Portal:Economics
Introduction
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Economics (/ˌɛkəˈnɒmɪks, ˌiːkə-/) 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. Microeconomics analyses what is viewed as the basic elements of economies, including individual agents and markets, their interactions, and the outcomes of those interactions. Individual agents may include households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and investment expenditure interact; and the factors of production affecting them, such as: labour, capital, land, and enterprise, inflation, economic growth, and public policies that impact these elements. It also seeks to analyse and describe the global economy. (Full article...)
Selected general articles
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Department of Economics at the University of Chicago
The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school.
Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. The freshwater–saltwater distinction is largely antiquated today, as the two traditions have heavily incorporated ideas from each other. Specifically, new Keynesian economics was developed as a response to new classical economics, electing to incorporate the insight of rational expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages. (Full article...) -
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory.
Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. (Full article...) -
Supply-side economics is a macroeconomic theory postulating that economic growth can be most effectively fostered by lowering taxes, decreasing regulation, and allowing free trade. According to supply-side economics theory, consumers will benefit from greater supply of goods and services at lower prices, and employment will increase. Supply-side fiscal policies are designed to increase aggregate supply, as opposed to aggregate demand, thereby expanding output and employment while lowering prices. Such policies are of several general varieties:
- Investments in human capital, such as education, healthcare, and encouraging the transfer of technologies and business processes, to improve productivity (output per worker). Encouraging globalized free trade via containerization is a major recent example.
- Tax reduction, to provide incentives to work, invest and take risks. Lowering income tax rates and eliminating or lowering tariffs are examples of such policies.
- Investments in new capital equipment and research and development (R&D), to further improve productivity. Allowing businesses to depreciate capital equipment more rapidly (e.g., over one year as opposed to 10) gives them an immediate financial incentive to invest in such equipment.
- Reduction in government regulations, to encourage business formation and expansion.
A basis of supply-side economics is the Laffer curve, a theoretical relationship between rates of taxation and government revenue. The Laffer curve suggests that when the tax level is too high, lowering tax rates will boost government revenue through higher economic growth, though the level at which rates are deemed "too high" is disputed. (Full article...) -
From an economic perspective, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of information asymmetry. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as law and economics. One prominent application of it is the design of optimal schemes of managerial compensation. In the field of economics, the first formal treatment of this topic was given by Kenneth Arrow in the 1960s. In 2016, Oliver Hart and Bengt R. Holmström both received the Nobel Memorial Prize in Economic Sciences for their work on contract theory, covering many topics from CEO pay to privatizations. Holmström focused more on the connection between incentives and risk, while Hart on the unpredictability of the future that creates holes in contracts.
A standard practice in the microeconomics of contract theory is to represent the behaviour of a decision maker under certain numerical utility structures, and then apply an optimization algorithm to identify optimal decisions. Such a procedure has been used in the contract theory framework to several typical situations, labeled moral hazard, adverse selection and signalling. The spirit of these models lies in finding theoretical ways to motivate agents to take appropriate actions, even under an insurance contract. The main results achieved through this family of models involve: mathematical properties of the utility structure of the principal and the agent, relaxation of assumptions, and variations of the time structure of the contract relationship, among others. It is customary to model people as maximizers of some von Neumann–Morgenstern utility functions, as stated by expected utility theory. (Full article...) -
Kenneth Joseph Arrow (August 23, 1921 – February 21, 2017) was an American economist, mathematician and political theorist. He received the John Bates Clark Medal in 1957, and the Nobel Memorial Prize in Economic Sciences in 1972, along with John Hicks.
In economics, Arrow was a major figure in postwar neoclassical economic theory. Four of his students (Roger Myerson, Eric Maskin, John Harsanyi, and Michael Spence) went on to become Nobel laureates themselves. His contributions to social choice theory, notably his "impossibility theorem", and his work on general equilibrium analysis are significant. His work in many other areas of economics, including endogenous growth theory and the economics of information, was also foundational. (Full article...) -
Socialist economics comprises the economic theories, practices and norms of hypothetical and existing socialist economic systems. A socialist economic system is characterized by social ownership and operation of the means of production that may take the form of autonomous cooperatives or direct public ownership wherein production is carried out directly for use rather than for profit. Socialist systems that utilize markets for allocating capital goods and factors of production among economic units are designated market socialism. When planning is utilized, the economic system is designated as a socialist planned economy. Non-market forms of socialism usually include a system of accounting based on calculation-in-kind to value resources and goods.
Socialist economics has been associated with different schools of economic thought. Marxian economics provided a foundation for socialism based on analysis of capitalism while neoclassical economics and evolutionary economics provided comprehensive models of socialism. During the 20th century, proposals and models for both socialist planned and market economies were based heavily on neoclassical economics or a synthesis of neoclassical economics with Marxian or institutional economics. (Full article...) -
Robert Merton Solow, GCIH (/ˈsoʊloʊ/; August 23, 1924 – December 21, 2023) was an American economist known for his studies of economic growth and the development of the Solow–Swan model, for which he won the 1987 Nobel Memorial Prize in Economic Sciences.
He was Institute Professor Emeritus of Economics at the Massachusetts Institute of Technology, where he was a professor from 1949 on. He was awarded the John Bates Clark Medal in 1961, the Nobel Memorial Prize in Economic Sciences in 1987, and the Presidential Medal of Freedom in 2014. Four of his PhD students, George Akerlof, Joseph Stiglitz, Peter Diamond, and William Nordhaus, later received Nobel Memorial Prizes in Economic Sciences in their own right. (Full article...) -
Hermann Heinrich Gossen (7 September 1810 – 13 February 1858) was a German economist who is often regarded as the first to elaborate, in detail, a general theory of marginal utility.
Prior to Gossen, a number of economic theorists, including Gabriel Cramer, Daniel Bernoulli, William Forster Lloyd, Nassau William Senior, and Jules Dupuit had employed or asserted the significance of some notion of marginal utility. But Cramer, Bernoulli, and Dupuit had focussed upon specific problems, Lloyd had not presented any applications of theory, and if Senior provided a detailed elaboration of the general theory he had developed, he had done so in language that caused his applications of theory to be missed by most readers. (Full article...) -
Robert Emerson Lucas Jr. (September 15, 1937 – May 15, 2023) was an American economist at the University of Chicago. Widely regarded as the central figure in the development of the new classical approach to macroeconomics, he received the Nobel Memorial Prize in Economic Sciences in 1995 "for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy". N. Gregory Mankiw characterized him as "the most influential macroeconomist of the last quarter of the 20th century". In 2020, he ranked as the 10th most cited economist in the world. (Full article...) -
John von Neumann (/vɒn ˈnɔɪmən/ von NOY-mən; Hungarian: Neumann János Lajos; December 28, 1903 – February 8, 1957) was a Hungarian and American mathematician, physicist, computer scientist and engineer. Von Neumann had perhaps the widest coverage of any mathematician of his time, integrating pure and applied sciences and making major contributions to many fields, including mathematics, physics, economics, computing, and statistics. He was a pioneer in building the mathematical framework of quantum physics, in the development of functional analysis, and in game theory, introducing or codifying concepts including cellular automata, the universal constructor and the digital computer. His analysis of the structure of self-replication preceded the discovery of the structure of DNA.
During World War II, von Neumann worked on the Manhattan Project. He developed the mathematical models behind the explosive lenses used in the implosion-type nuclear weapon. Before and after the war, he consulted for many organizations including the Office of Scientific Research and Development, the United States Army's Ballistic Research Laboratory, the Armed Forces Special Weapons Project and the Oak Ridge National Laboratory. At the peak of his influence in the 1950s, he chaired a number of Defense Department committees including the Strategic Missile Evaluation Committee and the ICBM Scientific Advisory Committee. He was also a member of the influential Atomic Energy Commission in charge of all atomic energy development in the country. He played a key role alongside Bernard Schriever and Trevor Gardner in the design and development of the United States' first intercontinental ballistic missile (ICBM) programs. At that time he was considered the nation's foremost expert on nuclear weaponry and the leading defense scientist at the U.S. Department of Defense. (Full article...) -
William Jack Baumol (February 26, 1922 – May 4, 2017) was an American economist. He was a professor of economics at New York University, Academic Director of the Berkley Center for Entrepreneurship and Innovation, and professor emeritus at Princeton University. He was a prolific author of more than eighty books and several hundred journal articles. He is the namesake of the Baumol effect.
Baumol wrote extensively about labor market and other economic factors that affect the economy. He also made significant contributions to the theory of entrepreneurship and the history of economic thought. He is among the most influential economists in the world according to IDEAS/RePEc. He was elected a Fellow of the American Academy of Arts and Sciences in 1971, the American Philosophical Society in 1977, and the United States National Academy of Sciences in 1987. (Full article...) -
Physiocracy (French: physiocratie; from the Greek for "government of nature") is an economic theory developed by a group of 18th-century Age of Enlightenment French economists. They believed that the wealth of nations derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced. Their theories originated in France and were most popular during the second half of the 18th century. Physiocracy became one of the first well-developed theories of economics.
François Quesnay (1694–1774), the Marquis de Mirabeau (1715–1789) and Anne-Robert-Jacques Turgot (1727–1781) dominated the movement, which immediately preceded the first modern school, classical economics, which began with the publication of Adam Smith's The Wealth of Nations in 1776. (Full article...) -
Mutualism is an anarchist school of thought and economic theory that advocates for workers' control of the means of production, a free market made up of individual artisans, sole proprietorships and workers' cooperatives, and occupation and use property rights. As proponents of the labour theory of value and labour theory of property, mutualists oppose all forms of economic rent, profit and non-nominal interest, which they see as relying on the exploitation of labour. Mutualists seek to construct an economy without capital accumulation or concentration of land ownership. They also encourage the establishment of workers' self-management, which they propose could be supported through the issuance of mutual credit by mutual banks, with the aim of creating a federal society.
Mutualism has its roots in the utopian socialism of Robert Owen and Charles Fourier. It first developed a practical expression in Josiah Warren's community experiments in the United States, which he established according to the principles of equitable commerce based on a system of labor notes. Mutualism was first formulated into a comprehensive economic theory by the French anarchist Pierre-Joseph Proudhon, who proposed the abolition of unequal exchange and the establishment of a new economic system based on reciprocity. In order to establish such a system, he proposed the creation of a "People's Bank" that could issue mutual credit to workers and eventually replace the state; although his own attempts to establish such a system were foiled by the 1851 French coup d'état. (Full article...) -
Disequilibrium macroeconomics is a tradition of research centered on the role of deviation from equilibrium in economics. This approach is also known as non-Walrasian theory, equilibrium with rationing, the non-market clearing approach, and non-tâtonnement theory. Early work in the area was done by Don Patinkin, Robert W. Clower, and Axel Leijonhufvud. Their work was formalized into general disequilibrium models, which were very influential in the 1970s. American economists had mostly abandoned these models by the late 1970s, but French economists continued work in the tradition and developed fixprice models. Other approaches that focus on the dynamic processes and interactions in economic systems that are constantly changing and do not necessarily settle into a stable state are discussed as non-equilibrium economics. (Full article...)
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Friedrich von Wieser (German: [fɔn ˈviːzɐ]; 10 July 1851 – 22 July 1926) was an early (so-called "first generation") economist of the Austrian School of economics. Born in Vienna, the son of Privy Councillor Leopold von Wieser, a high official in the war ministry, he first trained in sociology and law. In 1872, the year he took his degree, he encountered Austrian-school founder Carl Menger's Grundsätze and switched his interest to economic theory. Wieser held posts at the universities of Vienna and Prague until succeeding Menger in Vienna in 1903, where along with his brother-in-law Eugen von Böhm-Bawerk he shaped the next generation of Austrian economists including Ludwig von Mises, Friedrich Hayek and Joseph Schumpeter in the late 1890s and early 20th century. He was the Austrian Minister of Commerce from August 30, 1917, to November 11, 1918.
Wieser is renowned for two main works, Natural Value, which carefully details the alternative-cost doctrine and the theory of imputation; and his Social Economics (1914), an ambitious attempt to apply it to the real world. His explanation of marginal utility theory was decisive, at least terminologically. It was his term Grenznutzen (building on von Thünen's Grenzkosten) that developed into the standard term "marginal utility", not William Stanley Jevons's "final degree of utility" or Menger's "value". His use of the modifier "natural" indicates that he regarded value as a "natural category" that would pertain to any society, no matter what institutions of property had been established. (Full article...) -
Agent-based computational economics (ACE) is the area of computational economics that studies economic processes, including whole economies, as dynamic systems of interacting agents. As such, it falls in the paradigm of complex adaptive systems. In corresponding agent-based models, the "agents" are "computational objects modeled as interacting according to rules" over space and time, not real people. The rules are formulated to model behavior and social interactions based on incentives and information. Such rules could also be the result of optimization, realized through use of AI methods (such as Q-learning and other reinforcement learning techniques).
As part of non-equilibrium economics, the theoretical assumption of mathematical optimization by agents in equilibrium is replaced by the less restrictive postulate of agents with bounded rationality adapting to market forces. ACE models apply numerical methods of analysis to computer-based simulations of complex dynamic problems for which more conventional methods, such as theorem formulation, may not find ready use. Starting from initial conditions specified by the modeler, the computational economy evolves over time as its constituent agents repeatedly interact with each other, including learning from interactions. In these respects, ACE has been characterized as a bottom-up culture-dish approach to the study of economic systems. (Full article...) -
Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory.
Neoclassical economics is the dominant approach to microeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s onward. (Full article...) -
James McGill Buchanan Jr. (/bjuːˈkænən/ bew-KAN-ən; October 3, 1919 – January 9, 2013) was an American economist known for his work on public choice theory originally outlined in his most famous work, The Calculus of Consent, co-authored with Gordon Tullock in 1962. He continued to develop the theory, eventually receiving the Nobel Memorial Prize in Economic Sciences in 1986.
Buchanan's work initiated research on how politicians' and bureaucrats' self-interest, utility maximization, and other non-wealth-maximizing considerations affect their decision-making. He was a member of the Board of Advisors of The Independent Institute as well as of the Institute of Economic Affairs, a member of the Mont Pelerin Society (MPS) and MPS president from 1984 to 1986, a Distinguished Senior Fellow of the Cato Institute, and professor at George Mason University. (Full article...) -
The American School, also known as the National System, represents three different yet related constructs in politics, policy and philosophy. The policy existed from the 1790s to the 1970s, waxing and waning in actual degrees and details of implementation. Historian Michael Lind describes it as a coherent applied economic philosophy with logical and conceptual relationships with other economic ideas.
It is the macroeconomic philosophy that dominated United States national policies from the time of the American Civil War until the mid-20th century. Closely related to mercantilism, it can be seen as contrary to classical economics. It consisted of these three core policies:- Protecting industry through selective high tariffs (especially 1861–1932).
- Government investments in infrastructure creating targeted internal improvements (especially in transportation).
- A national bank with policies that promote the growth of productive enterprises rather than speculation.
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Michał Kalecki (Polish: [ˈmixaw kaˈlɛt͡skʲi]; 22 June 1899 – 18 April 1970) was a Polish Marxian economist. Over the course of his life, Kalecki worked at the London School of Economics, University of Cambridge, University of Oxford, and Warsaw School of Economics, and was an economic advisor to the governments of Poland, France, Cuba, Israel, Mexico, and India. He also served as the deputy director of the United Nations Economic Department in New York City.
Kalecki has been called "one of the most distinguished economists of the 20th century" and "likely the most original one". It is often claimed that he developed many of the same ideas as John Maynard Keynes before Keynes but remains much less known to the English-speaking world. He offered a synthesis that integrated class analysis of Marxism and the new literature on oligopoly theory, and his work had a significant influence on both the neo-Marxian (Monopoly Capital) and post-Keynesian schools of economic thought. He was one of the first macroeconomists to apply mathematical models and statistical data to economic questions. Being also a political economist and a person of left-wing convictions, Kalecki emphasized the social aspects and consequences of economic policies. (Full article...) -
Murray Newton Rothbard (US: /ˈrɔːθbɑːrd/; March 2, 1926 – January 7, 1995) was an American economist of the Austrian School, economic historian, political theorist, and activist. Rothbard was a central figure in the 20th-century American libertarian movement, particularly its right-wing strands, and was a founder and leading theoretician of anarcho-capitalism. He wrote over twenty books on political theory, history, economics, and other subjects.
Rothbard argued that all services provided by the "monopoly system of the corporate state" could be provided more efficiently by the private sector and wrote that the state is "the organization of robbery systematized and writ large". He called fractional-reserve banking a form of fraud and opposed central banking. He categorically opposed all military, political, and economic interventionism in the affairs of other nations. (Full article...) -
Thomas Sowell (/soʊl/ SOHL; born June 30, 1930) is an American economist, economic historian, and social theorist. With widely published commentary and books—and as a guest on TV and radio—he is a well-known voice in the American conservative movement as a prominent black conservative. He is a senior fellow at the Hoover Institution and was a recipient of the National Humanities Medal from President George W. Bush in 2002.
Sowell was born in Gastonia, North Carolina, and grew up in Harlem, New York City. Due to poverty and difficulties at home, he dropped out of Stuyvesant High School and worked various odd jobs, eventually serving in the United States Marine Corps during the Korean War. Afterward, he graduated with honors from Harvard University in 1958. He earned a master's degree in economics from Columbia University the next year, and a PhD in economics from the University of Chicago in 1968. In his academic career, he held professorships at Cornell University, Brandeis University, and the University of California, Los Angeles. He has also worked at think tanks, including the Urban Institute. Since 1977, he has worked at the Hoover Institution at Stanford University, where he is the Rose and Milton Friedman Senior Fellow on Public Policy. (Full article...) -
Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical optimization, or other computational methods. Proponents of this approach claim that it allows the formulation of theoretical relationships with rigor, generality, and simplicity.
Mathematics allows economists to form meaningful, testable propositions about wide-ranging and complex subjects that would be less easily expressed informally. Further, the language of mathematics allows economists to make specific, positive claims about controversial subjects that would be impossible without it. Much of economic theory is currently presented in terms of mathematical economic models, a set of stylized and simplified mathematical relationships asserted to clarify assumptions and implications. (Full article...) -
Classical economics, also known as the classical school of economics or classical political economy, is a school of thought in political economy that flourished primarily in Britain in the late 18th and early-to-mid 19th century. It includes both the Smithian and Ricardian schools. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the invisible hand).
Adam Smith's The Wealth of Nations in 1776 is usually considered to mark the beginning of classical economics. The fundamental message in Smith's book was that the wealth of any nation was determined not by the gold in the monarch's coffers, but by its national income. This income was in turn based on the labor of its inhabitants, organized efficiently by the division of labour and the use of accumulated capital, which became one of classical economics' central concepts. (Full article...) -
Georgist campaign button from the 1890s. The cat on the badge refers to the slogan "Do you see the cat?" from a story by Congressman James G. Maguire. He compared understanding the Single Tax to being able to make out a cat in a picture of a landscape.
Georgism, in modern times also called Geoism, and known historically as the single tax movement, is an economic ideology holding that persons (including corporations) should own the value that they produce themselves, while the economic rent derived from land—including from all natural resources, the commons, and urban locations—should belong equally to all members of society. Developed from the writings of American economist and social reformer Henry George, the Georgist paradigm seeks solutions to social and ecological problems based on principles of land rights and public finance that attempt to integrate economic efficiency with social justice.
Georgism is concerned with the distribution of economic rent caused by land ownership, natural monopolies, pollution rights, and control of the commons, including title of ownership for natural resources and other contrived privileges (e.g., intellectual property). Any natural resource that is inherently limited in supply can generate economic rent, but the classical and most significant example of land monopoly involves the extraction of common ground rent from valuable urban locations. Georgists argue that taxing economic rent is efficient, fair, and equitable. The main Georgist policy recommendation is a land value tax (LVT), the revenues from which can be used to reduce or eliminate existing taxes (such as on income, trade, or purchases) that are posited to be unfair and inefficient. Some Georgists also advocate the return of surplus public revenue to the people by means of a basic income or citizen's dividend. (Full article...)
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Did you know...
- ... that when the COVID-19 pandemic began, Masyita Crystallin was instructed by the Indonesian finance minister to study the Spanish flu to help formulate unconventional economic policies?
- ... that a 1998 documentary covers economic exploitation in post-communist gay pornography from Eastern Europe?
- ... that anti-Korean sentiment, due to South Korea's economic growth, motivated Djuna to write the sci-fi novel Counterweight?
- ... that people are robbing Lebanese banks to get their own money back?
- ... that Ernst Hinsken smuggled a red lantern into the Bundestag to draw attention to Germany's economic struggles?
- ... that environmental economist V. Kerry Smith has been described as a "Renaissance Man of Economics"?
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Selected images
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An example production–possibility frontier with illustrative points marked (from Economics) -
Pollution can be a simple example of market failure; if costs of production are not borne by producers but are by the environment, accident victims, or others, then prices are distorted. -
A basic illustration of a business cycle (from Economics) -
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An environmental scientist sampling water -
The publication of Adam Smith's The Wealth of Nations in 1776 is considered to be the first formalisation of economic thought. -
Milton Friedman (from Economics) -
The U.S. unemployment rate from 1990 to 2022 (from Economics) -
São Paulo Stock Exchange in Brazil, an electronic trading network that brings together buyers and sellers through an electronic trading platform -
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List of countries by gross domestic product (PPP) per capita in April 2022 (from Economics) -
Median income by country (from Economics) -
The supply and demand model describes how prices vary as a result of a balance between product availability and demand. The graph depicts an increase in demand from D1 to D2 and the resulting increase in price and quantity required to reach a new equilibrium point on the supply curve (S). -
The circulation of money in an economy in a macroeconomic model. In this model, the use of natural resources and the generation of waste, such as greenhouse gases, is not included. (from Economics) -
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A 1638 painting of a French seaport during the heyday of mercantilism -
Economists study trade, production, and consumption decisions, including those that occur in a traditional marketplace.
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In the news
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- 29 June 2026 – Foreign relations of Australia, Foreign relations of Vanuatu
- Australia and Vanuatu sign the Nakamal Agreement, which expands Australian economic support and bars foreign military bases in Vanuatu. Vanuatu also commits to rejecting the militarisation of infrastructure. (AFP via Philippine Daily Inquirer)
- 18 June 2026 –
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- 16 June 2026 – Politics of Equatorial Guinea
- The entire cabinet of Equatorial Guinea, led by prime minister Manuel Osa Nsue Nsua, resigns after reaching under 10% of targets surrounding economic diversification. (BBC News) (Reuters)
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