economic growth, and the public policies that address these issues (monetary, fiscal, and other policies).
Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics
Economic analysis can be applied throughout society, as in business, finance, health care, and government. Economic analyses may also be applied to such diverse subjects as crime, education,the family, law, politics, religion,social institutions, war,science,and the environment.Education, for example, requires time, effort, and expenses, plus the
foregone income and experience, yet these losses can be weighted against
future benefits education may bring to the agent or the economy. At the
turn of the 21st century, the expanding domain of economics in the
social sciences has been described as economic imperialism. The ultimate goal of economics is to improve the living conditions of people in their everyday life.
Economics is a study of man in the ordinary business of life. It
enquires how he gets his income and how he uses it. Thus, it is on the
one side, the study of wealth and on the other and more important side, a
part of the study of man.
Lionel Robbins (1932) developed implications of what has been termed "[p]erhaps the most commonly accepted current definition of the subject":
Robbins describes the definition as not classificatory in "pick[ing] out certain kinds of behaviour" but rather analytical in "focus[ing] attention on a particular aspect of behaviour, the form imposed by the influence of scarcity."
He affirmed that previous economists have usually centred their studies
on the analysis of wealth: how wealth is created (production),
distributed, and consumed; and how wealth can grow.But he said that economics can be used to study other things, such as
war, that are outside its usual focus. This is because war has as the
goal winning it (as a sought after end), generates both cost and benefits; and, resources
(human life and other costs) are used to attain the goal. If the war is
not winnable or if the expected costs outweigh the benefits, the
deciding actors (assuming they are rational) may never go to war (a decision)
but rather explore other alternatives. We cannot define economics as
the science that studies wealth, war, crime, education, and any other
field economic analysis can be applied to; but, as the science that
studies a particular common aspect of each of those subjects (they all
use scarce resources to attain a sought after end).
Some subsequent comments criticized the definition as overly broad in
failing to limit its subject matter to analysis of markets. From the
1960s, however, such comments abated as the economic theory of
maximizing behaviour and rational-choice modelling expanded the domain of the subject to areas previously treated in other fields. There are other criticisms as well, such as in scarcity not accounting for the macroeconomics of high unemployment.
Gary Becker,
a contributor to the expansion of economics into new areas, describes
the approach he favours as "combin[ing the] assumptions of maximizing
behaviour, stable preferences, and market equilibrium, used relentlessly and unflinchingly."
One commentary characterizes the remark as making economics an approach
rather than a subject matter but with great specificity as to the
"choice process and the type of social interaction
that [such] analysis involves." The same source reviews a range of
definitions included in principles of economics textbooks and concludes
that the lack of agreement need not affect the subject-matter that the
texts treat. Among economists more generally, it argues that a
particular definition presented may reflect the direction toward which
the author believes economics is evolving, or should evolve.
Well-conducted, and with good health status.
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