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economics

Subject: Religion

The study of the production, distribution, and consumption of resources, and the management of state income and expenditure. See also classical economics, ecological economics, ...

economics

economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
60 words

...economics A social science that studies individual and group decisions on how to use scarce resources to satisfy their wants and needs. See also behavioural economics ; development economics ; environmental economics ; industrial economics ; institutional economics ; international economics ; Keynesian economics ; labour economics ; Marxian economics ; neoclassical economics ; new classical economics ; normative economics ; positive economics ; supply-side economics ; transaction cost economics ; urban economics ; welfare economics...

health economics

health economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
16 words

...health economics A field of economics that studies economic aspects of health care provision and...

positive economics

positive economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
39 words

...positive economics A branch of economics that describes and explains economic processes and predicts the outcomes of institutional or policy changes, without making value judgements. Positive economics describes ‘what is’ and not ‘what should be’. See also normative economics...

experimental economics

experimental economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
21 words

...experimental economics A field of economics that uses controlled experiments, laboratory as well as field, to test and/or estimate economic...

financial economics

financial economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
39 words

...financial economics The field of economics that analyses the individual allocation of resources between consumption and financial assets, and the equilibrium consequences of individual choices. Financial economics also analyses the behaviour of financial institutions, including banks and investment...

mathematical economics

mathematical economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
44 words

...mathematical economics A field of research that is on the boundary between economics and applied mathematics. The research is characterized by the application of mathematical methods to the analysis of the problems of theoretical economics, and the development of mathematical methods for economic...

monetary economics

monetary economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
33 words

...monetary economics A field in economics that studies the conduct and institutions of monetary policy , and its effect on economic variables, such as employment, output, interest rates, prices, consumption, and investment...

industrial economics

industrial economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
47 words

...industrial economics The field of economics devoted to the study of decision-making by firms and the interaction between firms in the marketplace. ‘The new industrial economics’ was a name given in the 1980s when research in the field began to make extensive use of game theory...

development economics

development economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
34 words

...development economics The branch of economics devoted to the understanding of the process of economic development. Development economists are particularly concerned with policies to raise the standard of living in less developed countries...

labour economics

labour economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
45 words

...labour economics The area of economics concerned with the supply and demand for labour. This includes factors affecting the participation rate, wage bargaining and organized labour, training, hours and conditions of work, practices concerning hiring, redundancy and labour turnover, migration, and the age of...

classical economics

classical economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
62 words

...classical economics The economic analysis of the 18th and 19th centuries associated with Thomas Malthus ( 1766–1834 ), John Stuart Mill ( 1806–1873 ), David Ricardo ( 1772–1823 ), and Adam Smith ( 1723–1790 ). Classical economics represents the genesis of modern economic analysis; it provided lasting insights into the efficiency of competition, the process of growth, and the theory of...

public economics

public economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
52 words

...public economics A field of economics that studies economic efficiency, distribution, and government economic policy. In particular, it deals with the analysis of the public sector and its interaction with the economy, responses to market failure in the presence of externalities , public goods , taxation, social security systems,...

urban economics

urban economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
50 words

...urban economics The study of the economics of urban areas. This includes the factors making for the growth first of towns and then of metropolitan areas, including complementarity between industries and the attraction of proximity to markets. It also covers the special problems of conurbations, including congestion and...

environmental economics

environmental economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
31 words

...environmental economics Study of the economic effects of national or local environmental policies. An example is a cost–benefit analysis of alternative environmental policies dealing with air pollution, global warming, etc....

institutional economics

institutional economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
71 words

...institutional economics The analysis of economics from a perspective which stresses the importance of institutions in determining how economies function. For example, the rules of land ownership are important in economic development in less developed countries , and the lack of clearly defined and enforced property rights proved a handicap in the transformation from planned to market economies. Institutional economics includes the analysis of economic influences on institutional rules...

welfare economics

welfare economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
73 words

...welfare economics The part of economics concerned with the effects of economic activity on welfare. This includes the modelling of individual or household behaviour by utility functions ; criteria for efficiency , including Pareto efficiency and theories of the second-best ; criteria for judging whether changes in the economy are beneficial; consideration of how income distribution affects social welfare ; and cost–benefit analysis . Welfare economics has both positive and normative...

neoclassical economics

neoclassical economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
112 words

...is the only supplier of a product (and recognizes this fact) then the model is one of monopoly. Neoclassical economics is the accepted orthodox approach to economics...

normative economics

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A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
117 words

...normative economics The part of economics that is concerned with how the economy ought to be run. The main considerations are efficiency and equity . On the efficiency side, it asks whether any given objective could be achieved using fewer real resources. If this could be done, it would leave more resources available to achieve other desirable ends. On the equity side, it asks whether the distribution of costs and benefits is desirable, given objectives such as equality, fair rewards for effort, and not disappointing people’s reasonable expectations....

international economics

international economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
82 words

...international economics The parts of economics concerning the relations between countries. This includes trade in goods and services, factor movements, including migration, capital movements, and technology transfer, and international monetary arrangements, including exchange rates and exchange reserves. It also studies government policies affecting trade, factor movements, and monetary arrangements, international negotiations, regional institutions such as the European Union and North American Free Trade Agreement , and international institutions such as...

behavioural economics

behavioural economics   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
198 words

...economics An approach to economic analysis that incorporates psychological insights into human behaviour to explain economic decisions. Behavioural economics is motivated by the observation of anomalies that cannot be explained by standard models of choice. It provides an explanation for the anomalies by introducing human and social cognitive and emotional biases into the decision-making process. In most applications choice behaviour is still modelled as the maximization of utility subject to constraints; the difference between traditional economics and...

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