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An economy [a] is an area of the production, distribution and trade, as well as consumption of goods and services.In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources. [3]
Arthur Mellen Wellington (December 20, 1847 – May 17, 1895) [1] was an American civil engineer who wrote the 1877 book The Economic Theory of the Location of Railways.The saying that An engineer can do for a dollar what any fool can do for two is an abridgement of a statement made in this work (see below).
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".
Economic systems is the category in the Journal of Economic Literature classification codes that includes the study of such systems. One field that cuts across them is comparative economic systems, which includes the study of the following aspects of different systems:
Financial economics studies how rational investors would apply decision theory to investment management.The subject is thus built on the foundations of microeconomics and derives several key results for the application of decision making under uncertainty to the financial markets.
The Goodwin model, sometimes called Goodwin's class struggle model, is a model of endogenous economic fluctuations first proposed by the American economist Richard M. Goodwin in 1967.
Colin Grant Clark (2 November 1905 – 4 September 1989) was a British and Australian economist and statistician who worked in both the United Kingdom and Australia. He pioneered the use of gross national product (GNP) as the basis for studying national economies.
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