Although I have not studied Economics I understand Economics is the social science that studies the behavior of individuals, households and how people choose to use resources that include man power, land, buildings etc and the knowledge to create products and services to achieve desired results.
Economics is as Arun shared from my understanding pretty much. It is the study of behavior(s) with consumption, organization, and allocation of resources whether tangible or intangible. Economics is a study of actions and acts with a capacity to predict within confines of criteria. It is a social science study based on business principals and or market (system) types, i.e. socialism, capitalism, and etc. Economics cannot cause an affect with an effect itself. The result of actions and acts is the economics. So, it is science.
Its observation can be expressed as an art form. A graph is an art form and is used with consistency to report factors of economics. Yet, the economy is not the art, it is what is observed. Just like a painter painting a scenic mountainside. The artist did not create the mountainside with the art of painting.
The mountainside (economy) can change. Yes, the artist could be the cause of the change with cutting down trees, planting trees, moving boulders somehow, and etc, yet that is not the artist as a painter doing that work. The same as an economist does not change the economy. It is, for instance, the investors in a capitalist market creating an economic change. The economist only observes the change of economy and reports it. Again, how it is reported could be an art form - writing, graphs, and economic model structuring.
by Doug Hughes 8 years ago
In 20 years, the history books will call this the 2nd depression. We are in a liquidity trap, according to Paul Krugman, nobel-prize economist. That’s central to the problem. “The term liquidity trap is used in Keynesian economics to refer to a situation where monetary policy is unable to...
by uncorrectedvision 7 years ago
What was my title? I thought about it and decided that Paul Krugman was the real point of this forum. I do know something about economics, politics and Paul Krugman. I know very little about the products of Summer's Eve. Krugman is a partisan, a warrior for one side and no...
by Moderndayslave 7 years ago
With the income gap between the wealthiest American's and the soon to be decimated middle or working class ever increasing. How much more proof do you need that tax cuts for the wealthy isn't creating jobs or supplying wages that are holding their own against inflation....
by kerryg 8 years ago
Funding for our country's children is being cut, but we allow a hedge fund manager to make enough money to pay the salaries of every public school teacher in New York City. Most of his earnings are taxed at a rate less than that of his secretary.We haven't been able to do anything about it because...
by wacknuts 8 years ago
And what does it mean for us?
by pisean282311 8 years ago
Stewart challenged the president about "timid legislation" to reform the nation's health care system, economic recovery and financial reform, and whether it was possible to keep the inspiration and change promised in his 2008 campaign moving forward."You ran on the idea that this...
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