Economics is a social science concerned chiefly with description and analysis of the production and consumption of goods and services according to the Merriam-Webster Dictionary. Economics focuses on the behaviour and interactions of economic agents and how economies work, consistent with this focus, textbooks often distinguish between microeconomics and macroeconomics. Microeconomics examines the behaviour of elements in the economy, including individual agents and markets, their interactions. Individual agents may include, for example, firms, macroeconomics analyzes the entire economy and issues affecting it, including unemployment of resources, economic growth, and the public policies that address these issues. Economic analysis can be applied throughout society, as in business, health care, Economic analyses may be applied to such diverse subjects as crime, the family, politics, social institutions, war and the environment. At the turn of the 21st century, the domain of economics in the social sciences has been described as economic imperialism.
The ultimate goal of economics is to improve the conditions of people in their everyday life. There are a variety of definitions of economics. Some of the differences may reflect evolving views of the subject or different views among economists, to supply the state or commonwealth with a revenue for the publick services. Say, distinguishing the subject from its uses, defines it as the science of production, distribution. On the satirical side, Thomas Carlyle coined the dismal science as an epithet for classical economics, in this context and 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. He affirmed that previous economists have usually centred their studies on the analysis of wealth, how wealth is created and consumed, 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, generates both cost and benefits, resources are used to attain the goal.
If the war is not winnable or if the costs outweigh the benefits. Some subsequent comments criticized the definition as overly broad in failing to limit its subject matter to analysis of markets, there are other criticisms as well, such as in scarcity not accounting for the macroeconomics of high unemployment. The same source reviews a range of included in principles of economics textbooks. Among economists more generally, it argues that a particular definition presented may reflect the direction toward which the author believes economics is evolving, microeconomics examines how entities, forming a market structure, interact within a market to create a market system
An economist is a practitioner in the social science discipline of economics. The individual may study and apply theories and concepts from economics and write about economic policy. A generally accepted interpretation in academia is that an economist is one who has attained a Ph. D. in economics, teaches economic science, the professionalization of economics, reflected in academia, has been described as the main change in economics since around 1900. Economists debate the path they believe their profession should take, surveys among economists indicate a preference for a shift toward the latter. Most major universities have a faculty, school or department. However, many prominent economists come from a background in mathematics, political science, sociology, getting a PhD in economics takes six years, on average, with a median of 5.3 years. The Nobel Memorial Prize in Economics, established by Sveriges Riksbank in 1968, is a prize awarded to each year for outstanding intellectual contributions in the field of economics.
The prize winners are announced in October every year and they receive their awards on December 10, the anniversary of Alfred Nobels death. In contrast to regulated professions such as engineering, law or medicine, in academia, to be called an economist requires a Ph. D. degree in Economics. A professional working inside of one of many fields of economics or having a degree in this subject is often considered to be an economist. In addition to government and academia, economists are employed in banking, accountancy, marketing, business administration, lobbying. Politicians often consult economists before enacting economic policy, many statesmen have academic degrees in economics. Economics graduates are employable in varying degrees depending on the regional economic scenario, small numbers go on to undertake postgraduate studies, either in economics, teacher training or further qualifications in specialist areas. Nearly 135 colleges and universities grant around 900 new Ph. D. s every year, incomes are highest for those in the private sector, followed by the federal government, with academia paying the lowest incomes.
As of January 2013, PayScale. com showed Ph. D. economists salary ranges as follows, all Ph. D. economists, $61,000 to $160,000, Ph. D. The largest single grouping of economists in the UK are the more than 1000 members of the Government Economic Service. This figure compares very favourably with the picture, with 64 percent of economics graduates in employment. Some current well-known economists include, Ben Bernanke, Chairman of the Federal Reserve from 2006 to 2014, milton Friedman, Nobel Memorial Prize in Economic Sciences laureate in Economics