economics

ec·o·nom·ics

E0031600 (ĕk′ə-nŏm′ĭks, ē′kə-)n.1. (used with a sing. verb) The social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies or economic systems.2. (used with a sing. or pl. verb) Economic matters, especially relevant financial considerations: "Economics are slowly killing the family farm" (Christian Science Monitor).

economics

(ˌiːkəˈnɒmɪks; ˌɛkə-) n1. (Economics) (functioning as singular) the social science concerned with the production and consumption of goods and services and the analysis of the commercial activities of a society. See also macroeconomics, microeconomics2. (Economics) (functioning as plural) financial aspects: the economics of the project are very doubtful.

ec•o•nom•ics

(ˌɛk əˈnɒm ɪks, ˌi kə-)

n. 1. (used with a sing. v.) the science that deals with the production, distribution, and consumption of goods and services, or human welfare. 2. (used with a pl. v.) financial considerations; economically significant aspects. [1785–95]

Economics

See also finance; money
aphnologyRare. the science of wealth; plutology.autarkya national policy of economic self-sufficiency or independence. — autarkist, n. — autarkie, autarkical, adj.bilateralismthe practice of promoting trade between two countries through agreements concerning quantity and price of commodities. Cf. multilateralism. — bilateralistic, adj.boycottismthe principles behind, and means of carrying out, a boycott. — boycotter, n.cameralismthe theories and adherence to the theories of the cameralists. — cameralist, n. — cameralistic. adj.cameralista mercantilist economist of the seventeenth and eighteenth centuries who believed in the doctrine that a nation’s wealth could be made greater by increasing its supply of money. — cameralistic, adj.capitalisma system of economics under which ownership of and investment in the means of production and distribution depends chiefly upon corporations and private individuals. — capitalist, n. — capitalistic, adj.cartelismthe practice of controlling production and prices by agreements between or among international companies. — cartel, n.chrysologythe study of the production of wealth, especially as attained from precious metals.Cobdenismthe economic doctrines of Richard Cobden (1804-65), who believed in peace and the withdrawal from European competition for balance of power.Colbertismthe mercantilist theories of Jean Colbert in the 17th century, especially his advocacy of high protective tariffs.commercialism1. the principles, practice, and spirit of commerce.
2. an excessive emphasis on high profit, commercial success, or immediate results.
3. a commercial custom, practice, or expression. — commercialist, n. — commercialistic, adj.consumerismthe principles and practices associated with the utilization of economic goods.disintermediationan economic phenomenon of the late 1970s and early 1980s in which investors, flnding that conventional savings and thrift methods did not pay sufficient interest to keep pace with inflation, transferred their funds to the money market and related savings and investment instruments, leading to a rapid growth in those resources and a loss of funds from institutions like savings banks.economeselanguage and jargon typical of economists and the field of economics.econometricsmathematical methods used in the science of economics to prove and develop economic theories.economicsthe study of the production, use, and consumption of goods and services in society. — economie, economical, adj. — economist, n.economisma theory or doctrine that attaches principal importance to economic goals. — economist, n.Fabianisma late 19th-century English movement that favored the gradual development of socialism by peaceful means. — Fabian, n., adj.Fordismthe theory of Henry Ford stating that production efficiency is dependent on successful assembly-line methods.industrialisma system of social and economic organization based upon highly mechanized industry. — industrialist, n., adj.inflationismthe quality of advocating economic inflation. — inflationist, n.joint stockismthe principle of contribution and division of capital or stock by a number of persons.Keynesianismthe economic theories of John Maynard Keynes (1883-1946), English economist, and his advocates, especially his emphasis upon deficit spending by government to stimulate business investment. — Keynesian, n., adj.laissez-faireismthe economic doctrine that the government should intervene as little as possible in economic affairs. — laissez-faireist, n., adj.macroeconomicsthe division of economics dealing with broad, general aspects of an economy, as the import-export balance of a nation as a whole. Cf. microeconomics. — macroeconomist, n. — macroeconomic, adj.Malthusianismthe theories of Thomas Malthus (1766-1834), English economist, stating that population growth tends to increase faster than production and that food and necessities will be in short supply unless population growth is restricted or war, disease, and famine intervene. — Malthusian, n., adj.Manchesterismthe policies and principles of an English school of economists based in Manchester. — Manchesterist, n.mercantilisma political and economic policy seeking to advance a state above others by accumulating large quantities of precious metals and by exporting in large quantity while importing in small. — mercantilist, n. — mercantilistic, adj.microeconomicsthe division of economics dealing with particular aspects of an economy, as the price-cost relationship of a business. Cf. macroeconomies. — microeconomist, n. — microeconomic, adj.monetarism1. an economic theory maintaining that stability and growth in the economy are dependent on a steady growth rate in the supply of money.
2. the principle put forward by American economist Milton Friedman that control of the money supply and, thereby, of rate in the supply of credit serves to control inflation and recession while fostering prosperity. — monetarist, n., adj.multilateralismthe practice of promoting trade among several countries through agreements concerning quantity and price of commodities, as the Common Market, and, sometimes, restrictive tariffs on goods from outsiders.nationalizationthe act or process of the taking over of private industry by government. See also government.Neo-Malthusianismthe belief that the use of contraceptives as a means of lowering the population will eliminate such adverse elements as vice and elevate the Standard of living. — Neo-Malthusian, n., adj.Owenismthe principles of social and labor reform along communistic lines developed by Robert Owen (1771-1858). — Owenite, n.pastoralismthe herding or tending of cattle as a primary economic activity or occupation. Also pasturage. — pastoralist, n. — pastoral, adj.plutologythe branch of economics that studies wealth; theoretical economics. Also called plutonomy.privatizationthe act or process of transferring to private ownership industry operated by a government, of ten industry that has been nationalized. See also government.protectionismthe theory or practice of a method of fostering or developing industry through restrictive tariffs on foreign imports. — protectionist, n., adj.Reaganomicsthe economic theories and policies of the administration of President Ronald Reagan (1981- ), basically a policy of supply-side economics with emphasis on defense spending, encouragement of private and corporate development and investment, and reduction in government spending on social services.Ricardiana believer in the economic theories of David Ricardo, English economist, especially that rental income is an economic surplus. — Ricardian, adj.Saint-Simonismthe theory of the Comte de Saint-Simon (1760-1825), who proposed a socialism in which all property and production be state-controlled with distribution on the basis of an individual’s job and ability. — Saint-Simonist, n.

Economics

Balancing the budget is a little like protecting your virtue —you just have to learn to say no —Ronald Reagan
Capital is dead labor, that, vampire-like, only lives by sucking living labor —Karl Marx
The Dow-Jones is floating up like a hot-air balloon —Francois Camoin
Economics is like being lost in the woods. How can you tell where you are going when you don’t even know where you are? —Anon
Feeding more tax dollars to government is like feeding a stray pup. It just follows you home and sits on your doorstep asking for more —Ronald Reagan
Financial statements are like a bikini. What they reveal is interesting; what they conceal is vital —William W. Priest, Jr., Managing Director BEA Associates, “Wall Street Week” television program, January 9, 1987
Forecasting economic averages is like assuring the non-swimmer that he can safely walk across the river because its average depth is only four feet —Milton Friedman
Inflation, like DC-10s, and Three Mile Islands, and Cold Wars is bad for your mental health —Ellen Goodman
It [the economy] looks more resistant to shoves and shocks than it once was. Like a clown on a roly-poly base, it swings back and forth but does not topple over —Leonard Silk, New York Times/Economic Scene, September 17, 1986
A little inflation is like a little pregnancy, it keeps on growing —Leo Henderson
Poverty is a temporary fault, but excessive wealth is [like] a lasting ailment —Kahlil Gibran
A recession is like an unfortunate love affair. It’s a lot easier to talk your way in than it is to talk your way out —Bill Vaughan, Reader’s Digest, July, 1958
Right now being an arbitrageur is kind of like being a fire hydrant at a dog show, you sure get a lot of attention —Anon arbitrageur, quote Wall Street Journal, 1987
The fire hydrants comparison was made in connection with the image problems resulting from arbitrage scandals.
Signs of reviving inflation are as abundant as are skeptics who read each rise in inflationary barometers as an aberration —John C. Borland, New York Times, September 28, 1986
The stock market climbed like the horses of Apollo —Hortense Calisher
Takeovers on a scale that would make 19th-century pirates look like croquet players —Harry A. Jacobs (senior director of Prudential-Bache Securities), commenting on increase in company takeovers and other economic ills, as quoted in Leonard Silk’s column, New York Times/Economic Scene, February 4, 1987
Tax loopholes are like parking spaces, they all seem to disappear by the time you get there —Joey Adams
To some economists, inflation is like those trick birthday candles, the ones that are impossible to blow out —Joel Popkin, New York Times, August 17, 1986
Turning national economic policy around is like turning the Queen Mary around in a bathtub —E. Gerald Corrigan, chairman of Federal Reserve Bank of New York, at Japan Society dinner, New York Times, April 17, 1987
The wife economy [wherein husbands assume full economic responsibility for wives] is as obsolete as the slave economy —Elizabeth Hardwick
See Also: MARRIAGE

economics

1. 'economics'

Economics is a noun. It usually refers to the study of the way in which money, industry, and trade are organized.

Paula has a degree in economics.

When economics has this meaning, it is an uncountable noun. You use a singular form of a verb with it.

Economics is a science.

If you want to say that something relates to the subject of economics, you use economics in front of another noun.

He has an economics degree.I teach in the economics department.

Be Careful!
Don't talk about an 'economic degree' or an 'economic department'.

The economics of an industry or project are the aspects of it that are concerned with making a profit.

This decision will change the economics of the project.

When economics is used with this meaning, it is a plural noun. You use a plural form of a verb with it.

The economics of the airline industry are dramatically affected by rising energy costs.2. 'economy'

Economy is also a noun. The economy of a country or region is the system by which money, industry, and trade are organized there.

New England's economy is still largely based on manufacturing.Unofficial strikes were damaging the British economy.

Economy is also careful spending or the careful use of things in order to save money.

His home was small for reasons of economy.3. 'economies'

If you make economies, you try to save money by not spending it on unnecessary things.

It might be necessary to make a few economies.They will make economies by hiring fewer part-time workers.

Be Careful!
However, don't refer to the money that someone has saved as their 'economies'. You refer to this money as their savings.

She spent all her savings.He opened a savings account.4. 'economic'

Economic is an adjective. You use it to describe things connected with the organization of money and trade in a country or region. When economic has this meaning, you only use it in front of a noun. Don't use it after a linking verb.

The chancellor proposed radical economic reforms.What has gone wrong with the economic system during the last ten years?

If something is economic, it makes a profit, or does not result in money being lost. When economic has this meaning, it can go either in front of a noun or after a linking verb.

It is difficult to provide an economic public transport service.We have to keep fares high enough to make it economic for the service to continue.5. 'economical'

Economical is also an adjective. If something is economical, it is cheap to operate or use.

We bought a small, economical car.This system was extremely economical because it ran on half-price electricity.

economics

The study of the arrangements that societies make concerning the use and development of the limited resources on our planet.

Thesaurus

Noun

economics - the branch of social science that deals with the production and distribution and consumption of goods and services and their managementeconomic science, political economyproduction - (economics) manufacturing or mining or growing something (usually in large quantities) for sale; "he introduced more efficient methods of production"Gresham's Law - (economics) the principle that when two kinds of money having the same denominational value are in circulation the intrinsically more valuable money will be hoarded and the money of lower intrinsic value will circulate more freely until the intrinsically more valuable money is driven out of circulation; bad money drives out good; credited to Sir Thomas Greshameconomic theory - (economics) a theory of commercial activities (such as the production and consumption of goods)social science - the branch of science that studies society and the relationships of individual within a societygame theory, theory of games - (economics) a theory of competition stated in terms of gains and losses among opposing playerseconometrics - the application of mathematics and statistics to the study of economic and financial datafinance - the branch of economics that studies the management of money and other assetsmacroeconomics - the branch of economics that studies the overall working of a national economymicroeconomics - the branch of economics that studies the economy of consumers or households or individual firmssupply-side economics - the school of economic theory that stresses the costs of production as a means of stimulating the economy; advocates policies that raise capital and labor output by increasing the incentive to producespillover - (economics) any indirect effect of public expenditurecapital account - (economics) that part of the balance of payments recording a nation's outflow and inflow of financial securitieseconomic consumption, use of goods and services, usance, consumption, use - (economics) the utilization of economic goods to satisfy needs or in manufacturing; "the consumption of energy has increased steadily"utility - (economics) a measure that is to be maximized in any situation involving choicemarginal utility - (economics) the amount that utility increases with an increase of one unit of an economic good or serviceproductivity - (economics) the ratio of the quantity and quality of units produced to the labor per unit of timemonopoly - (economics) a market in which there are many buyers but only one seller; "a monopoly on silver"; "when you have a monopoly you can ask any price you like"monopsony - (economics) a market in which goods or services are offered by several sellers but there is only one buyeroligopoly - (economics) a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitorsmoral hazard - (economics) the lack of any incentive to guard against a risk when you are protected against it (as by insurance); "insurance companies are exposed to a moral hazard if the insured party is not honest"real - of, relating to, or representing an amount that is corrected for inflation; "real prices"; "real income"; "real wages"nominal - of, relating to, or characteristic of an amount that is not adjusted for inflation; "the nominal GDP"; "nominal interest rates"inflationary - associated with or tending to cause increases in inflation; "inflationary prices"deflationary - associated with or tending to cause decreases in consumer prices or increases in the purchasing power of money; "deflationary measures"

economics

noun finance, commerce, the dismal science He gained a first class degree in economics. see economic organizations and treatiesQuotations
"We have always known that heedless self-interest was bad morals; we know now that it is bad economics" [Franklin Delano Roosevelt First Inaugural Address]
"The Dismal Science" [Thomas Carlyle Latter-Day Pamphlets]

Economics

Branches of economics agronomics, cliometrics, econometrics, economic history, industrial economics, macroeconomics, microeconomics, welfare economicsEconomics terms arbitration, asset, autarky, automation, balanced budget, balance of payments, balance of trade, balance sheet, bank, bankruptcy, barriers to entry, barriers to exit, barter, base rate, bear market, bid, black economy, boom, boycott, bridging loan, budget, budget deficit, building society, bull market, business cycle, buyer's market, capacity, capital, capital good, capitalism, cartel, cash, central bank, Chamber of Commerce, closed shop, collective bargaining, command economy or planned economy, commercial bank or clearing bank, commission, commodity, common market, comparative advantage, competition, conspicuous consumption, consumer, consumer good, consumption, cooperative, corporation, corporation tax, cost-benefit analysis, cost effectiveness, cost of living, cost-push inflation, credit, credit controls, credit squeeze, currency, current account, customs union, debt, deflation, deindustrialization, demand, demand management or stabilization policy, demand-pull inflation, deposit account, depreciation, depression, deregulation, devaluation, diminishing returns, discount, discount house (Brit.), discount rate, disequilibrium, disinflation, disposable income, diversification, divestment, dividend, division of labour, dumping, duopoly, durable good, Dutch disease, duty, earned income, earnings, economic growth, economic policy, economic sanctions, economies of scale, embargo, employee, employer, employment, entrepreneur, environmental audit, exchange, exchange rate, expenditure, export, finance, financial year, fiscal drag, fiscal policy, fiscal year, Five-Year Plan, fixed assets, fixed costs, fixed exchange-rate system, fixed investment, floating exchange-rate system, foreclosure, foreign exchange controls, foreign exchange market, forfaiting, franchise, free-market economy, free rider, free trade, free trade area, free trade zone or freeport, freight, friendly society, fringe benefits, full employment, funding, futures market or forward exchange market, gains from trade, game theory, gilt-edged security or government bond, gold standard, greenfield investment, gross domestic product or GDP, gross national product or GNP, gross profit, hard currency, hedging, hire, hire purchase or HP, hoarding, holding, horizontal integration, hot money, human capital, hyperinflation, imperfect competition, import, import restrictions, income, income support, income tax, index-linked, indirect tax, industrial dispute, industrial estate, industrial policy, industrial relations, industrial sector, inflationary spiral, information agreement, infrastructure, inheritance tax, insolvency, instalment credit, institutional investors, insurance, intangible assets, intangibles, intellectual property right, interest, interest rate, international competitiveness, international debt, international reserves, investment, invisible balance, invisible hand, invoice, joint-stock company, joint venture, junk bond, labour, labour market, labour theory of value, laissez faire or laisser faire, lease, legal tender, lender, liability, liquidation, liquid asset, liquidity, listed company, loan, lockout, macroeconomic policy, management buy-out, marginal revenue, marginal utility, market, market failure, mass production, means test, mediation, medium of exchange, medium-term financial strategy, mercantilism, merchant bank, merger, microeconomic policy, middleman, mint, mixed economy, monetarism, monetary compensatory amounts, MCAs, or green money, monetary policy, money, money supply, monopoly, moonlighting, mortgage, multinational, national debt, national income, national insurance contributions, nationalization, national product, natural rate of unemployment, net profit, nondurable good, offshore, oligopoly, overheads, overheating, overmanning, overtime, patent, pawnbroker, pay, pay-as-you-earn or PAYE, payroll, pension, pension fund, per capita income, perfect competition, personal equity plan or PEP, picket, piecework, polluter pays principle, portfolio, poverty trap, premium, premium bond, price, prices and incomes policy, primary sector, private enterprise, private property, privatization, producer, production, productivity, profit, profitability, profit-and-loss account, profit margin, profit sharing, progressive taxation, protectionism, public expenditure, public finance, public interest, public-sector borrowing requirement or PSBR, public-sector debt repayment, public utility, public works, pump priming, purchasing power, quality control, ratchet effect, rational expectations, rationalization, rationing, recession, recommended retail price, recovery, recycling, redundancy, reflation, regional policy, rent, rent controls, research and development or R & D, residual unemployment, restrictive labour practice, retail, retail price index, revaluation, revenue, risk analysis, salary, sales, saving, savings bank, seasonal unemployment, self-employment, self service, self-sufficiency, seller's market, sequestration, service sector, share, shareholder, share issue, share price index, shop, shop steward, simple interest, slump, social costs, socio-economic group, soft currency, specialization, speculation, stagflation, standard of living, stock, stockbroker, stock control, stock exchange or stock market, stop-go cycle, structural unemployment, subsidiary company, subsidy, supplier, supply, supply-side economics, surplus, synergy, takeover, tangible assets, tariff, tax, taxation, tax avoidance, tax evasion, tax haven, terms of trade, trade, trade barrier, trademark, trade union, trade-weighted index, training, transaction, trust, trustee, underwriter, unearned income, unemployment, unemployment benefit, uniform business rate or UBR, unit of account, unit trust, utility, value-added tax or VAT, variable costs, venture capital, vertical integration, voluntary unemployment, wage, wage restraint, wealth, welfare state, wholesaler, worker participation, working capital, yieldEconomics schools and theories Austrian school, Chicago school, Classical school, Keynesianism, Marxism, mercantilism, monetarism, neoclassical school, neoKeynesians, Physiocrats, Reaganomics, Rogernomics (N.Z.), ThatcherismEconomists Norman Angell (English), Walter Bagehot (British), Cesare Bonesana Beccaria (Italian), William Henry Beveridge (English), John Bright (English), Richard Cobden (English), Augustin Cournot (French), Jacques Delors (French), C(lifford) H(ugh) Douglas (English), Milton Friedman (U.S.), Ragnar Frisch (Norwegian), J(ohn) K(enneth) Galbraith (U.S.), Henry George (U.S.), Friedrich August von Hayek (Austrian-British), David Hume (Scottish), William Stanley Jevons (English), John Maynard Keynes (British), Simon Kuznets (U.S.), Arthur Laffer (U.S.), Stephen Butler Leacock (Canadian), Sicco Leendert Mansholt (Dutch), Arthur Lewis West (Indian), Thomas Robert Malthus (British), Alfred Marshall (British), Karl Marx (German), James Mill (Scottish), John Stuart Mill (English), Jean Monnet (French), Nicole d' Oresme (French), Andreas (George) Papandreou (Greek), Vilfredo Pareto (Italian), Frédéric Passy (French), A. W. H. Phillips (English), François Quesnay (French), David Ricardo (British), Ernst Friedrich Schumacher (British), Joseph Schumpeter (Austrian), Jean Charles Léonard Simonde de Sismondi (Swiss), Adam Smith (British), Jan Tinbergen (Dutch), Arnold Toynbee (English), Anne Robert Jacques Turgot (French), Thorstein Veblen (U.S.), Dame Barbara (Mary) Ward (British), Sidney Webb (British), Max Weber (German), Barbara (Frances) Wootton (English)

Translations

经济学

economy

(iˈkonəmi) noun1. the thrifty, careful management of money etc to avoid waste. Please use the water with economy; We must make economies in household spending.节约2. organization of money and resources. the country's economy; household economy.经济economic (iːkəˈnomik) adjective1. of or concerned with (an) economy. the country's economic future.经济上的2. likely to bring a profit. an economic rent. 合算的，有经济效益的 economical (iːkəˈnomikəl) adjective thrifty; not extravagant. This car is very economical on petrol.节约的ˌecoˈnomically adverb节约地economics (iːkəˈnomiks) noun singular the study of production and distribution of money and goods. He is studying economics.经济学eˈconomist noun a person who is an expert in economics. 经济学家eˈconomize, eˈconomise verb to spend money or goods carefully. We must economize on fuel.节约

economics

→ 经济学zhCN

economics

economics,

study of how human beings allocate scarce resources to produce various commodities and how those commodities are distributed for consumption among the people in society (see distributiondistribution,
in economics, the allocation of a society's total wealth among various economic groups. Distribution, in that sense, does not refer to the physical marketing or circulation of goods, which is part of the process of exchange, but to the relative well-being and
..... Click the link for more information. ). The essence of economics lies in the fact that resources are scarce, or at least limited, and that not all human needs and desires can be met. How to distribute these resources in the most efficient and equitable way is a principal concern of economists. The field of economics has undergone a remarkable expansion in the 20th cent. as the world economy has grown increasingly large and complex. Today, economists are employed in large numbers in private industry, government, and higher education (see economic planningeconomic planning,
control and direction of economic activity by a central public authority. In its modern usage, economic planning tends to be pitted against the laissez-faire philosophy which developed in the 18th cent.
..... Click the link for more information. ). Many subjects, such as political science and sociology, which were once regarded as part of the study of economics, have today become separate disciplines, although the study of any one generally implies a working knowledge of the others.

Ancient and Medieval Periods

The first attempts to analyze economic problems appear in the writings of the ancient Greeks. Plato recognized the economic basis of social life and in his Republic organized a model society on the basis of a careful division of labor. Aristotle, too, attributed great importance to economic security as the basis for social and political health and saw the owner of a middle-sized plot of land as the ideal citizen. Roman writers such as Cicero, Vergil, and Varro gave significant advice about the economics of agriculture. The medieval period was marked by the disruption of the flourishing commerce of the ancient world, and its economic life was dominated by feudalismfeudalism
, form of political and social organization typical of Western Europe from the dissolution of Charlemagne's empire to the rise of the absolute monarchies. The term feudalism is derived from the Latin feodum,
..... Click the link for more information. . Economic writings of the age focus on the just price for goods and criticism of usury.

Mercantilism, the Physiocrats, and Adam Smith

In the transition to modern times (16th–18th cent.), European overseas expansion led to the growth of commerce and the economic policies of mercantilismmercantilism
, economic system of the major trading nations during the 16th, 17th, and 18th cent., based on the premise that national wealth and power were best served by increasing exports and collecting precious metals in return.
..... Click the link for more information. , a system that inspired a substantial body of literature on the subject of economic nationalism. In the late 17th and the 18th cents., protest against the governmental regulation characteristic of mercantilism was voiced, especially by the physiocratsphysiocrats
, school of French thinkers in the 18th cent. who evolved the first complete system of economics. They were also referred to simply as "the economists" or "the sect." The founder and leader of physiocracy was François Quesnay.
..... Click the link for more information. . That group advocated laissez-fairelaissez-faire
[Fr.,=leave alone], in economics and politics, doctrine that an economic system functions best when there is no interference by government. It is based on the belief that the natural economic order tends, when undisturbed by artificial stimulus or regulation, to
..... Click the link for more information. , arguing that business should follow freely the "natural laws" of economics without government interference. They regarded agriculture as the sole productive economic activity and encouraged the improvement of cultivation. Because they considered land to be the sole source of wealth, they urged the adoption of a tax on land as the only economically justifiable tax.

In the 18th cent. important work in economics was done by the Scottish philosopher David HumeHume, David
, 1711–76, Scottish philosopher and historian. Educated at Edinburgh, he lived (1734–37) in France, where he finished his first philosophical work, A Treatise of Human Nature (1739–40).
..... Click the link for more information. . His analysis of the natural advantages that some nations enjoy in the cultivation of certain products and his observations on the flow of commerce became the basis for the theory of international trade. The most important work of the 18th cent., however, was Adam SmithSmith, Adam,
1723–90, Scottish economist, educated at Glasgow and Oxford. He became professor of moral philosophy at the Univ. of Glasgow in 1752, and while teaching there wrote his Theory of Moral Sentiments
..... Click the link for more information. 's An Inquiry into the Nature and Causes of the Wealth of Nations (1776), which is considered by many to be the first complete treatise on economics. Smith identified self-interest as the basic economic force and, through his analysis of the division of labordivision of labor,
in economics, the specialization of the functions and roles involved in production. Division of labor is closely tied with the standardization of production, the introduction and perfection of machinery, and the development of large-scale industry.
..... Click the link for more information. and his comprehensive study of the development of economic institutions in the West, established economics as a major area of study. John MillarMillar, John,
1735–1801, Scottish philosopher and historian. Millar studied at Glasgow, where he became the chief disciple of Adam Smith. In 1761 Millar became professor of civil law at Glasgow, and his lectures there made him a national figure.
..... Click the link for more information. , a follower of Smith, incorporated and developed these ideas into a highly sophisticated economic interpretation of history. Smith's theories, especially his advocacy of free tradefree trade,
in modern usage, trade or commerce carried on without such restrictions as import duties, export bounties, domestic production subsidies, trade quotas, or import licenses.
..... Click the link for more information. , played an important part in the Industrial RevolutionIndustrial Revolution,
term usually applied to the social and economic changes that mark the transition from a stable agricultural and commercial society to a modern industrial society relying on complex machinery rather than tools.
..... Click the link for more information. then taking place in Britain.

Malthus, Ricardo, and Mill

One of the most influential writers of the 19th cent. was Thomas MalthusMalthus, Thomas Robert
, 1766–1834, English economist, sociologist, and pioneer in modern population study. A graduate of Cambridge, he was a professor at the East India College, London, from 1805 until his death.
..... Click the link for more information. , whose predictions that population growth would always tend to outstrip advances in the means of subsistence earned for economics the title "the dismal science." The most important economist to follow Smith was David RicardoRicardo, David,
1772–1823, British economist, of Dutch-Jewish parentage. At the age of 20 he entered business as a stockbroker and was so skillful in the management of his affairs that within five years he had amassed a huge fortune.
..... Click the link for more information. . His analysis of rent long remained the classic account, while his theory of labor value was later adopted by socialists as well as classical economists. Ricardo's "iron law of wages" supplemented Malthus's pessimistic thesis by asserting that wages tend to stabilize at the subsistence level. John Stuart MillMill, John Stuart,
1806–73, British philosopher and economist. A precocious child, he was educated privately by his father, James Mill. In 1823, abandoning the study of law, he became a clerk in the British East India Company, where he rose to become head of the examiner's
..... Click the link for more information. was a follower of Ricardo and contributed to the study of international trade as well as to the study of the economics of industrial expansion. Among critics of free trade outside Britain were the German Friedrich List and the American Henry C. CareyCarey, Henry Charles,
1793–1879, American economist, b. Philadelphia; son of Mathew Carey. In 1835 he retired from publishing, where he had done notable work, to devote himself to economics. His Principles of Political Economy (3 vol.
..... Click the link for more information. .

The Socialists and Marx

The early exponents of socialismsocialism,
general term for the political and economic theory that advocates a system of collective or government ownership and management of the means of production and distribution of goods.
..... Click the link for more information. , especially in France, attacked the idea of the necessity of private property and competition and were interested in revamping the economic and social order. Among those were C. H. Saint-Simon, Robert Owen, Charles Fourier, and Louis Blanc. In Germany the historical school arose under Wilhelm Roscher, Bruno Hildebrand, and Karl Knies, who doubted the existence of universal economic laws and emphasized the particular development of economic institutions in individual nations.

The greatest challenge to classical economics came from the followers of Karl MarxMarx, Karl,
1818–83, German social philosopher, the chief theorist of modern socialism and communism. Early Life

Marx's father, a lawyer, converted from Judaism to Lutheranism in 1824.
..... Click the link for more information. . Marx's critique of capitalismcapitalism,
economic system based on private ownership of the means of production, in which personal profit can be acquired through investment of capital and employment of labor.
..... Click the link for more information. was moral and social, as well as economic; but in the exposition of the workings of the capitalist system he and his followers developed important insights into the structural weaknesses of the market economy, especially the recurrence of economic crises (see depressiondepression,
in economics, period of economic crisis in commerce, finance, and industry, characterized by falling prices, restriction of credit, low output and investment, numerous bankruptcies, and a high level of unemployment.
..... Click the link for more information. ).

Further Evolution of Classical Economics

At the same time as Marx was writing, the principles of classical economics were being reformulated and refined—it was at this time that the term "economics" replaced the term "political economy," which had been used through the mid-19th cent. The most important refinement was the doctrine of marginal utility, which asserts that the valuevalue,
in economics, worth of a commodity in terms of other commodities, or in terms of money (see price). Value depends on both desirability and scarcity. The marginal theory of value, pioneered in the late 19th cent.
..... Click the link for more information. of an item is determined by the need for it and by its relative scarcity or abundance at any given time—not by any intrinsic or inherent worth. The leading theorists in the development of the concept were William Stanley JevonsJevons, William Stanley
, 1835–82, English economist and logician. After working in Australia as assayer to the mint, he taught at Owens College, Manchester, and University College, London.
..... Click the link for more information. of Britain, Leon Walras of France, and Carl MengerMenger, Carl
, 1840–1921, Austrian economist, a founder of the Austrian school of economics. He was professor of economics at the Univ. of Vienna from 1873 until 1903, when he retired to devote himself to research.
..... Click the link for more information. of Austria. In the United States, John Bates ClarkClark, John Bates,
1847–1938, American economist, b. Providence, R.I. He studied economics in the U.S. and Germany, and taught at Columbia Univ. and several other colleges in the United States.
..... Click the link for more information. was notable in the development of marginal utility theory, forming his own hypothesis regarding the distribution of wealth. Classical economics reached its fullest expression at the end of the 19th cent. in the work of Alfred MarshallMarshall, Alfred,
1842–1924, English economist. At Cambridge, where he taught from 1885 to 1908, he exerted great influence on the development of economic thought of the time; one of his students was John Maynard Keynes.
..... Click the link for more information. . Marshall used mathematics to perfect the application of classical techniques and introduced important modifications to the notions of competition, marginal utility, and rent.

Keynes

Swedish economist Knut Wicksell was influential in the development of monetary theory, which concerned itself with overall price levels and interest rates in an economy. His work foreshadowed the most important modification of classical concepts of the free economy, exemplified in the work of John Maynard KeynesKeynes, John Maynard, Baron Keynes of Tilton
, 1883–1946, English economist and monetary expert, studied at Eton and Cambridge. Early Career and Critique of Versailles
..... Click the link for more information. . In his General Theory of Employment, Interest, and Money (1936), Keynes opened up a whole new range of investigation into business cycles. A principal result of Keynes's teaching has been reflected in governmental attempts to control the business cycle by putting money directly into the economy; the "pump-priming" technique, often accompanied by an unbalanced budget, is now a part of most capitalist economic systems.

Since World War II

After World War II, emphasis was placed on the analysis of economic growth and development. Western economists notable for their contributions to the economics of growth and development include Gunnar MyrdalMyrdal, Gunnar
, 1898–1987, Swedish economist, sociologist, and public official; husband of Alva Myrdal. A graduate (1927) of the Univ. of Stockholm, he became lecturer (1927) and professor (1931) of economics there.
..... Click the link for more information. of Sweden, Sir Arthur LewisLewis, Sir Arthur
(Sir William Arthur Lewis), 1915–91, British economist, b. St. Lucia. A graduate (1940) of the London School of Economics, he was later a professor of economics at the Univ. of Manchester (1948–58) and at Princeton (1963–83).
..... Click the link for more information. of Great Britain, and Joseph SchumpeterSchumpeter, Joseph Alois
, 1883–1950, Austrian-American economist, LL.D. Univ. of Vienna, 1906. He began practicing law but turned to teaching two years later. He was professor of economics at the Univ.
..... Click the link for more information. of the United States.

In recent years, economic theory has been broadly separated into two major fields: macroeconomics, which studies entire economic systems; and microeconomics, which observes the workings of the market on an individual or group within an economic system. The use of complex mathematical techniques and statistical data in economic forecasting has resulted in a new branch of economics known as econometricseconometrics,
technique of economic analysis that expresses economic theory in terms of mathematical relationships and then tests it empirically through statistical research.
..... Click the link for more information. . British economist Arthur PigouPigou, Arthur Cecil
, 1877–1959, British economist, grad. King's College, Cambridge. He was a lecturer at University College, London, and at Cambridge. He was professor of political economy at Cambridge from 1908 to 1943.
..... Click the link for more information. was influential in the development of welfare economics, an important branch of the discipline that suggested that an economic system was better if even one person's satisfaction was increased while no one else's was decreased.

In the 1980s supply-side economicssupply-side economics,
economic theory that concentrates on influencing the supply of labor and goods as a path to economic health, rather than approaching the issue through such macroeconomic concerns as gross national product.
..... Click the link for more information. (which sees economic growth as essential for improving the material health of society) was used as a policy tool by the ReaganReagan, Ronald Wilson
, 1911–2004, 40th president of the United States (1981–89), b. Tampico, Ill. In 1932, after graduation from Eureka College, he became a radio announcer and sportscaster.
..... Click the link for more information. administration. Another modern economic school that was influential in the Reagan years is monetarism; monetarists, such as Milton FriedmanFriedman, Milton
, 1912–2006, American economist, b. New York City, Ph.D. Columbia, 1946. Friedman was influential in helping to revive the monetarist school of economic thought (see monetarism).
..... Click the link for more information. , believe that the money supply exerts a dominant influence on the economy. In the 1990s, Nobel laureate Gary BeckerBecker, Gary Stanley,
1930–2014, American economist. A professor at the Univ. of Chicago from 1968, he was awarded the 1992 Nobel Memorial Prize in Economic Sciences for extending the scope of microeconomic analysis.
..... Click the link for more information. extended the scope of macroeconomic analysis by applying economic reasoning to human behavior, including the use of sociology, anthropology, and other disciplines. Game theory has also been appied to economics (see games, theory ofgames, theory of,
group of mathematical theories first developed by John Von Neumann and Oskar Morgenstern. A game consists of a set of rules governing a competitive situation in which from two to n
..... Click the link for more information. ).

Bibliography

See D. Colander and A. W. Coats, ed., The Spread of Economic Ideas (1989); R. L. Heilbroner and L. C. Thurow, Economics Explained (rev. ed. 1998); R. L. Heilbroner, The Worldly Philosophers (7th rev. ed. 1999); P. Samuelson and W. Nordhaus, Economics (18th ed. 2004); S. Nasar, Grand Pursuit: The Story of Economic Genius (2011).

economics

the specialist social science concerned with the study of economic behaviour. The term derives from the Greek for ‘household management’, and it has nowadays mainly replaced the earlier term for economic science, POLITICAL ECONOMY. The term can also be used to refer to the study of any behaviour in which there is a scarcity of means to achieve given ends (L. Robbins, The Nature and Significance of Economic Science, 1932).

A general distinction is drawn between microeconomics, which is concerned with the behaviour of individual units within an economy, such as individual consumers or firms, and macroeconomics, which is concerned with the study of aggregate economic activity, e.g. overall determinants of national income, levels of employment, etc.

Adam SMITH is usually regarded as the founding father of modern economics. The characteristic approach within the subject has been the method of simplification of IDEALIZATION (see also ECONOMIC MAN). This approach was developed by CLASSICAL ECONOMISTS, such as David Ricardo (1772-1823) and John Stuart MILL, and continued in NEOCLASSICAL ECONOMICS and in the work of modern economists.

Like sociology, although not to the same extent, economics has remained divided by competing perspectives. Important divisions within the modern subject exist between KEYNESIAN ECONOMICS and MONETARISM. Other distinctive approaches include MARXIAN ECONOMICS and INSTITUTIONAL ECONOMICS. See also RATIONAL CHOICE THEORY, EXCHANGE THEORY, THEORY OF GAMES, ECONOMIC SOCIOLOGY.

Economics

a branch of science that studies production relations or the specific aspects of production relations in a given sphere of social production and exchange.

As a field of human knowledge, economics entails (1) the study of the objective laws governing the economic structure of society within the framework of the socioeconomic formations that regularly follow and replace one another, (2) the theoretical analysis of the processes and phenomena in the various spheres and branches of the national economy, and (3) the elaboration of practical recommendations with respect to the production and distribution of the necessities of life. Economics is one of the social sciences. The economic sciences are the product of long-term historical development. The establishment of a system of economic knowledge was directly tied to the advent of political economy as a science.

Works by classical bourgeois political economists laid the scientific foundation for the development of the economic sciences; such works investigated many important socioeconomic processes in the capitalist economies. The consolidation of the capitalist mode of production, the increasingly antagonistic opposition between hired labor and capital, and the transformation of the bourgeoisie from a progressive into a reactionary class contributed to the emergence of vulgar bourgeois political economy, which supplanted the analysis of the internal laws of the capitalist economic system with the description and systematization of externally perceived economic processes and phenomena.

The possibility of creating a genuinely scientific system of economic knowledge arose with the advent of Marxist economic doctrine, which incorporated the highest achievements of previous economic thought and creatively reworked them in accordance with materialist historical principles. F. Engels and V. I. Lenin made enormous contributions to K. Marx’ economic theory. Marxist-Leninist economic theory was subsequently developed and concretized in the theoretical activity of the CPSU and of the fraternal Marxist-Leninist parties as well as in scholarly works by Soviet and foreign Marxist economists.

The Marxist system of classification differentiates between basic and applied economic sciences. The task of the basic sciences is to study objective economic laws and theoretically justify their effective application. The basic sciences include political economy, history of the national economy, history of economic thought, national economic planning, theory of economic management, statistics, accounting, and the analysis of economic activity. The applied sciences utilize the results of basic studies to solve specific practical problems. The various types of applied economic sciences are differentiated by function (finances and credit, money circulation, pricing, demography, labor economics, and material and technical supply), region or geographic area (economics of individual countries), and branch (for example, industrial, agricultural, construction, transport, or communications economics).

Political economy plays the principal role in the system of economic sciences, serving as the theoretical and methodological foundation of the entire complex formed by these sciences. Increased emphasis on the role of mathematics in economic research distinguishes the present stage of development of the economic sciences. In particular, the modeling of economic processes is being intensively developed. The socialist countries make practical use of the theses, conclusions, and recommendations of the economic sciences in the drafting and implementation of economic policy.

REFERENCES

Marx, K. K kritike politicheskoi ekonomii: Predislovie. K. Marx and F. Engels, Soch., 2nd ed., vol. 13.
Lenin, V. I. “Tri istochnika i tri sostavnykh chasti marksizma.” Poln. sobr. soch., 5th ed., vol. 23.
Lenin, V. I. “Karl Marks.” lbid., vol. 26.
Lenin, V. I. “Ekonomika i politika v epokhu diktatury proletariata.” Ibid., vol. 39.
Materialy XXV s”ezda KPSS. Moscow, 1977.
Sistema ekonomicheskikh nauk. Editor in chief, K. V. Ostrovitianov. Moscow, 1968.
Eremin, A. M. O sisteme ekonomicheskikh nauk. Moscow, 1968.
Abalkin, L. I. Politicheskaia ekonomiia i ekonomicheskaia politika. Moscow, 1970.
Khachaturov, T. S. Sovetskaia ekonomika na sovremennom etape. Moscow, 1975.

L. I. ABALKIN and A. A. KHANDRUEV

economics

[‚ek·ə′näm·iks or ‚ē·kə′näm·iks] (industrial engineering) A social science that deals with production, distribution, and consumption of commodities, or wealth.

economics

the social science concerned with the production and consumption of goods and services and the analysis of the commercial activities of a society
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economics

ec·o·nom·ics

economics

ec•o•nom•ics

Economics

Economics

economics

economics

economics

Economics

economy

economics

economics

economics,

Ancient and Medieval Periods

Mercantilism, the Physiocrats, and Adam Smith

Malthus, Ricardo, and Mill

The Socialists and Marx

Further Evolution of Classical Economics

Keynes

Since World War II

Bibliography

economics

Economics

REFERENCES

economics

economics

economics

Economics

Economics

economics

economics

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Synonyms for economics

noun finance

Synonyms

Synonyms for economics

noun the branch of social science that deals with the production and distribution and consumption of goods and services and their management

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