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 14 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 stimulate...
by uncorrectedvision 13 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 Arthur Russ 2 years ago
Trickle-Down Economics is an economic theory whereby if the Government gives the wealthy a cash injection that they will invest that money in the economy which in turn will stimulate economic growth.However, in practice, rather than investing the extra money in the economy there is a great tendency...
by Kathryn L Hill 14 months ago
How can this be done? No wonder there are rioting, angry people who topple statues, destroy buildings and light things on fire when given the slightest reason to do so.They don't know how to get what their parents and the previous generations had: The American dream! Is it too much to ask...
by alexandriaruthk 12 years ago
Should the government prioritize education more than the economy?The main focus of the government and peoples concern is the economy, but how about the education? Education is a value in that nobody can steal them away from you, it drives a nation to be productive. On the other hand, if the economy...
by pisean282311 14 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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