{"id":2456,"date":"2013-10-30T20:27:47","date_gmt":"2013-10-30T20:27:47","guid":{"rendered":"http:\/\/blog.soton.ac.uk\/comp6044\/?p=2456"},"modified":"2013-10-31T20:13:20","modified_gmt":"2013-10-31T20:13:20","slug":"economics-1-introduction-definition","status":"publish","type":"post","link":"https:\/\/blog.soton.ac.uk\/comp6044\/2013\/10\/30\/economics-1-introduction-definition\/","title":{"rendered":"Economics 1 – Introduction & Definition"},"content":{"rendered":"

Researcher:<\/strong> Jo Munson
\nTitle:<\/strong> Can there ever be a “Cohesive Global Web”?
\nDisciplines:<\/strong> Economics, Ethnography (Cultural Anthropology)<\/p>\n

\"Adam
\nAdam Smith, coined the “father of modern economics”, associated with the theory of “Classical Economics”, discussed in “Economics 2 – Disciplinary approach, the Big Theories”<\/em><\/p>\n

A very brief introduction to Economics<\/h2>\n

In my scouring of the web and relevant books, Economics has been defined in two ways:<\/p>\n

the study of the production and consumption of goods, and the transfer of wealth to produce or obtain these goods.<\/p><\/blockquote>\n

and, more briefly:<\/p>\n

the study of how people choose to use (scarce) resources.<\/p><\/blockquote>\n

I like both. The former gives a better overview of the systems in which Economics operate, whilst the latter pinpoints an area of key importance to the Economist: choice – where our desires may be infinite, but the availability of resources is finite.<\/p>\n

With that unifying definition established, Economics is almost always split in to 2 subdisciplines (arguably 3):<\/p>\n