Editing Economics (section)

{{Short description|Social science}}
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'''Economics''' ({{IPAc-en|ˌ|ɛ|k|ə|ˈ|n|ɒ|m|ᵻ|k|s|,_|ˌ|iː|k|ə|-}})<ref name="OED">{{Cite OED | term=economics |id=270555}}</ref><ref>{{Cite web |title=ECONOMICS {{!}} Meaning & Definition for UK English  |url=https://lexico.com/definition/economics |access-date=2024-04-13 |website=Lexico.com |archive-date=24 August 2022 |archive-url=https://web.archive.org/web/20220824032001/https://lexico.com/definition/economics |url-status=dead }}</ref> is a [[behavioral science]] that studies the [[Production (economics)|production]], [[distribution (economics)|distribution]], and [[Consumption (economics)|consumption]] of [[goods and services]].<ref>{{cite book |last1=Krugman |first1=Paul |author-link=Paul Krugman |last2=Wells |first2=Robin |title=Economics |publisher=Worth Publishers |series= |volume= |edition=3rd |date=2012 |location= |page=2 |url= |doi= |id= |isbn=978-1464128738 |mr= |zbl= |jfm=}}</ref><ref>{{Cite book |last=Backhouse |first=Roger |url=https://www.worldcat.org/oclc/59475581 |title=The Penguin history of economics |date=2002 |isbn=0-14-026042-0 |oclc=59475581 |quote=The boundaries of what constitutes economics are further blurred by the fact that economic issues are analysed not only by 'economists' but also by historians, geographers, ecologists, management scientists, and engineers. |publisher=Penguin }}</ref>

Economics focuses on the behaviour and interactions of [[Agent (economics)|economic agents]] and how [[economy|economies]] work. [[Microeconomics]] analyses what is viewed as basic elements within [[economy|economies]], including individual agents and [[market (economics)|markets]], their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. [[Macroeconomics]] analyses economies as systems where production, distribution, consumption, [[savings]], and [[Expenditure|investment expenditure]] interact; and the [[factors of production]] affecting them, such as: [[Labour (human activity)|labour]], [[Capital (economics)|capital]], [[Land (economics)|land]], and [[Entrepreneurship|enterprise]], [[inflation]], [[economic growth]], and [[public policies]] that impact [[glossary of economics|these elements]]. It also seeks to [[International economics|analyse and describe]] the [[World economy|global economy]].

Other broad distinctions within economics include those between [[positive economics]], describing "what is", and [[normative economics]], advocating "what ought to be";<ref>{{cite book |last=Friedman |first=Milton |date=1953 |chapter=[[Essays in Positive Economics#The Methodology of Positive Economics|The Methodology of Positive Economics]] |title=Essays in Positive Economics |publisher=University of Chicago Press |page=5}}</ref> between economic theory and [[applied economics]]; between [[Rational choice theory|rational]] and [[behavioural economics]]; and between [[mainstream economics]] and [[heterodox economics]].<ref>{{Cite book |url=https://books.google.com/books?id=k2d8SFFyeNEC&pg=PP1 |title=The Foundations of Positive and Normative Economics: A Handbook |date=2008 |publisher=Oxford University Press |isbn=978-0-19-532831-8 |editor-last=Caplin |editor-first=Andrew |editor-last2=Schotter |editor-first2=Andrew}}</ref>

Economic analysis can be applied throughout society, including [[business economics|business]],<ref>{{Cite book |last=Dielman |first=Terry E. |title=Applied regression analysis for business and economics |date=2001 |publisher=Duxbury/Thomson Learning |isbn=0-534-37955-9 |oclc=44118027}}</ref> [[financial economics|finance]], [[Economics of security|cybersecurity]],<ref>{{cite journal |last1=Kianpour |first1=Mazaher |last2=Kowalski |first2=Stewart |last3=Øverby |first3=Harald |date=2021 |title=Systematically Understanding Cybersecurity Economics: A Survey |journal= Sustainability|volume= 13 |issue=24 |page=13677 |doi= 10.3390/su132413677|doi-access=free |bibcode=2021Sust...1313677K |hdl=11250/2978306 |hdl-access=free }}</ref> [[Health economics|health care]],<ref>{{Cite journal |last=Tarricone |first=Rosanna |date=2006 |title=Cost-of-illness analysis |journal=Health Policy |language=en |volume=77 |issue=1 |pages=51–63 |doi=10.1016/j.healthpol.2005.07.016 |pmid=16139925}}</ref> [[engineering economics|engineering]]<ref name="Dharmaraj2010">{{Cite book |last=Dharmaraj |first=E. |title=Engineering Economics |location=Mumbai |publisher=Himalaya Publishing House |date=2010 |isbn=978-9350432471 |oclc=1058341272}} <!-- original citation mismatched publisher and year for 1st and 2nd(rev.) editions, so confirmation needed which is being cited --></ref> and [[Economic policy|government]].<ref>{{Cite book |last=King |first=David |title=Fiscal Tiers: the economics of multi-level government |date=2018 |publisher=[[Routledge]] |isbn=978-1-138-64813-5 |oclc=1020440881}}</ref> It is also applied to such diverse subjects as [[crime]],<ref>{{Cite book |last=Becker |first=Gary S |date=January 1974 |chapter=Crime and Punishment: An Economic Approach |title=Essays in the Economics of Crime and Punishment |editor-last1=Becker |editor-first1=Gary S. |editor-last2=Landes |editor-first2=William M. |pages=1–54 |publisher=[[National Bureau of Economic Research]] |isbn=0-87014-263-1 |chapter-url=https://www.nber.org/system/files/chapters/c3625/c3625.pdf |access-date=2022-07-01 |archive-date=13 September 2021 |archive-url=https://web.archive.org/web/20210913194049/https://www.nber.org/system/files/chapters/c3625/c3625.pdf |url-status=live }}</ref> [[education economics|education]],<ref>{{Cite web|date=2007 |title=Economics of Education |url=https://openknowledge.worldbank.org/handle/10986/7154 |publisher=[[The World Bank]] |last1=Hanushek |first1=Eric A. |last2=Woessmannr |first2=Ludger |series=Policy Research Working Papers |doi=10.1596/1813-9450-4122 |hdl=20.500.12323/2954 |s2cid=13912607 |access-date=17 December 2020 |archive-date=6 January 2022 |archive-url=https://web.archive.org/web/20220106142511/https://openknowledge.worldbank.org/handle/10986/7154 |url-status=live }}</ref> the [[Family economics|family]],<ref>{{Cite book |author-link=Gary Becker |last=Becker |first=Gary S. |orig-date=1981 |date=1991 |title=A Treatise on the Family |edition=Enlarged |publisher=Harvard University Press |isbn=0-674-90698-5 |url=https://books.google.com/books?id=NLB1Ty75DOIC |access-date=2022-07-01 |archive-date=30 July 2022 |archive-url=https://web.archive.org/web/20220730075050/https://books.google.com/books?id=NLB1Ty75DOIC |url-status=live }}</ref> [[Feminist economics|feminism]],<ref>{{Cite journal |author-link=Julie A. Nelson |last=Nelson |first=Julie A. |date=1995 |title=Feminism and Economics |journal=Journal of Economic Perspectives |volume=9 |issue=2 |pages=131–148 |doi=10.1257/jep.9.2.131 |url=https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.9.2.131 |access-date=2022-07-01 |archive-date=7 April 2022 |archive-url=https://web.archive.org/web/20220407203919/https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.9.2.131 |url-status=live }}
{{Cite book |author-link=Marianne A. Ferber |editor-last1=Ferber |editor-first1=Marianne A. |editor-last2=Nelson |editor-first2=Julie A. |date=October 2003 |orig-date=1993 |title=Feminist Economics Today: Beyond Economic Man |publisher=University of Chicago Press |isbn=978-0226242071 |url=https://books.google.com/books?id=DeWgyqLvmfsC |access-date=2022-07-01 |archive-date=30 July 2022 |archive-url=https://web.archive.org/web/20220730075049/https://www.google.com/books/edition/Feminist_Economics_Today/DeWgyqLvmfsC |url-status=live }}</ref> [[Law and economics|law]],<ref>{{unbulleted list citebundle
|1 = {{Cite book |author-link=Richard A. Posner |last=Posner |first=Richard A. |orig-date=1972 |date=2007 |title=Economic Analysis of Law |edition=7th |publisher=Wolters Kluwer – Aspen Publishers |isbn=978-0735563544 |url=https://books.google.com/books?id=ooFDAQAAIAAJ |access-date=2022-07-01 }}
|2 = {{Cite book |author-link=Richard A. Posner |last=Posner |first=Richard A. |date=1983 |title=The Economics of Justice |publisher=Harvard University Press |isbn=978-0674235267 |url=https://books.google.com/books?id=CKEN0F07ChUC |access-date=2022-07-01 |archive-date=30 July 2022 |archive-url=https://web.archive.org/web/20220730075050/https://books.google.com/books?id=CKEN0F07ChUC |url-status=live }}
}}</ref> [[Philosophy and economics|philosophy]],<ref>{{unbulleted list citebundle
|1 = {{Cite book |author-link=Adam Smith |last=Smith |first=Adam |orig-date=1759 |date=1982 |title-link=The Theory of Moral Sentiments |title=The Theory of Moral Sentiments |editor-last1=Raphael |editor-first1=D. D. |editor-last2=Macfie |editor-first2=A. L. |location=Indianapolis |publisher=Liberty Classics 1976 |isbn=978-0-86597-012-0}} [https://storage.googleapis.com/catalog.libertyfund.org/PDFPreview/Smith_TheoryofMoralSentiments_1757_preview.pdf Introduction only].
|2 = {{Cite journal |author-link=Kenneth E. Boulding |last=Boulding |first=Kenneth E. |date=1969 |title=Economics as a Moral Science |journal=American Economic Review |volume=59 |issue=1 |pages=1–12 |jstor=1811088 |url=https://en-econ.tau.ac.il/sites/economy_en.tau.ac.il/files/media_server/Economics/grad/mini%20courses/David%20Colander/Boulding.pdf |access-date=2022-07-01 |archive-date=5 October 2021 |archive-url=https://web.archive.org/web/20211005213945/https://en-econ.tau.ac.il/sites/economy_en.tau.ac.il/files/media_server/Economics/grad/mini%20courses/David%20Colander/Boulding.pdf |url-status=live }}
|3 = {{Cite book |author-link=Robert Heilbroner |last=Heilbroner |first=Robert L. |orig-date=1953 |date=1999 |edition=7th |title=The Worldly Philosophers: The Lives, Times, and Ideas of the Great Economic Thinkers |publisher=Touchstone |isbn=0-684-86214-X |url=https://books.google.com/books?id=vIxtW9cw-DQC |access-date=2022-07-01 |archive-date=30 July 2022 |archive-url=https://web.archive.org/web/20220730075050/https://www.google.com/books/edition/The_Worldly_Philosophers/vIxtW9cw-DQC |url-status=live }} <!-- original cite mismatches gbooks url and isbn -->
|4 = {{Cite book |author-link=Amartya Sen |last=Sen |first=Amartya |date=2009 |title-link=The Idea of Justice |title=The Idea of Justice |publisher=Harvard University Press |isbn=978-0674036130}} <!-- title wikilink conflicts with url=https://www.google.com/books/edition/The_Idea_of_Justice/enqMd_ze6RMC --> <!-- original cite mismatches 2009 Harvard pub with 2011 Belknap pub --> }}</ref> [[public choice|politics]], [[Economics of religion|religion]],<ref>{{Cite journal |last=Iannaccone |first=Laurence R. |author-link=Laurence R. Iannaccone |date=September 1998 |title=Introduction to the Economics of Religion |journal=Journal of Economic Literature |volume=36 |issue=3 |pages=1465–1495 |jstor=2564806 |url=https://edisciplinas.usp.br/pluginfile.php/262957/mod_resource/content/2/Iannaccone%20-%20Economics%20of%20Religion.pdf |access-date=2022-07-01 |archive-date=9 February 2020 |archive-url=https://web.archive.org/web/20200209225107/https://edisciplinas.usp.br/pluginfile.php/262957/mod_resource/content/2/Iannaccone%20-%20Economics%20of%20Religion.pdf |url-status=live }}</ref> [[Institutional economics|social institutions]], [[Economics of war|war]],<ref>{{Cite book |author-link=William D. Nordhaus |last=Nordhaus |first=William D. |title=War with Iraq: Costs, Consequences, and Alternatives |date=2002 |veditors=Kaysen C, Miller SE, Malin MB, Nordhaus WD, Steinbruner JD |publisher=American Academy of Arts and Sciences |isbn=978-0-87724-036-5 |location=Cambridge, Massachusetts |pages=51–85 |chapter=The Economic Consequences of a War with Iraq |access-date=21 October 2007 |chapter-url=http://nordhaus.econ.yale.edu/AAAS_War_Iraq_2.pdf |archive-url=https://web.archive.org/web/20070202005510/http://nordhaus.econ.yale.edu/AAAS_War_Iraq_2.pdf |archive-date=2 February 2007}}</ref> [[economics of science|science]],<ref>{{Cite encyclopedia |last=Diamond | first=Arthur M. Jr. |chapter=Science, economics of |date=2008 |edition=2nd |pages=328–334 |doi=10.1057/9780230226203.1491 |isbn=978-0-333-78676-5 |dictionary=[[The New Palgrave Dictionary of Economics]] |editor-last1=Durlauf |editor-first1=Steven N. |editor-last2=Blume |editor-first2=Lawrence E. |chapter-url=http://www.dictionaryofeconomics.com/article?id=pde2008_E000222 <!--chapter-url throws error with archive-url --> |archive-url=https://web.archive.org/web/20170929232007/http://www.dictionaryofeconomics.com/article?id=pde2008_E000222 |archive-date=2017-09-29}} (Note the page is broken in some browsers but is still readable through the source.)</ref> and [[Green economics|the environment]].<ref>{{Cite report |title=Towards a Green Economy: Pathways to Sustainable Development and Poverty Eradication |date=2011 |publisher=[[United Nations Environment Programme]] |url=https://sustainabledevelopment.un.org/content/documents/126GER_synthesis_en.pdf |access-date=2022-07-01 |archive-date=26 March 2017 |archive-url=https://web.archive.org/web/20170326154152/https://sustainabledevelopment.un.org/content/documents/126GER_synthesis_en.pdf |url-status=live }}</ref>