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Find more facts and information on our topic page about Economic and Social Council

economics

World Encyclopedia | 2005 | © World Encyclopedia 2005, originally published by Oxford University Press 2005. (Hide copyright information) Copyright

economics Social science studying the allocation of resources in the production of commodities, and the distribution of these commodities for consumption in society. Adam Smith's The Wealth of Nations (1776) is often cited as the first economic treatise. Smith's arguments in favour of free trade form the basis of classical economics. Refinements to classical economics included the theory of marginal utility, which argued that need determined value. John Maynard Keynes' General Theory of Employment, Interest and Money (1936) was an attempt to deal with economic depression and mass unemployment. The pressures of inflation led to the development of monetarism and the re-emergence of high unemployment. Economics developed into two areas: microeconomics studies the economics of firms and individuals, and the workings of individual market mechanisms; and macroeconomics studies whole economic systems. See also conservatism; deflation; feudal system; laissez-faire; mercantilism; socialism; supply and demand, law of

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