Publisher's Synopsis
Merriam-Webster defines Economics in the following manner: A Social science that analyzes and describes the consequences of choices made concerning scarce productive resources. Economics is the study of how individuals and societies choose to employ those resources: what goods and services will be produced, how they will be produced, and how they will be distributed among the members of society. Economics is customarily divided into microeconomics and macroeconomics. Of major concern to macroeconomists are the rate of economic growth, the inflation rate, and the rate of unemployment. Specialized areas of economic investigation attempt to answer questions on a variety of economic activity; they include agricultural economics, economic development, economic history, environmental economics, industrial organization, international trade, labor economics, money supply and banking, public finance, urban economics, and welfare economics. Specialists in mathematical economics and econometrics provide tools used by all economists. The areas of investigation in economics overlap with many other disciplines, notably history, mathematics, political science, and sociology. Perhaps a simpler definition is: Economics is the social science that studies economic activity to gain an understanding of the processes that govern the production, distribution and consumption of goods and services in an economy. Tyler Cown once said: Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life. Sam Harris stated: Human well-being is not a random phenomenon. It depends on many factors - ranging from genetics and neurobiology to sociology and economics. But, clearly, there are scientific truths to be known about how we can flourish in this world. Wherever we can have an impact on the well being of others, questions of morality apply. None other than John Kenneth Galbraith opined: Economics is extremely useful as a form of employment for economists. Economics in a Nutshell endeavors to provide the reader with a high degree of literacy in the important and interesting discipline of Economics. We shall try to supply your demand for information about this fascinating discipline.
