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
The Economist is an English-language weekly magazine-format newspaper owned by the Economist Group and edited at offices in London. Continuous publication began under its founder, James Wilson, in September 1843, in 2015 its average weekly circulation was a little over 1.5 million, about half of which were sold in the United States. The publication belongs to the Economist Group and it is 50% owned by the English branch of the Rothschild family and by the Agnelli family through its holding company Exor. The remaining 50% is held by investors including the editors. The Rothschilds and the Agnellis are represented on the board of directors, a board of trustees formally appoints the editor, who cannot be removed without its permission. Although The Economist has an emphasis and scope, about two-thirds of the 75 staff journalists are based in the London borough of Westminster. For the year to March 2016 the Economist Group declared operating profit of £61m, previous major shareholders include Pearson PLC.
The Economist takes a stance of classical and economic liberalism which is supportive of free trade, free immigration. The publication has described itself as a product of the Caledonian liberalism of Adam Smith and it targets highly educated readers and claims an audience containing many influential executives and policy-makers. The publications CEO described this recent global change, which was first noticed in the 1990s and accelerated in the beginning of the 21st century, on the contents page of each issue, The Economists mission statement is written in italics. The Economist was founded by the British businessman and banker James Wilson in 1843, to advance the repeal of the Corn Laws, articles relating to some practical, agricultural, or foreign topic of passing interest, such as foreign treaties. An article on the principles of political economy, applied to practical experience, covering the laws related to prices, rent, revenue. Parliamentary reports, with focus on commerce and free trade.
Reports and accounts of popular movements advocating free trade, general news from the Court of St. Jamess, the Metropolis, the Provinces and Ireland. Law reports, confined chiefly to areas important to commerce, books, confined chiefly, but not so exclusively, to commerce and agriculture, and including all treatises on political economy, finance, or taxation. A commercial gazette, with prices and statistics of the week and inquiries from the news magazines readers. It has long respected as one of the most competent. Its logo was designed in 1959 by Reynolds Stone, in January 2012 The Economist launched a new weekly section devoted exclusively to China, the first new country section since the introduction of a section about the United States in 1942