Search results
Results from the WOW.Com Content Network
Economists consider “science” as the search and production of knowledge using known starting conditions. [2] Knowledge can be considered a public good, due to the fact that its utility to society is not diminished with additional consumption (non-rivalry), and once the knowledge is shared with the public it becomes very hard to restrict access to it or use of it (non-excludable).
Lionel Robbins' Essay (1932, 1935, 2nd ed., 158 pp.) sought to define more precisely economics as a science and to derive substantive implications. Analysis is relative to "accepted solutions of particular problems" based on best modern practice as referenced, especially including the works of Philip Wicksteed, Ludwig von Mises, and other Continental European economists.
According to Robbins: "Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses". [35] Robbins' definition eventually became widely accepted by mainstream economists, and found its way into current textbooks. [70]
Michael Spence has advised that responding to the future impact of technology will require a detailed understanding of the global forces and flows technology has set in motion. Adapting to them "will require shifts in mindsets, policies, investments (especially in human capital ), and quite possibly models of employment and distribution".
Innovation economists believe that what primarily drives economic growth in today's knowledge-based economy is not capital accumulation as neoclassical economics asserts, but innovative capacity spurred by appropriable knowledge and technological externalities. Economic growth in innovation economics is the end-product of: [5] [6]
Economics (/ ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) is a social science that studies the production, distribution, and consumption of goods and services.. Economics focuses on the behaviour and interactions of economic agents and how economies work.
Economists say that tariffs and tax cuts make Trump’s plan weaker than Harris’s. 23 Nobel Prize winners push for Kamala Harris, calling her a ‘better steward of our economy’ than Trump ...
The United States National Academy of Sciences' Board on Science, Technology, and Economic Policy (STEP) is a board of the United States National Academy of Sciences.. The mandate of the Board is to integrate understanding of scientific, technological, and economic elements in the formulation of national policies affecting the economic well-being of the United States.