Economics: Difference between revisions
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The intellectual discipline of economics is an attempt to gain an understanding of the processes that govern the production, distribution and consumption of [[wealth (economics)|wealth]], and to use that understanding to assist in the prediction of the consequences of economic activities. It uses the methodology of [[science]] and can be considered to be a science insofar as it produces testable propositions (see [[/Tutorials#Economics as a science|economics as a science]]), although some branches of the subject are widely considered to be normative (see [[/Tutorials#Normative economics|normative economics]]). Like other sciences, it is subject to a continuing process of revision. | The intellectual discipline of economics is an attempt to gain an understanding of the processes that govern the production, distribution and consumption of [[wealth (economics)|wealth]], and to use that understanding to assist in the prediction of the consequences of economic activities. It uses the methodology of [[science]] and can be considered to be a science insofar as it produces testable propositions (see [[/Tutorials#Economics as a science|economics as a science]]), although some branches of the subject are widely considered to be normative (see [[/Tutorials#Normative economics|normative economics]]). Like other sciences, it is subject to a continuing process of revision. | ||
The profession of economics includes academics who construct, develop and teach economic theory, and practitioners who use economic theory to make forecasts or to advise upon political, commercial and regulatory decisions. Its most influential application is to the management of the economy. Mistaken decisions in that context can do more damage than in most others. | The profession of economics includes academics<ref>Tor a light-hearted look at the life of an academic economist, see Axel Leijonhufvud's ''Life among the Econs''[http://www.kysq.org/diss/LifeamongtheEcon.pdf] who construct, develop and teach economic theory, and practitioners who use economic theory to make forecasts or to advise upon political, commercial and regulatory decisions. Its most influential application is to the management of the economy. Mistaken decisions in that context can do more damage than in most others. | ||
==Economic Theory== | ==Economic Theory== | ||
Revision as of 07:26, 23 April 2012
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This is a 'portal' article that is intended as a guide to the available economics articles, using in-text links (blue font). |
The term economics refers both to an intellectual discipline and to a profession.
The intellectual discipline of economics is an attempt to gain an understanding of the processes that govern the production, distribution and consumption of wealth, and to use that understanding to assist in the prediction of the consequences of economic activities. It uses the methodology of science and can be considered to be a science insofar as it produces testable propositions (see economics as a science), although some branches of the subject are widely considered to be normative (see normative economics). Like other sciences, it is subject to a continuing process of revision.
The profession of economics includes academicsCite error: Closing </ref> missing for <ref> tag.
The practice of economics
| Economics is a difficult and technical subject, but nobody will believe it - J M Keynes |
The services provided by practitioners of economics include economic forecasting, advice to company executives concerning the consequences for sales and profits of alternative courses of action, advice to investors concerning the performance of particular markets, advice to regulatory authorities concerning the impact of regulations upon the economy, and advice to governments concerning the effects of alternative policy actions upon economic efficiency, inflation, output and fiscal stability Unlike most other sciences, economics is often the subject of strongly-held opinions by laymen, and one of the functions of economists is to counter damaging popular fallacies [1] [2].