Economics Notes

Economics Introduction | Concepts with Little History

Economics is the social science that studies economic activities to understand the process of production, growth of the country.

John Maynard Keynes Definition:

The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood.  Indeed the world is ruled by little else.
Economics is the study of how society cops with the problem of scarcity in human life. In this economics is as old as human race. Actually economics is the way people make their living.

Little History:

If we are looking through history, we find that economics has undergone many stages. Economist makes their own definitions after a lot of studies and understanding the facts.
John Maynard Keynes is the most famous economist of 20th century. He wrote a book, general theory of Employment, Interest and Money in 1936.

Adam smith is the father of political economist. Adam smith was born in 1723 and leaves the world in 1790. In his life he writes a successful Economics book that is named “An enquiry into nature and causes of wealth of nation”. The book was published in 1776.

Theme of Adam Smith "nation of wealth"

Alfred Marshall was a great political economist. Alfred Marshall was born in 1842 and leaves the world in 1924. In his life he writes a successful Economics book that is named “Principal of Economics”. The book was published in 1890.

Theme of Alfred Marshal”economic is a science of human welfare and well being”

Lionel Robbins was the political economist. Lionel Robbins was born in 1898 and leaves the world in 1984. In his life he writes a successful Economics book that is named “Nature and the significance of economic science”. The book was published in 1932.

Central Theme of Lionel Robbins “Economics is a science of scarcity”.

What economics is all about?

Basically economics is the science that deals with profit and loss, after a lot of paper work, using common strategies, understanding the facts and the conditions of companies.

Full explanation of the nature and scope of economics involves formal definition and use of economic terms.

Modern view of Economics:

Actually economics is a study not of things, money, or wealth but the people. Economics is about the people because scarcity itself is a human phenomenon.

Modern economics is not only concerned with more economics goods but also the welfare aspects of life, public health, hours of world, discrimination, quality of environment and so on.