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Economics is a social science that studies the production, distribution, and consumption of goods and services.
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are four basic resources or factors of production: land, labour, capital and entrepreneur. The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods".
Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory.
In economics, the means of production is a term which describes land, labor, and capital that can be used to produce products ; however, the term can also refer to anything that is used to produce products. It can also be used as an abbreviation of the "means of production and distribution" which additionally includes the logistical distribution and delivery of products, generally through distributors; or as an abbreviation of the "means of production, distribution, and exchange" which further includes the exchange of distributed products, generally to consumers.
This aims to be a complete article list of economics topics:
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a given year."
Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange.
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. This evaluation is typically done at the economy-wide level, and attempts to assess the distribution of resources and opportunities among members of society.
National accounts or national account systems (NAS) are the implementation of complete and consistent accounting techniques for measuring the economic activity of a nation. These include detailed underlying measures that rely on double-entry accounting. By design, such accounting makes the totals on both sides of an account equal even though they each measure different characteristics, for example production and the income from it. As a method, the subject is termed national accounting or, more generally, social accounting. Stated otherwise, national accounts as systems may be distinguished from the economic data associated with those systems. While sharing many common principles with business accounting, national accounts are based on economic concepts. One conceptual construct for representing flows of all economic transactions that take place in an economy is a social accounting matrix with accounts in each respective row-column entry.
Articles in economics journals are usually classified according to JEL classification codes, which derive from the Journal of Economic Literature. The JEL is published quarterly by the American Economic Association (AEA) and contains survey articles and information on recently published books and dissertations. The AEA maintains EconLit, a searchable data base of citations for articles, books, reviews, dissertations, and working papers classified by JEL codes for the years from 1969. A recent addition to EconLit is indexing of economics journal articles from 1886 to 1968 parallel to the print series Index of Economic Articles.
In economics, the long-run is a theoretical concept in which all markets are in equilibrium, and all prices and quantities have fully adjusted and are in equilibrium. The long-run contrasts with the short-run, in which there are some constraints and markets are not fully in equilibrium. More specifically, in microeconomics there are no fixed factors of production in the long-run, and there is enough time for adjustment so that there are no constraints preventing changing the output level by changing the capital stock or by entering or leaving an industry. This contrasts with the short-run, where some factors are variable and others are fixed, constraining entry or exit from an industry. In macroeconomics, the long-run is the period when the general price level, contractual wage rates, and expectations adjust fully to the state of the economy, in contrast to the short-run when these variables may not fully adjust.
John E. Roemer is an American economist and political scientist. He is the Elizabeth S. and A. Varick Stout Professor of Political Science and Economics at Yale University. Before Yale, he was on the economics faculty at the University of California, Davis, and before entering academia Roemer worked for several years as a labor organizer. He is married to Natasha Roemer, with whom he has two daughters.
Enrico Barone was a soldier, military historian, and an economist.
Economic justice intersects with economic prosperity as if all members of society can earn wages then they are contributing to the economic growth. These wages are then turned into the buying of goods which works to drive the economy, but it only works if everyone can "provide for themselves and maintain discretionary income."
Family economics applies economic concepts such as production, division of labor, distribution, and decision making to the family. It is used to explain outcomes unique to family—such as marriage, the decision to have children, fertility, time devoted to domestic production, and dowry payments using economic analysis.
In economics, gains from trade are the net benefits to economic agents from being allowed an increase in voluntary trading with each other. In technical terms, they are the increase of consumer surplus plus producer surplus from lower tariffs or otherwise liberalizing trade.
Public economics(or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Welfare can be defined in terms of well-being, prosperity, and overall state of being.
The Theory of Wages is a book by the British economist John R. Hicks published in 1932. It has been described as a classic microeconomic statement of wage determination in competitive markets. It anticipates a number of developments in distribution and growth theory and remains a standard work in labour economics.
The Cambridge capital controversy, sometimes called "the capital controversy" or "the two Cambridges debate", was a dispute between proponents of two differing theoretical and mathematical positions in economics that started in the 1950s and lasted well into the 1960s. The debate concerned the nature and role of capital goods and a critique of the neoclassical vision of aggregate production and distribution. The name arises from the location of the principals involved in the controversy: the debate was largely between economists such as Joan Robinson and Piero Sraffa at the University of Cambridge in England and economists such as Paul Samuelson and Robert Solow at the Massachusetts Institute of Technology, in Cambridge, Massachusetts, United States.
Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian economists tend to accept the concept of the economy prima facie. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other; in many cases Marxian analysis is used to complement, or to supplement, other economic approaches. Because one does not necessarily have to be politically Marxist to be economically Marxian, the two adjectives coexist in usage, rather than being synonymous: They share a semantic field, while also allowing both connotative and denotative differences.
References
- A.B. Atkinson and F. Bourguignon, ed. (2000). Handbook of Income Distribution, v. 1. Elsevier. Description & chapter-preview links.
- _____ (2001). "Income Distribution," International Encyclopedia of the Social & Behavioral Sciences , pp. 7265–71. Abstract.
- Gary S. Becker (1971). The Economics of Discrimination (2nd ed.). University of Chicago Press. ISBN 978-0-226-04115-5. (UCP descr)
- Gary S. Becker (1993). Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education (3rd ed.). University of Chicago Press. ISBN 978-0-226-04120-9. (UCP descr)
- Harry Brighouse and Adam Swift (2008). "egalitarianism." The New Palgrave Dictionary of Economics . 2nd Edition. Abstract.
- Sheldon Danziger and Peter Gottschalk (1995). America Unequal, Harvard University Press, Cambridge, MA ISBN 0-674-01810-9 (book abstract)
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- U.S. Census Bureau ([1999] 2004). "Income Inequality (1947–1998)."
Some distribution entries from The New Palgrave: A Dictionary of Economics (1987):
- "distribution, law of," v. 1, pp. 869–72, by J.B. Clark [1926].
- "distribution theories, classical," v. 1, pp. 872–76, by Luigi Pasinetti.
- "distribution theories, Keynesian," v. 1, pp. 876–78, by Mauro Baranzini.
- "distribution theories, Marxian," v. 1, pp. 878–83, by David M. Gordon.
- "distribution theories, neoclassical," v. 1, pp. 883–86, by Christopher Bliss.
- "distributive justice," v. 1, pp. 886–88, by Edmund S. Phelps.
- "imputation," v. 2, pp. 838–39, by Murray N. Rothbard.
- "inequality between persons," v. 2, pp. 821-24, by Anthony F. Shorrocks.
- "interest and profit," v. 2, pp. 877–79, by Carlo Panico.
- "marginal productivity theory," v. 3, pp. 323–25, by Robert F. Dorfman.
- "Marxian value analysis," v. 3, pp. 383–87 by J.E. Roemer.
- "profit and profit theory," v. 3, pp. 1014–21, by Meghnad Desai.
- "wages, real and money," v. 4, pp. 840–42, by Henry Phelps Brown.
Some distribution entries from The New Palgrave Dictionary of Economics (2008), 2nd Ed.:
- "classical distribution theories" by Massimo Pivetti. Abstract.
- "convergence" by Steven N. Durlauf and Paul A. Johnson. Abstract.
- "equality of opportunity" by J.E. Roemer. Abstract.
- "income taxation and optimal policies" by Louis Kaplow. Abstract.
- "national income" by Thomas K. Rymes. Abstract.
- "skill-biased technical change" by Giovanni L. Violante. Abstract.
- "wage inequality, changes in" by Stephen Machin and John Van Reenen. Abstract.
- "women's work and wages" by Francine D. Blau and Lawrence M. Kahn. Abstract.
