 13277: 13257: 13251: 13236: 13233: 13232: 13231: 13218:978-0073511290 13217: 13195: 13154: 13151: 13149: 13148: 13122: 13073: 13050: 13031: 13007:Debreu, Gérard 12998: 12991: 12968: 12962:978-0674011212 12961: 12941: 12938:on 2 May 2005. 12913:10.1086/260265 12881: 12878: 12877: 12867:(1): 147–170. 12853: 12836:978-0674312265 12835: 12816: 12809: 12802: 12782: 12779: 12778: 12772: 12757: 12751: 12736: 12726:(3): 115–120. 12715: 12697:(3): 149–154. 12686: 12674:(3): 203–223. 12656: 12649: 12642: 12622: 12611:(3): 291–303. 12592: 12573: 12543: 12522:10.1086/466560 12494: 12491: 12490: 12484: 12466: 12448: 12419: 12412: 12409: 12408: 12402: 12384: 12358: 12351: 12348: 12347: 12321: 12296: 12291:978-0080430768 12290: 12267: 12249: 12223: 12216: 12197: 12167: 12148: 12115: 12088: 12082:978-1107017429 12081: 12053: 12047:978-0521855266 12046: 12018: 12005:10.1086/426881 11997:10.1086/426881 11975: 11943: 11919: 11890: 11871: 11864: 11842: 11819: 11805: 11785: 11762: 11755: 11732: 11704: 11663: 11659:Dwivedi (2005) 11651: 11647:Dwivedi (2005) 11639: 11620: 11590: 11583: 11560: 11541: 11508: 11483: 11476: 11451: 11448: 11447: 11429: 11401: 11394: 11387: 11385:, p. 349. 11375: 11356: 11326: 11307:(2): 365–371. 11286: 11284:, p. 345. 11274: 11251: 11248: 11247: 11241: 11223: 11192: 11185: 11183:, p. 347. 11173: 11154: 11121: 11090: 11061: 11032: 11017: 11005: 10998: 10969: 10935:(3): 488–500. 10912: 10894:Banking Crises 10883: 10854: 10825: 10806: 10791: 10719: 10685: 10682: 10681: 10675: 10650: 10643: 10636: 10617: 10587: 10568: 10531: 10528: 10527: 10509: 10484: 10470:. 5 May 2013. 10459: 10452: 10433: 10386: 10342: 10323: 10289: 10286: 10285: 10267: 10242: 10224: 10199: 10192: 10185: 10166: 10143: 10140: 10139: 10133: 10118: 10089: 10071: 10045: 10038: 10019: 9989: 9963:(5): 950–959. 9935: 9923: 9904: 9870: 9867: 9866: 9848: 9824:Varian, Hal R. 9820: 9813: 9806: 9771: 9768: 9767: 9728: 9680: 9673: 9670: 9669: 9651: 9623: 9605: 9579: 9572: 9562: 9533: 9514: 9494:"Econometrics" 9484: 9477: 9450: 9431: 9401: 9382: 9349: 9346: 9345: 9327:(5): 986–994. 9314: 9296: 9270: 9263: 9251: 9237: 9207: 9174: 9147: 9140: 9114: 9095: 9063: 9037: 9011: 9004: 8975: 8938: 8931: 8911: 8904: 8877: 8847: 8838: 8829: 8802:(1): 267–279. 8782: 8773: 8764: 8753:. 8 March 2018 8738: 8729: 8720: 8693: 8684: 8675: 8672: 8671: 8665: 8659: 8641: 8612: 8605: 8602: 8601: 8595: 8589: 8573: 8566: 8489: 8470: 8434: 8415: 8385: 8366:(2): 147–159. 8342: 8323: 8293: 8286: 8266: 8254: 8173: 8142: 8139: 8138: 8120: 8098:Mandel, Ernest 8094: 8076: 8047: 8040: 8028: 8011: 7992: 7959: 7956:. John Murray. 7942: 7935: 7905: 7888: 7876: 7864: 7852: 7840: 7790:10.1086/260508 7768: 7732:10.1086/257075 7726:(3): 185–193. 7700: 7666: 7664:, p. 343. 7654: 7647: 7621: 7614: 7594: 7591: 7590: 7584: 7569: 7544: 7537: 7530: 7510: 7475: 7472: 7471: 7465: 7445:"Mercantilism" 7440: 7433: 7426: 7406: 7399: 7377: 7358: 7328: 7298: 7289: 7262: 7242: 7239: 7238: 7220: 7205: 7199: 7175: 7168: 7145: 7138: 7118: 7084: 7081: 7080: 7062:(3): 301–313. 7048: 7012: 7002: 6998:Robbins (2007) 6990: 6986:Robbins (2007) 6975: 6968: 6948: 6924: 6905: 6880: 6877: 6876: 6858:(4): 165–172. 6847: 6833: 6814: 6807: 6787: 6768: 6725: 6704:(1): 221–233. 6677: 6658: 6625: 6602: 6571: 6564: 6544: 6477: 6462: 6442: 6406: 6394: 6362: 6340: 6312: 6260: 6257: 6256: 6251:978-0674036130 6250: 6232: 6214: 6196: 6150: 6140: 6121: 6114: 6111: 6110: 6093:978-0674235267 6092: 6074: 6062:978-0735563544 6061: 6042: 6035: 6017:978-0226242071 6016: 5981:(2): 131–148. 5958: 5939: 5916: 5875:The World Bank 5861: 5839: 5810: 5795: 5773: 5759:978-9350432471 5758: 5740: 5705: 5676:Sustainability 5662: 5647: 5629: 5622: 5602: 5583: 5564: 5544: 5538:978-1464128738 5537: 5516: 5486: 5451: 5449: 5446: 5443: 5442: 5434: 5383: 5359: 5357:, p. 17) 5346: 5333: 5320: 5302: 5301: 5299: 5296: 5294: 5293: 5288: 5286:Socioeconomics 5283: 5278: 5273: 5268: 5263: 5258: 5253: 5248: 5243: 5238: 5233: 5231:Economic union 5228: 5223: 5218: 5213: 5208: 5202: 5201: 5200: 5184: 5181: 5149:Claudia Goldin 5119:post-Keynesian 5095: 5092: 5076:linear algebra 5003:Main article: 5000: 4997: 4971:Peter Hedstrom 4927:Émile Durkheim 4900:thermodynamics 4868:have employed 4796:social science 4773: 4770: 4742:Main article: 4739: 4736: 4711:Labour markets 4695:Main article: 4692: 4689: 4681:exchange rates 4649:Main article: 4646: 4643: 4639:social welfare 4585:Main article: 4582: 4579: 4577: 4574: 4506:Main article: 4503: 4500: 4455: 4452: 4348:Main article: 4345: 4342: 4299:Main article: 4296: 4293: 4220:business cycle 4197:business cycle 4158:of the 1930s, 4149:business cycle 4121:Business cycle 4119:Main article: 4116: 4115:Business cycle 4113: 4050:Main article: 4047: 4044: 3957:Macroeconomics 3955:Main article: 3952: 3951:Macroeconomics 3949: 3932:. It analyses 3902:Main article: 3899: 3896: 3855:macroeconomics 3851:business cycle 3798:market failure 3792:sampling water 3743:Market failure 3741:Main article: 3738: 3737:Market failure 3735: 3727:bankruptcy law 3672:George Akerlof 3548:communications 3510: 3507: 3426: 3423: 3325:microeconomics 3321:market economy 3309: 3305: 3290:Main article: 3287: 3284: 3186:per worker or 3142: 3141:Specialisation 3139: 3112:business-cycle 3075:market economy 3028:beyond the PPF 2890: 2887: 2767:Microeconomics 2762: 2761:Microeconomics 2759: 2755:neuroeconomics 2650: 2647: 2629:Paul Samuelson 2597:new Keynesians 2561:microeconomics 2518:Macroeconomics 2514:Microeconomics 2509: 2506: 2504: 2501: 2446: 2445: 2426: 2412: 2394:, emphasizing 2339:Chicago school 2299:Main article: 2296: 2293: 2276: 2273: 2244:Main article: 2241: 2238: 2222:Gregory Mankiw 2214:George Akerlof 2202:Main article: 2199: 2198:New Keynesians 2196: 2188:Lucas critique 2176:Thomas Sargent 2160:Main article: 2157: 2154: 2134:Main article: 2131: 2128: 2122: 2119: 2107:Lawrence Klein 2081:developed the 2063:macroeconomics 2034:Main article: 2031: 2028: 1984:market failure 1982:, analysis of 1957:macroeconomics 1945:microeconomics 1893:Lionel Robbins 1877:Main article: 1874: 1871: 1863:(1871–1919)'s 1861:Rosa Luxemburg 1847:(1870–1924)'s 1845:Vladimir Lenin 1823:(1854–1938)'s 1771:Main article: 1768: 1765: 1623:Main article: 1620: 1617: 1550:Luis de Molina 1498: 1495: 1492: 1491: 1485:September 2020 1468: 1466: 1459: 1443: 1440: 1401:macroeconomics 1353:classificatory 1337:Lionel Robbins 1275:Thomas Carlyle 1192:Main article: 1187: 1184: 1099:; and between 1070:these elements 1026:Macroeconomics 1014:Microeconomics 983:social science 915: 914: 912: 911: 904: 897: 889: 886: 885: 884: 883: 871: 856: 855: 852: 851: 846: 836: 831: 825: 820: 819: 816: 815: 810: 809: 802: 797: 792: 787: 782: 777: 772: 767: 762: 757: 752: 747: 742: 737: 732: 727: 722: 717: 712: 707: 702: 697: 692: 687: 682: 677: 672: 667: 662: 657: 652: 647: 642: 637: 632: 627: 622: 617: 612: 607: 602: 597: 592: 587: 582: 577: 572: 567: 562: 557: 552: 547: 542: 537: 532: 527: 522: 517: 512: 507: 502: 497: 492: 487: 482: 477: 472: 466: 465: 464: 458: 457: 454: 453: 450: 449: 444: 439: 434: 429: 424: 419: 414: 409: 404: 395: 390: 385: 380: 375: 370: 368:Organizational 365: 360: 355: 350: 345: 340: 335: 330: 325: 320: 315: 310: 305: 300: 295: 290: 285: 280: 275: 270: 265: 260: 255: 250: 245: 240: 235: 230: 225: 220: 214: 212:By application 211: 210: 207: 206: 203: 202: 197: 192: 187: 182: 177: 172: 167: 162: 157: 151: 148: 147: 144: 143: 140: 139: 134: 129: 124: 119: 114: 105: 100: 95: 90: 84: 78: 77: 74: 73: 72: 71: 66: 61: 53: 52: 44: 43: 37: 36: 16:Social science 15: 9: 6: 4: 3: 2: 15502: 15491: 15488: 15486: 15483: 15482: 15480: 15473: 15463: 15462: 15457: 15453: 15451: 15446: 15441: 15439: 15438: 15429: 15427: 15426: 15417: 15416: 15413: 15407: 15404: 15402: 15401:Human science 15399: 15397: 15396: 15392: 15390: 15387: 15386: 15384: 15380: 15374: 15371: 15370: 15368: 15364: 15358: 15357:Vegan studies 15355: 15353: 15350: 15346: 15343: 15341: 15338: 15337: 15336: 15333: 15331: 15328: 15326: 15323: 15321: 15320:Public health 15318: 15316: 15313: 15311: 15308: 15306: 15303: 15299: 15296: 15294: 15291: 15289: 15286: 15285: 15283: 15279: 15276: 15274: 15271: 15269: 15266: 15264: 15261: 15259: 15256: 15255: 15254:Philosophies 15253: 15251: 15250:Media studies 15248: 15246: 15243: 15241: 15238: 15236: 15233: 15231: 15228: 15226: 15225:Human ecology 15223: 15221: 15218: 15216: 15213: 15211: 15208: 15206: 15203: 15201: 15198: 15194: 15191: 15189: 15186: 15185: 15183: 15181: 15178: 15176: 15173: 15171: 15168: 15166: 15163: 15161: 15158: 15156: 15153: 15151: 15148: 15146: 15143: 15141: 15138: 15136: 15135:Anthrozoology 15133: 15129: 15126: 15124: 15121: 15120: 15118: 15117: 15115: 15111: 15103: 15100: 15098: 15095: 15093: 15090: 15088: 15085: 15083: 15080: 15079: 15078: 15075: 15071: 15068: 15066: 15063: 15061: 15060:developmental 15058: 15056: 15053: 15051: 15048: 15047: 15046: 15043: 15039: 15036: 15034: 15033:public policy 15031: 15029: 15026: 15024: 15021: 15019: 15016: 15015: 15014: 15011: 15007: 15004: 15003: 15002: 14999: 14995: 14992: 14990: 14987: 14985: 14984:legal systems 14982: 14980: 14979:legal history 14977: 14975: 14974:jurisprudence 14972: 14971: 14970: 14967: 14963: 14960: 14958: 14955: 14953: 14950: 14948: 14945: 14943: 14940: 14938: 14935: 14933: 14930: 14929: 14928: 14925: 14921: 14918: 14916: 14913: 14911: 14908: 14906: 14903: 14902: 14901: 14898: 14894: 14891: 14889: 14886: 14884: 14881: 14879: 14876: 14875: 14874: 14871: 14867: 14864: 14862: 14859: 14857: 14854: 14852: 14849: 14848: 14847: 14844: 14843: 14841: 14837: 14831: 14828: 14826: 14823: 14821: 14818: 14817: 14814: 14810: 14803: 14798: 14796: 14791: 14789: 14784: 14783: 14780: 14769: 14766: 14764: 14761: 14759: 14756: 14754: 14751: 14749: 14746: 14744: 14741: 14738: 14730: 14727: 14724: 14720: 14717: 14715: 14712: 14710: 14707: 14706: 14702: 14700: 14696: 14690: 14689: 14685: 14683: 14680: 14678: 14675: 14673: 14670: 14668: 14665: 14663: 14660: 14658: 14655: 14653: 14650: 14648: 14645: 14643: 14640: 14638: 14635: 14633: 14630: 14628: 14625: 14623: 14620: 14618: 14615: 14613: 14610: 14608: 14605: 14603: 14600: 14598: 14595: 14593: 14590: 14588: 14585: 14583: 14580: 14578: 14575: 14573: 14570: 14568: 14565: 14563: 14560: 14558: 14555: 14553: 14550: 14548: 14545: 14543: 14540: 14538: 14535: 14533: 14530: 14528: 14525: 14523: 14520: 14518: 14515: 14513: 14510: 14508: 14505: 14503: 14500: 14498: 14495: 14493: 14490: 14488: 14485: 14483: 14480: 14478: 14475: 14473: 14470: 14468: 14465: 14463: 14460: 14458: 14455: 14453: 14450: 14448: 14445: 14443: 14440: 14438: 14435: 14433: 14430: 14428: 14425: 14423: 14420: 14418: 14415: 14413: 14410: 14408: 14405: 14403: 14400: 14398: 14395: 14393: 14390: 14388: 14385: 14383: 14380: 14378: 14375: 14373: 14370: 14368: 14365: 14363: 14360: 14358: 14355: 14353: 14352:de Mandeville 14350: 14349: 14347: 14343: 14338: 14332: 14329: 14327: 14324: 14322: 14319: 14317: 14314: 14312: 14309: 14307: 14304: 14300: 14297: 14296: 14295: 14294:New classical 14292: 14288: 14285: 14284: 14283: 14280: 14278: 14275: 14273: 14270: 14266: 14263: 14262: 14261: 14258: 14256: 14253: 14251: 14250:Malthusianism 14248: 14242: 14239: 14238: 14237: 14234: 14232: 14229: 14226: 14222: 14219: 14218: 14217: 14214: 14212: 14211:Institutional 14209: 14207: 14204: 14202: 14199: 14197: 14194: 14192: 14189: 14187: 14184: 14182: 14179: 14177: 14174: 14172: 14169: 14167: 14164: 14162: 14159: 14157: 14154: 14152: 14149: 14145: 14142: 14141: 14140: 14137: 14135: 14132: 14130: 14127: 14125: 14122: 14118: 14115: 14114: 14113: 14110: 14108: 14105: 14103: 14100: 14098: 14095: 14093: 14090: 14089: 14087: 14082: 14077: 14072: 14064: 14061: 14059: 14056: 14054: 14051: 14049: 14046: 14044: 14041: 14039: 14036: 14034: 14031: 14029: 14026: 14024: 14021: 14019: 14015: 14014:Public choice 14012: 14010: 14007: 14005: 14002: 14000: 13997: 13995: 13992: 13990: 13989:Participation 13987: 13985: 13982: 13980: 13977: 13975: 13972: 13970: 13967: 13965: 13962: 13960: 13957: 13955: 13952: 13950: 13949:Institutional 13947: 13945: 13942: 13940: 13937: 13935: 13932: 13930: 13927: 13925: 13922: 13920: 13917: 13915: 13912: 13910: 13907: 13905: 13902: 13900: 13899:Expeditionary 13897: 13895: 13892: 13890: 13889:Environmental 13887: 13885: 13882: 13880: 13877: 13875: 13872: 13870: 13867: 13865: 13862: 13860: 13857: 13855: 13852: 13850: 13847: 13845: 13842: 13840: 13837: 13835: 13832: 13831: 13827: 13825: 13821: 13815: 13812: 13810: 13807: 13803: 13800: 13799: 13798: 13795: 13794: 13792: 13790: 13786: 13780: 13777: 13775: 13772: 13770: 13767: 13765: 13762: 13760: 13757: 13753: 13750: 13748: 13745: 13743: 13740: 13738: 13735: 13733: 13730: 13729: 13728: 13725: 13724: 13722: 13720: 13716: 13712: 13705: 13700: 13698: 13693: 13691: 13686: 13685: 13682: 13674: 13670: 13667: 13664: 13661: 13657: 13654: 13651: 13649: 13645: 13642: 13640: 13636: 13633: 13630: 13623: 13619: 13613: 13606: 13605: 13599: 13587: 13583: 13577: 13573: 13572: 13566: 13565: 13555: 13551: 13548: 13545: 13543: 13539: 13536: 13533: 13531: 13527: 13524: 13521: 13519: 13516: 13514: 13510: 13507: 13504: 13503: 13492: 13488: 13484: 13481: 13478: 13476: 13472: 13469: 13466: 13463: 13459: 13456: 13453: 13449: 13445: 13442: 13439: 13436: 13435: 13434:The Economist 13430: 13426: 13423: 13420: 13418: 13417: 13412: 13408: 13405: 13402: 13400: 13396: 13393: 13390: 13389: 13377: 13374: 13373: 13368: 13363: 13351: 13347: 13346: 13337: 13334: 13333: 13328: 13325: 13321: 13315: 13311: 13306: 13302: 13296: 13292: 13288: 13284: 13280: 13274: 13270: 13266: 13262: 13258: 13254: 13248: 13244: 13239: 13238: 13228: 13224: 13220: 13214: 13210: 13209: 13204: 13200: 13196: 13192: 13188: 13184: 13180: 13175: 13170: 13166: 13162: 13157: 13156: 13137: 13133: 13126: 13111: 13107: 13103: 13099: 13095: 13091: 13084: 13077: 13069: 13065: 13061: 13054: 13038: 13034: 13028: 13024: 13020: 13016: 13012: 13008: 13002: 12994: 12988: 12984: 12983: 12978: 12972: 12964: 12958: 12954: 12953: 12945: 12934: 12930: 12926: 12922: 12918: 12914: 12910: 12906: 12902: 12895: 12891: 12885: 12874: 12870: 12866: 12862: 12858: 12854: 12842: 12838: 12832: 12828: 12827: 12822: 12818: 12817: 12813: 12805: 12799: 12795: 12794: 12786: 12775: 12769: 12766:. Routledge. 12765: 12764: 12758: 12754: 12748: 12744: 12743: 12737: 12733: 12729: 12725: 12721: 12716: 12712: 12708: 12704: 12700: 12696: 12692: 12687: 12682: 12677: 12673: 12669: 12668: 12663: 12658: 12657: 12653: 12645: 12639: 12635: 12634: 12626: 12618: 12614: 12610: 12606: 12602: 12596: 12580: 12576: 12570: 12566: 12562: 12558: 12554: 12547: 12539: 12535: 12531: 12527: 12523: 12519: 12515: 12511: 12510: 12505: 12498: 12487: 12481: 12477: 12476: 12471: 12467: 12455: 12451: 12445: 12441: 12437: 12433: 12429: 12425: 12421: 12420: 12416: 12407:, p. 351 12406: 12403: 12391: 12387: 12381: 12377: 12373: 12369: 12365: 12360: 12359: 12355: 12336: 12332: 12328: 12324: 12318: 12314: 12310: 12306: 12302: 12297: 12293: 12287: 12283: 12279: 12276:: 7843–7848. 12275: 12274: 12268: 12256: 12252: 12246: 12242: 12238: 12234: 12230: 12225: 12224: 12220: 12204: 12200: 12194: 12190: 12186: 12182: 12178: 12171: 12155: 12151: 12145: 12141: 12137: 12133: 12129: 12125: 12119: 12111: 12107: 12103: 12099: 12092: 12084: 12078: 12074: 12070: 12066: 12065: 12057: 12049: 12043: 12039: 12035: 12031: 12030: 12022: 12014: 12010: 12006: 12002: 11998: 11994: 11991:(1): 93–123. 11990: 11986: 11979: 11964: 11960: 11954: 11952: 11950: 11948: 11940: 11936: 11932: 11929: 11923: 11914: 11909: 11905: 11901: 11894: 11886: 11882: 11875: 11867: 11861: 11854: 11853: 11846: 11830: 11823: 11808: 11802: 11798: 11797: 11789: 11773: 11766: 11758: 11752: 11748: 11747: 11742: 11736: 11720: 11719: 11714: 11708: 11689: 11685: 11681: 11674: 11667: 11660: 11655: 11648: 11643: 11627: 11623: 11617: 11613: 11609: 11605: 11601: 11594: 11586: 11580: 11576: 11575: 11567: 11565: 11548: 11544: 11538: 11534: 11530: 11526: 11522: 11518: 11512: 11501: 11494: 11487: 11479: 11473: 11469: 11465: 11461: 11455: 11436: 11432: 11426: 11422: 11418: 11414: 11410: 11406: 11402: 11399: 11396: 11395: 11391: 11384: 11379: 11363: 11359: 11353: 11349: 11345: 11341: 11337: 11330: 11322: 11318: 11314: 11310: 11306: 11302: 11301: 11296: 11295:Ng, Yew-Kwang 11290: 11283: 11278: 11270: 11266: 11262: 11255: 11245: 11242: 11230: 11226: 11220: 11215: 11210: 11206: 11202: 11198: 11194: 11193: 11189: 11182: 11177: 11161: 11157: 11151: 11147: 11143: 11139: 11135: 11131: 11130:Laffont, J.J. 11125: 11109: 11105: 11104: 11100: 11094: 11078: 11074: 11073: 11069:Kotowitz, Y. 11065: 11049: 11045: 11044: 11036: 11028: 11021: 11014: 11009: 11001: 10995: 10991: 10987: 10983: 10976: 10974: 10962: 10958: 10954: 10950: 10946: 10942: 10938: 10934: 10930: 10923: 10916: 10900: 10896: 10895: 10887: 10871: 10867: 10866: 10858: 10842: 10838: 10837: 10829: 10821: 10820: 10816: 10810: 10802: 10795: 10776: 10772: 10768: 10764: 10760: 10756: 10752: 10749:(1): 87–114. 10748: 10744: 10737: 10733: 10732:Gertler, Mark 10729: 10728:Bernanke, Ben 10723: 10707: 10703: 10699: 10698:"Game Theory" 10695: 10689: 10678: 10672: 10668: 10667: 10659: 10655: 10651: 10648: 10645: 10644: 10640: 10624: 10620: 10614: 10610: 10606: 10602: 10598: 10597:"Uncertainty" 10591: 10575: 10571: 10565: 10561: 10557: 10553: 10549: 10545: 10541: 10535: 10516: 10512: 10506: 10502: 10498: 10494: 10490: 10485: 10473: 10469: 10465: 10461: 10460: 10456: 10440: 10436: 10430: 10425: 10420: 10416: 10412: 10408: 10404: 10400: 10396: 10390: 10382: 10378: 10374: 10370: 10366: 10362: 10361: 10356: 10352: 10351:Coase, Ronald 10346: 10330: 10326: 10320: 10316: 10312: 10308: 10304: 10300: 10293: 10274: 10270: 10264: 10260: 10256: 10252: 10248: 10243: 10231: 10227: 10221: 10217: 10213: 10209: 10205: 10200: 10197: 10194: 10193: 10189: 10173: 10169: 10163: 10159: 10158: 10153: 10147: 10136: 10130: 10126: 10125: 10119: 10107: 10103: 10099: 10095: 10090: 10078: 10074: 10068: 10064: 10060: 10056: 10052: 10047: 10046: 10042: 10026: 10022: 10016: 10012: 10008: 10004: 10000: 9993: 9974: 9970: 9966: 9962: 9958: 9957: 9949: 9945: 9944:Krugman, Paul 9939: 9932: 9927: 9911: 9907: 9901: 9897: 9893: 9889: 9885: 9881: 9874: 9855: 9851: 9845: 9841: 9837: 9833: 9829: 9825: 9821: 9818: 9815: 9814: 9810: 9802: 9798: 9794: 9790: 9787:(1): 99–146. 9786: 9782: 9775: 9764: 9760: 9756: 9752: 9748: 9744: 9740: 9736: 9735: 9729: 9725: 9721: 9717: 9713: 9709: 9705: 9701: 9697: 9693: 9689: 9688: 9682: 9681: 9677: 9658: 9654: 9648: 9644: 9640: 9636: 9632: 9628: 9624: 9612: 9608: 9602: 9598: 9594: 9590: 9586: 9581: 9580: 9576: 9569: 9565: 9559: 9555: 9550: 9549: 9543: 9537: 9521: 9517: 9511: 9507: 9503: 9499: 9495: 9488: 9480: 9474: 9470: 9466: 9465: 9460: 9454: 9438: 9434: 9428: 9424: 9420: 9416: 9412: 9405: 9389: 9385: 9379: 9375: 9371: 9367: 9363: 9356: 9354: 9342: 9338: 9334: 9330: 9326: 9322: 9321: 9315: 9303: 9299: 9293: 9289: 9285: 9281: 9277: 9276:"Methodology" 9272: 9271: 9267: 9261:, p. 10. 9260: 9259:Friedman 1953 9255: 9240: 9234: 9230: 9226: 9222: 9218: 9211: 9195: 9191: 9190: 9185: 9178: 9162: 9158: 9151: 9143: 9137: 9133: 9129: 9125: 9118: 9102: 9098: 9092: 9088: 9084: 9080: 9079: 9074: 9067: 9051: 9047: 9041: 9025: 9021: 9015: 9007: 9001: 8997: 8993: 8989: 8982: 8980: 8960: 8956: 8949: 8942: 8934: 8928: 8924: 8923: 8915: 8907: 8901: 8897: 8893: 8892: 8887: 8881: 8865: 8858: 8851: 8842: 8833: 8825: 8821: 8817: 8813: 8809: 8805: 8801: 8797: 8793: 8786: 8777: 8768: 8752: 8748: 8742: 8733: 8724: 8708: 8704: 8697: 8688: 8679: 8670:, p. 346 8669: 8666: 8663: 8660: 8648: 8644: 8638: 8633: 8628: 8624: 8623: 8618: 8614: 8613: 8609: 8600:, p. 347 8599: 8596: 8592: 8586: 8582: 8581: 8575: 8574: 8570: 8551: 8547: 8543: 8539: 8535: 8531: 8527: 8522: 8517: 8513: 8509: 8508: 8500: 8493: 8477: 8473: 8467: 8463: 8459: 8455: 8451: 8447: 8441: 8439: 8422: 8418: 8412: 8408: 8404: 8400: 8396: 8389: 8381: 8377: 8373: 8369: 8365: 8361: 8357: 8351: 8349: 8347: 8330: 8326: 8320: 8316: 8312: 8308: 8304: 8297: 8289: 8283: 8279: 8278: 8270: 8263: 8258: 8250: 8246: 8242: 8238: 8233: 8228: 8224: 8220: 8216: 8197: 8193: 8186: 8185: 8177: 8161: 8157: 8153: 8146: 8127: 8123: 8117: 8113: 8109: 8105: 8104: 8099: 8095: 8083: 8079: 8073: 8069: 8065: 8061: 8057: 8053: 8052:Roemer, J. E. 8049: 8048: 8044: 8037: 8032: 8024: 8023: 8015: 7999: 7995: 7989: 7985: 7981: 7977: 7973: 7969: 7963: 7955: 7954: 7946: 7938: 7932: 7928: 7927: 7918: 7917: 7909: 7901: 7900: 7892: 7885: 7880: 7873: 7868: 7861: 7856: 7849: 7844: 7825: 7821: 7814: 7807: 7803: 7799: 7795: 7791: 7787: 7783: 7779: 7772: 7753: 7749: 7745: 7741: 7737: 7733: 7729: 7725: 7721: 7714: 7711:(June 1951). 7710: 7704: 7688: 7684: 7680: 7676: 7670: 7663: 7658: 7650: 7644: 7640: 7635: 7634: 7625: 7617: 7611: 7607: 7606: 7598: 7587: 7581: 7577: 7576: 7570: 7558: 7554: 7550: 7546: 7545: 7541: 7533: 7531:9782051029391 7527: 7523: 7522: 7514: 7498: 7494: 7490: 7486: 7479: 7470:, p. 343 7469: 7466: 7454: 7450: 7446: 7442: 7441: 7437: 7429: 7423: 7419: 7418: 7410: 7402: 7396: 7392: 7389:(in German). 7388: 7381: 7365: 7361: 7355: 7351: 7347: 7343: 7339: 7332: 7316: 7312: 7308: 7302: 7293: 7277: 7273: 7269: 7265: 7263:0-14-026042-0 7259: 7255: 7254: 7246: 7227: 7223: 7217: 7213: 7212: 7206: 7202: 7196: 7192: 7188: 7184: 7183: 7177: 7176: 7172: 7164: 7160: 7156: 7149: 7141: 7135: 7131: 7130: 7122: 7106: 7102: 7098: 7094: 7088: 7077: 7073: 7069: 7065: 7061: 7057: 7053: 7049: 7045: 7041: 7036: 7031: 7027: 7023: 7019: 7014: 7013: 7009: 7007: 6999: 6994: 6988:, p. 16. 6987: 6982: 6980: 6971: 6965: 6961: 6960: 6952: 6944: 6940: 6939: 6934: 6928: 6912: 6908: 6902: 6898: 6894: 6890: 6884: 6873: 6869: 6865: 6861: 6857: 6853: 6848: 6844: 6843: 6838: 6834: 6830: 6829: 6824: 6820: 6816: 6815: 6811: 6803: 6802: 6797: 6791: 6775: 6771: 6765: 6761: 6757: 6753: 6749: 6741: 6740: 6735: 6729: 6721: 6717: 6712: 6707: 6703: 6699: 6698: 6693: 6686: 6684: 6682: 6665: 6661: 6655: 6651: 6647: 6643: 6639: 6635: 6629: 6621: 6620: 6615: 6609: 6607: 6598: 6594: 6593: 6588: 6584: 6578: 6576: 6567: 6561: 6557: 6556: 6548: 6532: 6528: 6524: 6520: 6515: 6513: 6505: 6500:"house") and 6499: 6497: 6489: 6481: 6473: 6469: 6465: 6463:0-14-026042-0 6459: 6455: 6454: 6446: 6427: 6423: 6416: 6410: 6401: 6397: 6391: 6387: 6383: 6379: 6378: 6373: 6366: 6347: 6343: 6337: 6333: 6326: 6322: 6316: 6297: 6293: 6289: 6285: 6281: 6274: 6270: 6264: 6253: 6247: 6243: 6242: 6237: 6233: 6221: 6217: 6215:0-684-86214-X 6211: 6207: 6206: 6201: 6197: 6182: 6178: 6174: 6170: 6166: 6159: 6155: 6151: 6148: 6143: 6137: 6133: 6132: 6127: 6123: 6122: 6118: 6099: 6095: 6089: 6085: 6084: 6079: 6075: 6064: 6058: 6054: 6053: 6048: 6044: 6043: 6039: 6023: 6019: 6013: 6009: 6008: 5992: 5988: 5984: 5980: 5976: 5972: 5968: 5962: 5946: 5942: 5940:0-674-90698-5 5936: 5932: 5931: 5926: 5920: 5904: 5900: 5896: 5892: 5888: 5884: 5880: 5876: 5872: 5865: 5846: 5842: 5840:0-87014-263-1 5836: 5832: 5828: 5821: 5814: 5806: 5802: 5798: 5792: 5788: 5784: 5777: 5769: 5765: 5761: 5755: 5751: 5744: 5736: 5732: 5728: 5724: 5720: 5716: 5715:Health Policy 5709: 5700: 5699:11250/2978306 5695: 5690: 5685: 5682:(24): 13677. 5681: 5677: 5673: 5666: 5658: 5654: 5650: 5648:0-534-37955-9 5644: 5640: 5633: 5625: 5619: 5615: 5614: 5606: 5598: 5594: 5587: 5580: 5575: 5571: 5567: 5565:0-14-026042-0 5561: 5557: 5556: 5548: 5540: 5534: 5530: 5526: 5525:Krugman, Paul 5520: 5504: 5500: 5496: 5490: 5482: 5474: 5470: 5469: 5463: 5456: 5452: 5437: 5431: 5427: 5423: 5418: 5417:macroeconomic 5414: 5410: 5409:externalities 5406: 5402: 5398: 5394: 5386: 5380: 5376: 5375: 5369: 5368:Nicholas Barr 5366:Compare with 5363: 5356: 5350: 5344:, p. 5) 5343: 5337: 5330: 5324: 5317: 5313: 5312:fixed capital 5307: 5303: 5292: 5289: 5287: 5284: 5282: 5279: 5277: 5274: 5272: 5269: 5267: 5264: 5262: 5259: 5257: 5254: 5252: 5249: 5247: 5244: 5242: 5239: 5237: 5234: 5232: 5229: 5227: 5224: 5222: 5219: 5217: 5214: 5212: 5209: 5207: 5204: 5203: 5198: 5192: 5187: 5180: 5178: 5172: 5170: 5166: 5162: 5158: 5154: 5150: 5146: 5142: 5141:Elinor Ostrom 5138: 5134: 5130: 5129: 5124: 5123:Anna Schwartz 5120: 5116: 5115:Joan Robinson 5112: 5108: 5104: 5100: 5091: 5089: 5085: 5081: 5077: 5073: 5068: 5066: 5062: 5057: 5055: 5051: 5047: 5043: 5039: 5035: 5030: 5028: 5024: 5020: 5016: 5012: 5006: 4996: 4994: 4990: 4986: 4982: 4978: 4976: 4972: 4968: 4964: 4960: 4959: 4954: 4950: 4949: 4944: 4940: 4936: 4932: 4928: 4924: 4920: 4915: 4913: 4909: 4905: 4901: 4897: 4893: 4889: 4888:energy demand 4885: 4884:energy supply 4881: 4877: 4873: 4871: 4867: 4863: 4862:externalities 4859: 4855: 4851: 4847: 4843: 4841: 4840:externalities 4837: 4833: 4827: 4825: 4821: 4817: 4813: 4809: 4808:public choice 4805: 4801: 4797: 4791: 4787: 4783: 4779: 4769: 4767: 4763: 4759: 4755: 4751: 4745: 4735: 4733: 4732:human capital 4729: 4725: 4721: 4717: 4712: 4708: 4704: 4698: 4688: 4686: 4685:globalisation 4682: 4678: 4674: 4670: 4662: 4657: 4652: 4642: 4640: 4636: 4632: 4628: 4627:microeconomic 4623: 4621: 4617: 4612: 4610: 4606: 4602: 4598: 4597:tax incidence 4594: 4593:public sector 4588: 4573: 4570: 4566: 4565:human capital 4562: 4557: 4555: 4551: 4547: 4543: 4539: 4535: 4531: 4530:human capital 4527: 4523: 4519: 4515: 4509: 4499: 4497: 4492: 4490: 4485: 4483: 4478: 4476: 4469: 4465: 4461: 4460:Fiscal policy 4454:Fiscal policy 4451: 4449: 4445: 4441: 4437: 4433: 4429: 4425: 4421: 4417: 4412: 4410: 4406: 4402: 4398: 4393: 4391: 4387: 4383: 4378: 4374: 4370: 4366: 4361: 4357: 4351: 4341: 4339: 4334: 4331: 4327: 4323: 4321: 4312: 4307: 4302: 4292: 4288: 4286: 4282: 4278: 4277:new Keynesian 4273: 4271: 4267: 4263: 4259: 4255: 4251: 4247: 4243: 4241: 4237: 4233: 4229: 4225: 4221: 4216: 4214: 4210: 4206: 4202: 4198: 4194: 4193:fiscal policy 4190: 4186: 4182: 4181:public sector 4177: 4175: 4171: 4167: 4166: 4161: 4157: 4150: 4145: 4140: 4136: 4132: 4128: 4122: 4112: 4110: 4106: 4102: 4098: 4094: 4090: 4085: 4083: 4079: 4076: 4072: 4068: 4067: 4062: 4058: 4053: 4043: 4041: 4037: 4033: 4028: 4026: 4022: 4021:efficient use 4018: 4014: 4009: 4007: 4006:fiscal policy 4003: 3999: 3995: 3991: 3987: 3979: 3975: 3971: 3967: 3963: 3958: 3948: 3946: 3942: 3938: 3937: 3931: 3927: 3923: 3919: 3915: 3911: 3905: 3895: 3893: 3892:emission fees 3889: 3885: 3881: 3879: 3875: 3871: 3866: 3864: 3860: 3856: 3852: 3848: 3843: 3841: 3836: 3835:Externalities 3832: 3829: 3825: 3823: 3819: 3815: 3811: 3809: 3805: 3801: 3799: 3791: 3786: 3779: 3775: 3771: 3766: 3762: 3758: 3754: 3750: 3744: 3734: 3732: 3728: 3724: 3723:restructuring 3720: 3716: 3712: 3708: 3704: 3700: 3695: 3693: 3689: 3685: 3681: 3677: 3673: 3668: 3666: 3662: 3658: 3654: 3650: 3646: 3642: 3638: 3634: 3630: 3629:Risk aversion 3626: 3624: 3620: 3616: 3612: 3608: 3604: 3600: 3599: 3594: 3589: 3587: 3583: 3579: 3575: 3571: 3567: 3563: 3559: 3555: 3551: 3549: 3545: 3541: 3537: 3533: 3529: 3524: 3520: 3516: 3506: 3504: 3500: 3496: 3492: 3491:microeconomic 3488: 3484: 3481: 3477: 3472: 3470: 3466: 3462: 3458: 3454: 3450: 3444: 3440: 3436: 3432: 3422: 3419: 3414: 3410: 3406: 3404: 3399: 3395: 3393: 3389: 3388:income effect 3385: 3381: 3377: 3373: 3372:law of demand 3368: 3366: 3362: 3358: 3354: 3350: 3349:Demand theory 3345: 3341: 3336: 3334: 3330: 3326: 3322: 3318: 3303: 3298: 3293: 3283: 3281: 3277: 3273: 3269: 3265: 3261: 3257: 3252: 3248: 3246: 3242: 3238: 3237: 3232: 3228: 3223: 3221: 3220:agglomeration 3217: 3211: 3208: 3203: 3201: 3197: 3193: 3189: 3185: 3184:human capital 3181: 3177: 3170: 3166: 3161: 3156: 3152: 3148: 3138: 3135: 3134:public policy 3131: 3126: 3124: 3121:(also called 3120: 3116: 3113: 3109: 3105: 3101: 3097: 3093: 3089: 3088: 3082: 3080: 3076: 3072: 3068: 3064: 3063:Along the PPF 3060: 3056: 3052: 3047: 3045: 3041: 3037: 3033: 3029: 3025: 3021: 3019: 3014: 3010: 3005: 3003: 2999: 2995: 2991: 2989: 2985: 2981: 2977: 2973: 2968: 2966: 2962: 2961:private goods 2958: 2954: 2950: 2946: 2942: 2938: 2934: 2930: 2926: 2918: 2913: 2908: 2904: 2900: 2896: 2886: 2884: 2880: 2876: 2871: 2869: 2865: 2861: 2857: 2853: 2848: 2846: 2842: 2838: 2833: 2831: 2827: 2823: 2819: 2818:market system 2815: 2811: 2804: 2800: 2796: 2792: 2788: 2782: 2777: 2772: 2768: 2758: 2756: 2752: 2748: 2744: 2740: 2736: 2731: 2729: 2725: 2722: 2718: 2714: 2712: 2708: 2704: 2700: 2696: 2692: 2690: 2686: 2682: 2678: 2674: 2673:economic data 2670: 2666: 2660: 2656: 2646: 2644: 2640: 2636: 2635: 2630: 2626: 2622: 2617: 2615: 2611: 2610: 2604: 2602: 2598: 2594: 2593:macroeconomic 2590: 2586: 2582: 2578: 2574: 2570: 2566: 2562: 2557: 2555: 2551: 2547: 2543: 2539: 2532: 2530: 2523: 2519: 2515: 2500: 2497: 2493: 2491: 2487: 2483: 2482:econodynamics 2479: 2475: 2471: 2467: 2463: 2459: 2455: 2451: 2443: 2439: 2434: 2430: 2427: 2424: 2423:Joan Robinson 2420: 2416: 2413: 2410: 2406: 2401: 2397: 2393: 2390: 2389: 2388: 2386: 2382: 2377: 2375: 2371: 2367: 2363: 2359: 2355: 2351: 2347: 2342: 2340: 2336: 2332: 2328: 2324: 2320: 2316: 2312: 2308: 2302: 2292: 2290: 2289:heterogeneity 2286: 2282: 2272: 2269: 2265: 2260: 2256: 2255: 2247: 2237: 2235: 2231: 2227: 2223: 2219: 2215: 2211: 2205: 2195: 2193: 2189: 2185: 2181: 2177: 2173: 2169: 2163: 2153: 2149: 2147: 2143: 2137: 2127: 2118: 2116: 2112: 2108: 2104: 2100: 2096: 2092: 2088: 2084: 2080: 2076: 2071: 2069: 2064: 2060: 2059: 2054: 2046: 2042: 2037: 2027: 2025: 2020: 2016: 2015:organisations 2012: 2008: 2003: 2001: 1997: 1993: 1989: 1985: 1981: 1977: 1973: 1969: 1964: 1962: 1958: 1954: 1950: 1946: 1941: 1939: 1934: 1930: 1926: 1921: 1919: 1915: 1911: 1907: 1902: 1900: 1899: 1894: 1890: 1886: 1880: 1870: 1868: 1867: 1862: 1858: 1857: 1852: 1851: 1846: 1842: 1841: 1836: 1832: 1831: 1826: 1822: 1817: 1815: 1811: 1806: 1805: 1799: 1791: 1787: 1784: 1779: 1774: 1764: 1762: 1758: 1752: 1750: 1745: 1743: 1739: 1735: 1731: 1730:David Ricardo 1726: 1724: 1720: 1716: 1712: 1709: 1703: 1698: 1694: 1692: 1688: 1684: 1680: 1676: 1672: 1668: 1664: 1659: 1656: 1655: 1650: 1642: 1641: 1636: 1631: 1626: 1616: 1614: 1610: 1608: 1607: 1606:laissez-faire 1601: 1600:circular flow 1597: 1593: 1591: 1586: 1582: 1578: 1573: 1572:perspective. 1571: 1567: 1563: 1559: 1555: 1551: 1547: 1543: 1539: 1535: 1531: 1527: 1523: 1519: 1515: 1508: 1503: 1488: 1478: 1472: 1469:This section 1467: 1463: 1458: 1457: 1453: 1449: 1439: 1436: 1435:Ha-Joon Chang 1432: 1428: 1423: 1420: 1416: 1412: 1408: 1404: 1402: 1398: 1394: 1388: 1386: 1382: 1378: 1374: 1370: 1366: 1362: 1358: 1354: 1348: 1346: 1340: 1338: 1333: 1328: 1326: 1325:microeconomic 1322: 1319:and from the 1318: 1314: 1313: 1308: 1303: 1298: 1296: 1292: 1288: 1284: 1280: 1276: 1272: 1268: 1264: 1260: 1259:public-policy 1256: 1251: 1247: 1245: 1241: 1237: 1233: 1228: 1226: 1222: 1212: 1206: 1201: 1200:Ancient Greek 1195: 1190: 1183: 1181: 1177: 1173: 1169: 1165: 1161: 1157: 1153: 1149: 1145: 1141: 1137: 1133: 1129: 1125: 1121: 1120:cybersecurity 1117: 1113: 1108: 1106: 1102: 1098: 1094: 1090: 1086: 1082: 1077: 1075: 1071: 1067: 1063: 1059: 1055: 1051: 1047: 1043: 1039: 1035: 1031: 1027: 1023: 1019: 1015: 1011: 1007: 1002: 1000: 996: 992: 988: 984: 978: 921: 910: 905: 903: 898: 896: 891: 890: 888: 887: 882: 872: 870: 865: 860: 859: 858: 857: 850: 847: 844: 840: 837: 835: 832: 830: 827: 826: 823: 818: 817: 808: 807: 803: 801: 798: 796: 793: 791: 788: 786: 783: 781: 778: 776: 773: 771: 768: 766: 763: 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Via the 4354:See also: 4338:Okun's law 4205:John Hicks 4125:See also: 4105:endogenous 4089:investment 4075:per capita 4073:of output 4066:per capita 3976:, such as 3939:, however 3924:within an 3914:allocation 3910:well-being 3796:The term " 3747:See also: 3731:regulation 3665:regulation 3647:or simply 3574:bargaining 3566:foundation 3544:instrument 3353:rationally 3264:by-product 3200:relatively 2998:technology 2925:production 2868:oligopsony 2822:regulation 2751:heuristics 2587:, and the 2381:mainstream 2362:monetarism 2341:approach. 2279:After the 2136:Monetarism 2130:Monetarism 2115:US economy 2099:investment 2075:John Hicks 2011:households 1990:, and the 1649:Adam Smith 1635:Adam Smith 1613:Adam Smith 1542:scholastic 1395:modelling 1361:analytical 1240:Adam Smith 1227:or state. 1156:philosophy 1132:government 1091:; between 1054:enterprise 1040:, such as 987:production 834:Economists 705:Schumacher 610:Schumpeter 580:von Wieser 500:von Thünen 461:economists 437:Statistics 432:Solidarity 353:Managerial 318:Humanistic 313:Historical 258:Ecological 223:Behavioral 117:Mainstream 15485:Economics 15284:Planning 15263:economics 15180:Education 15077:Sociology 15055:cognitive 15006:semiotics 14957:political 14915:technical 14900:Geography 14873:Economics 14632:Greenspan 14597:Samuelson 14577:Galbraith 14547:Tinbergen 14487:von Mises 14482:Heckscher 14442:Edgeworth 14321:Stockholm 14316:Socialist 14216:Keynesian 14196:Happiness 14156:Classical 14117:Mutualism 14112:Anarchist 14097:Heterodox 13994:Personnel 13954:Knowledge 13919:Happiness 13909:Financial 13879:Education 13854:Democracy 13789:Empirical 13711:Economics 13648:Wikibooks 13404:Economics 13367:Economics 13345:Economics 13227:751033918 13208:Economics 13191:216137286 13169:CiteSeerX 13141:30 August 13115:30 August 13110:251532686 13096:: 17–41. 12585:4 October 12538:222331226 12331:219381371 12013:154993058 11405:Uzawa, H. 11313:0002-8282 10771:155048192 10360:Economica 10236:16 August 10083:16 August 10031:16 August 9982:16 August 9916:4 October 9860:4 October 9461:(1983) . 9333:0002-8282 8968:31 August 8816:1945-7707 8516:CiteSeerX 8395:"Utility" 8249:148506444 8219:Economica 8004:16 August 7833:16 August 7761:26 August 7495:: 78–81. 7111:4 October 7044:148506444 7022:Economica 6917:4 October 6891:(2007) . 6780:4 October 6589:(1888) . 6523:"Economy" 6202:(1999) . 6049:(2007) . 5927:(1991) . 5787:Routledge 5529:Economics 5005:Economist 4943:Max Weber 4939:modernity 4931:Max Weber 4854:socialist 4309:The U.S. 4236:short run 4097:empirical 3998:inflation 3859:deviating 3774:Pollution 3633:insurance 3536:financial 3376:unchanged 3340:commodity 3231:economies 3176:empirical 3115:recession 3110:during a 3055:trade-off 3040:decreases 3036:increases 2937:commodity 2864:monopsony 2711:data sets 2531:(journal) 1885:economics 1798:Karl Marx 1790:Karl Marx 1477:talk page 1377:resources 1271:satirical 1269:. 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