The following outline is provided as an overview of and topical guide to economics. Economics is a branch of science that analyzes the production, distribution, and consumption of goods and services. It aims to explain how economies work and how agents (people) respond to incentives.
Economics is a behavioral science (a scientific discipline that focuses on the study of human behavior) as well as a social science (a scientific discipline that explores aspects of human society).
Branches of economics Macroeconomics – branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. Microeconomics – branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources.
Subdisciplines of economics Agricultural economics – applied field of economics concerned with the application of economic theory in optimizing the production and distribution of food and fiber products. Attention economics – approach to the management of information that treats human attention as a scarce commodity and applies economic theory to solve various information management problems Behavioral economics – 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. Classical economics – theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange Comparative economic systems – sub-classification of economics dealing with the comparative study of different systems of economic organization, such as capitalism, socialism, feudalism and the mixed economy. Contract theory – how economic actors can and do construct contractual arrangements, generally in the presence of information asymmetry Cultural economics – branch of economics that studies the relation of culture to economic outcomes. Demographic economics – application of economic analysis to demography, the study of human populations, including size, growth, density, distribution, and vital statistics. Development economics – branch of economics that deals with economic aspects of the development process in low- and middle- income countries Ecological economics – transdisciplinary and interdisciplinary field of academic research addressing the interdependence and coevolution of human economies and natural ecosystems, both intertemporally and spatially. Econometrics – application of statistical methods to economic data in order to give empirical content to economic relationships. Economic anthropology – field that attempts to explain human economic behavior in its widest historic, geographic and cultural scope, an amalgamation of economics and anthropology. Economic development – process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives. Economic geography – subfield of human geography that studies economic activity and factors affecting it. It can also be considered a subfield or method in economics. Economic history – study of history using methodological tools from economics or with a special attention to economic phenomena. Economic sociology – study of the social cause and effect of various economic phenomena Economics of marriage – economic analysis of household formation and break up, of production and distribution decisions within the household. Education economics – study of economic issues relating to education, including the demand for education, the financing and provision of education, and the comparative efficiency of various educational programs and policies. Energy economics – broad scientific subject area which includes topics related to supply and use of energy in societies. Engineering economics – subset of economics concerned with the use and application of economic principles in the analysis of engineering decisions. Entrepreneurial economics – field of study that focuses on the study of entrepreneur and entrepreneurship within the economy. Environmental economics –sub-field of economics concerned with environmental issues. Family economics – applies economic concepts such as production, division of labor, distribution, and decision making to the family. Feminist economics –critical study of economics and economies, with a focus on gender-aware and inclusive economic inquiry and policy analysis Financial economics –branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on both sides of a trade" Freiwirtschaft –economic theory and proposal for demurrage currency, community-owned land, and free trade. Georgism –economic theory and proposal holding that people 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. Green economics –economy that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment. Health economics –branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and healthcare. Heterodox economics –schools of economic thought which are not commonly perceived as belonging to mainstream economics. Humanistic economics pattern of economic thought which argue for "persons-first" economic theories as opposed to mainstream economic theories which are understood as often emphasizing financial gain over human well-being. Industrial organization –field that builds on the theory of the firm by examining the structure of (and, therefore, the boundaries between) firms and markets. Information economics –branch of microeconomics that studies how information and information systems affect an economy and economic decisions. International economics – concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. Institutional economics – focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behavior. Labor economics – studies the functioning and dynamics of the markets for wage labour Law and economics – application of microeconomic theory to the analysis of law. Managerial economics – branch of economics involving the application of economic methods in the organizational decision-making process. Mathematical economics – application of mathematical methods to represent theories and analyze problems in economics. Monetary economics – branch of economics that studies the different theories of money Public finance – study of finance within government and role of the government in the economy Public economics – study of government policy through the lens of economic efficiency and equity. Real estate economics – application of economic techniques to real estate markets. Regional economics – economic advantage of a geographical location and human activities of greatest height to contribute maximally to the general growth and prosperity of the region. Regional science – field of economics concerned with analytical approaches to problems that are related specifically to regional and international issues. Resource economics – deals with the supply, demand, and allocation of the Earth's natural resources. Rural economics – study of rural economies, including both agricultural and non-agricultural industries Socialist economics – economic theories, practices and norms of hypothetical and existing socialist economic systems. Urban economics – economic study of urban areas; as such, it involves using the tools of economics to analyze urban issues such as crime, education, public transit, housing, and local government finance. Welfare economics – field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society.
Methodologies or approaches
Behavioural economics – 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. Classical economics – theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange Computational economics – interdisciplinary research discipline that combines methods in computational science and economics to solve complex economic problems. Econometrics – application of statistical methods to economic data in order to give empirical content to economic relationships. Evolutionary economics – school of economic thought that treats economic development as a process rather than an equilibrium and emphasizes change (qualitative, organisational, and structural), innovation, complex interdependencies, self-evolving systems, and limited rationality as the drivers of economic evolution. Experimental economics – application of experimental methods to study economic questions Praxeology (used by the Austrian School) – theory of human action, based on the notion that humans engage in purposeful behavior, contrary to reflexive behavior and other unintentional behavior. Social psychology – scientific study of how thoughts, feelings, and behaviors are influenced by the actual, imagined, or implied presence of others.
Interdisciplinary fields involving economics
Bioeconomics (fisheries) – a model which combines biological characteristics of the fish stock (such as growth rate and carrying capacity) with economic information about the fishery (such as costs and revenue) to describe the fishing system. Constitutional economics – a research program in economics and constitutionalism that has been described as explaining the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents". Econophysics – non-orthodox (in economics) interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, Neuroeconomics – interdisciplinary field that seeks to explain human decision-making, the ability to process multiple alternatives and to follow through on a plan of action and studies how economic behavior can shape our understanding of the brain, and how neuroscientific discoveries can guide models of economics. Political economy – branch of political science and economics studying economic systems (e.g. markets and national economies) and their governance by political systems (e.g. law, institutions, and government) Socioeconomics – branch of economics that focuses on the interrelationship between economic activity and social behavior. Thermoeconomics – heterodox economics that applies the laws of statistical mechanics to economic theory Transport economics – branch of economics that deals with the allocation of resources within the transport sector.
Types of economies
Economy – system of human activities related to the production, distribution, exchange, and consumption of goods and services of a country or other area.
Economies, by political & social ideological structure
Economic ideology – set of views forming the basis of an ideology on how the economy should run. Capitalist economy – economic system based on the private ownership of the means of production and their operation for profit.