Economics: Difference between revisions
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'''Economics''', according to a classical definition, is the [[Wikipedia:Social sciences|social science]] that studies the [[production]], [[Wikipedia:Distribution (economics)|distribution]], and [[Wikipedia: Consumption (economics)|consumption]] of [[good]]s and [[Wikipedia:Service (economics)|services]]. The term ''economics'' comes from the [[Wikipedia:Ancient Greek]] ''oikonomia'' ("management of a household, administration") from ''oikos'' ("house") and ''nomos'' ("custom" or "law"), hence "rules of the house(hold)".<ref name="etymology">Harper, Douglas. [http://www.etymonline.com/index.php?term=economy "Online Etymology Dictionary - Economy"], referenced 2009-04-26.</ref> | '''Economics''', according to a classical definition, is the [[Wikipedia:Social sciences|social science]] that studies the [[production]], [[Wikipedia:Distribution (economics)|distribution]], and [[Wikipedia: Consumption (economics)|consumption]] of [[good]]s and [[Wikipedia:Service (economics)|services]]. The term ''economics'' comes from the [[Wikipedia:Ancient Greek]] ''oikonomia'' ("management of a household, administration") from ''oikos'' ("house") and ''nomos'' ("custom" or "law"), hence "rules of the house(hold)".<ref name="etymology">Harper, Douglas. [http://www.etymonline.com/index.php?term=economy "Online Etymology Dictionary - Economy"], referenced 2009-04-26.</ref> | ||
For the [[Austrian Economics|Austrian school]], Economics deals in general with the action of men to satisfy their desires, and, specifically, with the process of exchange of [[good]]s as a means for each individual to | For the [[Austrian Economics|Austrian school]], Economics deals in general with the action of men to satisfy their desires, and, specifically, with the process of exchange of [[good]]s as a means for each individual to “produce” satisfactions for his desires. These goods may be tangible commodities or they may be intangible personal services. The principles of [[supply and demand]], of [[price]] determination, are exactly the same for any good, whether it is in one category or the other.<ref name="Rothbard_economics">Murray N. Rothbard [http://mises.org/rothbard/mes/chap2d.asp "Man, Economy and State"], 11. Types of Exchangeable Goods, p.162.</ref> | ||
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Revision as of 09:11, 30 April 2009
Economics, according to a classical definition, is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Wikipedia:Ancient Greek oikonomia ("management of a household, administration") from oikos ("house") and nomos ("custom" or "law"), hence "rules of the house(hold)".[1]
For the Austrian school, Economics deals in general with the action of men to satisfy their desires, and, specifically, with the process of exchange of goods as a means for each individual to “produce” satisfactions for his desires. These goods may be tangible commodities or they may be intangible personal services. The principles of supply and demand, of price determination, are exactly the same for any good, whether it is in one category or the other.[2]
References
- ↑ Harper, Douglas. "Online Etymology Dictionary - Economy", referenced 2009-04-26.
- ↑ Murray N. Rothbard "Man, Economy and State", 11. Types of Exchangeable Goods, p.162.