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Economy

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What is economics?

What are subjects?

Methods of study

Sources

What is economics?

hat is economics? According to (Anon, 2019) this is what economics mean: Economics is one of the most exciting disciplines in social sciences. The word economy comes from the Greek phrase "one who manages a household". The science of economics in its current form is about two hundred years old. Adam Smith - generally known as the father of economics - brought out his famous book, "An Inquiry into the Nature and Causes of Wealth of Nations", in the year 1776. Though many other writers expressed important economic ideas before Adam Smith, economics as a distinct subject started with his book. Economics is a social science which studies about efficient allocation of scarce resources so as to attain the maximum fulfillment of unlimited human needs. As economics is a science of choice, it studies how people choose to use scarce or limited productive resources (land, labour, equipment, technical knowledge and the like) to produce various commodities.

What are the subjects?

What are the subjects? 1. Microeconomics According to (Hayes, 2024) Microeconomics is the social science that studies the implications of incentives and decisions and how they affect the utilization and distribution of resources on an individual level. 2. Econometrics According to (Hayes, 2024) Econometrics is the use of statistical and mathematical models to develop theories or test existing hypotheses in economics and to forecastfuture trends from historical data. 3. International economics According to (International economics, 2016) International economics is the field of study to understand the causes and consequences of economic interaction between countries. 4. Development economics According to (Kopp, 2024) Development economics is the study of how emerging nations become more financially stable.

5. Behavioral Economics According to (Mheslinga, 2022) Behavioral economics combines elements of economics and psychology to understand how and why people behave the way they do in the real world. 6. Financial Economics According to (Liberto, 2024) Financial economics analyzes the use and distribution of resources in markets. It employs economic theory to evaluate how time, risk, opportunity costs, and information can create incentives or disincentives for a particular decision. 7. Macroeconomics According to (What Is Macroeconomics? Definition of Macroeconomics, Macroeconomics Meaning - the Economic Times, n.d.) Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole. It focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation.

What is the method of study?

According to (Bragg, 2024) Method study is the process of subjecting work to systematic, critical to make it more effective and efficient. This involves the following sequence of steps: Deductive and inductive methods are the ones used for economy. • Most important characters that studied economy. According to (Historical Methodology - Heidelberg University, n.d) these are the characters that studied economy: Plato (c. 428–348 BCE) One of the earliest political thinkers, Plato wrote The Republic, where he discussed justice, the ideal state, and the role of the philosopher-king. His ideas have been foundational in Western political theory. 2. Aristotle (384–322 BCE) A student of Plato, Aristotle wrote Politics, where he analyzed different political systems and introduced concepts like the middle class's importance in governance. He is often called the "Father of Political Science." 3. Niccolò Machiavelli (1469–1527) An Italian political theorist known for The Prince, where he argued that rulers must prioritize power and pragmatism over morality to maintain control. His work is foundational in the study of political realism. 4. Thomas Hobbes (1588–1679) An English philosopher known for Leviathan, Hobbes advocated for strong central authority to avoid the chaos of the "state of nature," which he described as "nasty, brutish, and short." His work is critical to understanding social contract theory.

5. John Locke (1632–1704) A key figure in classical liberalism, Locke’s ideas on natural rights, government by consent, and private property are foundational in modern democratic theory. His Two Treatises of Government influenced revolutions and constitutions. 6. Jean-Jacques Rousseau (1712–1778) Known for The Social Contract, Rousseau believed that the general will of the people should guide political authority. His work laid the groundwork for modern democracy and ideas of popular sovereignty. 7. Karl Marx (1818–1883) A philosopher and economist, Marx is famous for The Communist Manifesto and Das Kapital. He analyzed capitalism and class struggle, advocating for a classless society, which influenced socialist and communist movements worldwide. 8. Max Weber (1864–1920) A German sociologist, Weber contributed to political science through his analysis of authority and bureaucracy. His work on the "types of authority" is fundamental in modern political sociology. 9. Hannah Arendt (1906–1975) A political theorist, Arendt’s works like The Origins of Totalitarianism and The Human Condition explore themes of power, authority, and the nature of evil, with a particular focus on totalitarianism and democracy. 10. John Rawls (1921–2002) An American political philosopher, Rawls is known for his theory of justice as fairness, outlined in A Theory of Justice. 11. Robert Dahl (1915–2014) A leading American political scientist, Dahl is known for his work on pluralism and democracy. His book Who Governs? is a foundational text in the study of democratic theory and political participation.

Sources

Historical methodology - Heidelberg University. (n.d.). https://www.uni-heidelberg.de/en/study/all-subjects/historical-methodology Edu.Et. (n.d.) .Retrieved September 13, 2024, from https://wcu.edu.et/FirstYearModule/ECONOMICS%20module.pdf Hayes, A. (2024, June 12). Econometrics: Definition, models, and methods. Investopedia. https://www.investopedia.com/terms/e/econometrics.asp International Economics. (2016, October 17). School of Economics - University of Queensland. https://economics.uq.edu.au/research/international-economics Kopp, C. M. (2024, July 31). Development Economics: Definition and Types. Investopedia. https://www.investopedia.com/terms/d/development-economics.asp#:~:text=Development%20economics%20is%20the%20study,creating%20domestic%20and%20international%20policy. Mheslinga. (2022, June 1). Behavioral economics, explained. University of Chicago News. https://news.uchicago.edu/explainer/what-is-behavioral-economics#:~:text=Behavioral%20economics%20combines%20elements%20of,decisions%20based%20on%20those%20preferences. Liberto, D. (2024, July 10). Financial Economics: Definition, Topics, methods, and importance. Investopedia. https://www.investopedia.com/terms/f/financial-economics.asp#:~:text=Financial%20economics%20analyzes%20the%20use,disincentives%20for%20a%20particular%20decision. What is Macroeconomics? Definition of Macroeconomics, Macroeconomics Meaning - The Economic Times. (n.d.). The Economic Times. https://economictimes.indiatimes.com/definition/macroeconomics#:~:text=Definition%3A%20Macroeconomics%20is%20the%20branch,gross%20domestic%20product%20and%20inflation. Bragg, S. (2024, August 22). Method study definition — AccountingTools. AccountingTools. https://www.accountingtools.com/articles/method-study