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Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on both sides of a trade". [1] Its concern is thus the interrelation of financial variables, such as share prices, interest rates and exchange rates, as opposed to those concerning ...
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 .
Beginning with William Stanley Jevons and Clément Juglar in the 1860s, [8] economists attempted to explain the cycles of frequent, violent shifts in economic activity. [9] A key milestone in this endeavor was the foundation of the U.S. National Bureau of Economic Research by Wesley Mitchell in 1920.
Hesiod active 750 to 650 BC, a Boeotian who wrote the earliest known work concerning the basic origins of economic thought, contemporary with Homer. [3] Of the 828 verses in his poem Works and Days, the first 383 centered on the fundamental economic problem of scarce resources for the pursuit of numerous and abundant human ends and desires.
The economic history of the world encompasses the development of human economic activity throughout time. It has been estimated that throughout prehistory, the world average GDP per capita was about $158 per annum (inflation adjusted for 2013), and did not rise much until the Industrial Revolution .
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Finance refers to monetary resources and to the study and discipline of money, currency, assets and liabilities. [a] As a subject of study, it is related to but distinct from economics, which is the study of the production, distribution, and consumption of goods and services.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".