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Economics ( / ˌɛkəˈnɒmɪks, ˌiːkə -/) [ 1][ 2] is a social science that studies the production, distribution, and consumption of goods and services. [ 3][ 4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
The 1950s (pronounced nineteen-fifties; commonly abbreviated as the " Fifties " or the " '50s ") (among other variants) was a decade that began on January 1, 1950, and ended on December 31, 1959. Throughout the decade, the world continued its recovery from World War II, aided by the post-World War II economic expansion.
Stylized fact. In social sciences, especially economics, a stylized fact is a simplified presentation of an empirical finding. [ 1] Stylized facts are broad tendencies that aim to summarize the data, offering essential truths while ignoring individual details. Stylized facts offer strong generalizations that are generally true for entire ...
v. t. e. The history of economic thought is the study of the philosophies of the different thinkers and theories in the subjects that later became political economy and economics, from the ancient world to the present day. This field encompasses many disparate schools of economic thought.
Normative economics predicates itself upon maximizing both an agents social and political utility, recognized as "aggregating interests". Subfields of normative economics include social choice theory, cooperative game theory, and mechanism design. Some earlier technical problems posed in welfare economics and the theory of justice have been ...
Adam Smith FRS FRSE FRSA (baptised 16 June [ O.S. 5 June] 1723 [ 1] – 17 July 1790) was a Scottish [ a] economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. [ 3] Seen by some as "The Father of Economics" [ 4] or "The Father of Capitalism", [ 5] he wrote two classic ...
e. Economic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions. The field can encompass a wide variety of ...
Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing. Thus it is on the one side a study of wealth; and on the other, and more important side, a part ...