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Economics as a study discipline

Economics is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services. Says Merriam-Webster Online Dictionary.  

Economics is a social sciences it’s the study of methodologies people uses to select resources. Been written and studied since centuries huge number of books are available today for study of economics. Let’s see definition of economics from some world-class authors; do not confuse authors with the Karl marks who is the synonymous to economics in the same fashion as Alfred Nobel is to Chemistry. Here goes what different author says about this social science-

"Economics is the study of people in the ordinary business of life."
-- Alfred Marshall, Principles of economics; an introductory volume (London: Macmillan, 1890)

"Economics is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses."
-- Lionel Robbins, An Essay on the Nature and Significance of Economic Science (London: MacMillan, 1932)

Economics is the "study of how societies use scarce resources to produce valuable commodities and distribute them among different people."
-- Paul A. Samuelson, Economics (New York: McGraw-Hill, 1948)

So by now you might be thoughtful about what is economics? One of the key terms we are observing here is the resources, what resources stands for?

Resources comprise the time and talent that people have, the land, houses, and tools and techniques of how to mix them to create useful products and services. Important choices involves how much time to spend on work, school, leisure, and how much money to spend and save, how to take in use and combine resources to create products and services, and how to vote and maintain the level of taxes and the role of government.

Often times people tends to use resources to improve way of living which comprises happiness that people receive from the commodities they select to take in use. To simplify with we can say; Economics is the study of labor, land and investment (of money, income, and production, and of taxes and government expenditures).

People who study economics are called economists. They tend to measure well-being of people and so as to know how the well being of people has increased over the passage of time and hence to measure the well being of rich and poor. Nature and Causes of The Wealth of Nations written by Adam Smith, and published in 1776 in Scotland is one of the most famous books in economics. While individual behavior is vital, economics also defines the behavior of businesses and industries, governments and countries, and the world as a whole. Following are mentioned areas of Economics-

1.    General Economics and Teaching
2.    Economic Thought and Methodology
3.    Mathematical and Quantitative Methods
4.    Microeconomics
5.    Macroeconomics and Monetary Economics
6.    International Economics
7.    Financial Economics
8.    Public Economics
9.    Health, Education, and Welfare
10.    Labor and Demographic
11.    Law and Economics
12.    Industrial Organization
13.    Business Administration and Business Economics, Marketing, Accounting
14.    Economic History
15.    Economic Development, Technical Change, and Growth
16.    Economic Systems
17.    Agricultural and Natural Resource Economics, Environmental and Ecological Economics Urban, Rural, and Regional Economics
18.    Miscellaneous Categories – These includes Data, dissertations, and book reviews etc
19.    Some Other Special Topics like economics of the arts, religion, and culture.

The student who chose economics as career option can make their presence in different government and private organizations. Law, medicine, government, non-profit organizations, and international relations, and educational institutions, everywhere the services of economics are demanded.

One of the most heard Economists of modern times is Karl Marks, born in Germany he has written the Famous Book Das Capital, his creation is regarded as Bible of Modern Economics.

Economists receive Nobel Prize instituted by Alfred Bernhard Nobel for remarkable work in Economics. Follow is given list of Nobel laureates who has received Nobel Prize in this category-

    * 2008 - Paul Krugman
    * 2007 - Leonid Hurwicz, Eric S. Maskin, Roger B. Myerson
    * 2006 - Edmund S. Phelps
    * 2005 - Robert J. Aumann, Thomas C. Schelling
    * 2004 - Finn E. Kydland, Edward C. Prescott
    * 2003 - Robert F. Engle III, Clive W.J. Granger
    * 2002 - Daniel Kahneman, Vernon L. Smith
    * 2001 - George A. Akerlof, A. Michael Spence, Joseph E. Stiglitz
    * 2000 - James J. Heckman, Daniel L. McFadden
    * 1999 - Robert A. Mundell
    * 1998 - Amartya Sen
    * 1997 - Robert C. Merton, Myron S. Scholes
    * 1996 - James A. Mirrlees, William Vickrey
    * 1995 - Robert E. Lucas Jr.
    * 1994 - John C. Harsanyi, John F. Nash Jr., Reinhard Selten
    * 1993 - Robert W. Fogel, Douglass C. North
    * 1992 - Gary S. Becker
    * 1991 - Ronald H. Coase
    * 1990 - Harry M. Markowitz, Merton H. Miller, William F. Sharpe
    * 1989 - Trygve Haavelmo
    * 1988 - Maurice Allais
    * 1987 - Robert M. Solow
    * 1986 - James M. Buchanan Jr.
    * 1985 - Franco Modigliani
    * 1984 - Richard Stone
    * 1983 - Gerard Debreu
    * 1982 - George J. Stigler
    * 1981 - James Tobin
    * 1980 - Lawrence R. Klein
    * 1979 - Theodore W. Schultz, Sir Arthur Lewis
    * 1978 - Herbert A. Simon
    * 1977 - Bertil Ohlin, James E. Meade
    * 1976 - Milton Friedman
    * 1975 - Leonid Vitaliyevich Kantorovich, Tjalling C. Koopmans
    * 1974 - Gunnar Myrdal, Friedrich August von Hayek
    * 1973 - Wassily Leontief
    * 1972 - John R. Hicks, Kenneth J. Arrow
    * 1971 - Simon Kuznets
    * 1970 - Paul A. Samuelson
    * 1969 - Ragnar Frisch, Jan Tinbergen

1998 was the year for year for India when we stand high on world economics knowledge platform when Prof. Amartya Sen receives the Nobel Prize for Economics.

In Academies, economics is taught right from the school with the group of other subjects like history, civics, etc. From class 11th onwards it can be studied as a separate subject under humanities / commerce discipline, and available to study as additional subjects for science students too in various boards like CBSE etc. At college level Economics is taught both in General Discipline as well as well Honors discipline through faculty of humanities or commerce. Many student further studies in Economics at post graduate and research level and receives degrees like masters, doctors etc. Couple of educational institution taught economics under sciences discipline as well. Economics is one of the most demanding disciplines among college level learners.


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