economy

File:Luchtfoto van Lower Manhattan.jpg, the world's principal fintech and financial center{{cite web |url = https://www.longfinance.net/publications/long-finance-reports/the-global-financial-centres-index-35/|title = The Global Financial Centres Index 35|date = March 21, 2024|publisher = Long Finance|access-date = March 23, 2024}}{{cite news |url=https://themessenger.com/business/sorry-london-new-york-is-still-the-financial-capital-of-the-world#|archive-url=https://web.archive.org/web/20231011211612/https://themessenger.com/business/sorry-london-new-york-is-still-the-financial-capital-of-the-world|url-status=dead|archive-date=October 11, 2023|title=Sorry, London — New York Is Still the Financial Capital of the World|author=Laura Bratton|publisher=The Messenger|date=September 28, 2023|access-date=October 1, 2023|quote=The GDP of the New York City metropolitan area is larger than the country of South Korea...New York City was ranked as the most competitive city in the financial industry for the fifth straight year.}} and the epicenter of the world's principal metropolitan economy{{cite web|url=https://www.weforum.org/agenda/2020/09/united-states-america-economic-output-new-york-la/|title=This 3D map shows the U.S. cities with the highest economic output|author=Iman Ghosh|publisher=World Economic Forum|date=September 24, 2020|access-date=March 5, 2023|quote=The New York metro area dwarfs all other cities for economic output by a large margin.}}]]

The word economy in English is derived from the Middle French's {{lang|frm|yconomie}}, which itself derived from the Medieval Latin's {{lang|la|oeconomia}}. The Latin word has its origin at the Ancient Greek's {{lang|grc-latn|oikonomia}} or {{lang|grc-latn|oikonomos}}. The word's first part {{lang|grc-latn|oikos}} means "house", and the second part {{lang|grc-latn|nemein}} means "to manage".{{Cite web |title=economy |url=https://www.merriam-webster.com/dictionary/economy |access-date=2022-07-27 |website=Merriam-Webster |language= |archive-date=April 26, 2022 |archive-url=https://web.archive.org/web/20220426120713/https://www.merriam-webster.com/dictionary/economy |url-status=live}}

The most frequently used current sense, denoting "the economic system of a country or an area", seems not to have developed until the 1650s.[http://dictionary.reference.com/browse/economy Dictionary.com] {{Webarchive|url=https://web.archive.org/web/20160304055308/http://dictionary.reference.com/browse/economy |date=March 4, 2016 }} , "economy." The American Heritage Dictionary of the English Language, Fourth Edition. Houghton Mifflin Company, 2004. October 24, 2009.

{{Main|Economic history}}

File:BosraMosaicCamels.png, depicting a merchant leading camels through the desert]]

As long as someone has been making, supplying and distributing goods or services, there has been some sort of economy; economies grew larger as societies grew and became more complex. Sumer developed a large-scale economy based on commodity money, while the Babylonians and their neighboring city states later developed the earliest system of economics as we think of, in terms of rules/laws on debt, legal contracts and law codes relating to business practices, and private property.Sheila C. Dow (2005), "Axioms and Babylonian thought: a reply", Journal of Post Keynesian Economics 27 (3), p. 385–391.

The Babylonians and their city state neighbors developed forms of economics comparable to currently used civil society (law) concepts. They developed the first known codified legal and administrative systems, complete with courts, jails, and government records.{{cite web |first=Charles F. |last=Horne |year=1915 |title=The Code of Hammurabi : Introduction |url=http://www.yale.edu/lawweb/avalon/medieval/hammint.htm |url-status=live |archive-url=https://web.archive.org/web/20070908205713/http://www.yale.edu/lawweb/avalon/medieval/hammint.htm |archive-date=September 8, 2007 |access-date=September 14, 2007 |publisher=Yale University}}

The ancient economy was based primarily on subsistence farming.{{Cite journal |last1=Aragón |first1=Fernando M. |last2=Oteiza |first2=Francisco |last3=Rud |first3=Juan Pablo |date=2021-02-01 |title=Climate Change and Agriculture: Subsistence Farmers' Response to Extreme Heat |url=https://pubs.aeaweb.org/doi/10.1257/pol.20190316 |journal=American Economic Journal: Economic Policy |language=en |volume=13 |issue=1 |pages=1–35 |doi=10.1257/pol.20190316 |arxiv=1902.09204 |s2cid=85529687 |issn=1945-7731 |access-date=July 30, 2022 |archive-date=July 30, 2022 |archive-url=https://web.archive.org/web/20220730110254/https://www.aeaweb.org/articles?id=10.1257/pol.20190316 |url-status=live}} The Shekel are the first to refer to a unit of weight and currency, used by the Semitic peoples. The first usage of the term came from Mesopotamia circa 3000 BC. and referred to a specific mass of barley which related other values in a metric such as silver, bronze, copper, etc. A barley/shekel was originally both a unit of currency and a unit of weight, just as the British Pound was originally a unit denominating a one-pound mass of silver.{{citation |last=Bronson |first=Bennet |title=Bulletin |date=November 1976 |url=https://archive.org/stream/fieldmuseumofnat47chica#page/n193/mode/2up |volume=47 |issue=10 |pages=3–15 |contribution=Cash, Cannon, and Cowrie Shells: The Nonmodern Moneys of the World |location=Chicago |publisher=Field Museum of Natural History}}.

Most exchange of goods had occurred through social relationships. There were also traders who bartered in the marketplaces. In Ancient Greece, where the present English word 'economy' originated, many people were bond slaves of the freeholders.{{cite book |first=G.E.M. |last=de Ste. Croix |title=The Class Struggle in the Ancient Greek World |publisher=Cornell University Press |date=1981 |pages=136–137}}, noting that economic historian Moses Finley maintained "serf" was an incorrect term to apply to the social structures of classical antiquity. The economic discussion was driven by scarcity.{{Citation needed|date=July 2022}}

In Chinese economic law, the huge cycle of institutional innovation contains an idea. Serving a non-market economy promotes a firm's tenure that is legally guaranteed and protected from bureaucratic opportunities.{{Cite journal |last1=Jabbour |first1=Elias |last2=Dantas |first2=Alexis |last3=José Espíndola |first3=Carlos |date=2022-10-20 |title=On The Chinese Socialist Market Economy And The "New Projectment Economy" |journal=World Review of Political Economy |volume=13 |issue=4 |doi=10.13169/worlrevipoliecon.13.4.0502 |s2cid=253213008 |issn=2042-8928|doi-access=free }}

In the Middle Ages, what is now known as an economy was not far from the subsistence level. Most exchange occurred within social groups. On top of this, the great conquerors raised what we now call venture capital (from ventura, ital.; risk) to finance their captures. The capital should be refunded by the goods they would bring up in the New World. The discoveries of Marco Polo (1254–1324), Christopher Columbus (1451–1506) and Vasco da Gama (1469–1524) led to a first global economy. The first enterprises were trading establishments. In 1513, the first stock exchange was founded in Antwerp. Economy at the time meant primarily trade.

The European captures became branches of the European states, the so-called colonies. The rising nation-states Spain, Portugal, France, Great Britain and the Netherlands tried to control the trade through custom duties and mercantilism (from mercator, lat.: merchant) was a first approach to intermediate between private wealth and public interest. The secularization in Europe allowed states to use the immense property of the church for the development of towns. The influence of the nobles decreased. The first Secretaries of State for economy started their work. Bankers like Amschel Mayer Rothschild (1773–1855) started to finance national projects such as wars and infrastructure. Economy from then on meant national economy as a topic for the economic activities of the citizens of a state.

The first economist in the true modern meaning of the word was the Scotsman Adam Smith (1723–1790) who was inspired partly by the ideas of physiocracy, a reaction to mercantilism and also later Economics student, Adam Mari.{{cite book |url=https://www.scribd.com/doc/150712162/Physiocracy |title=An Encyclopedia of the Early Modern World- preview entry: Physiocrats & physiocracy |publisher=Charles Scribner & Sons |first=François |last=Quesnay |access-date=February 24, 2014 |archive-date=March 8, 2021 |archive-url=https://web.archive.org/web/20210308150740/https://www.scribd.com/presentation/150712162/Physiocracy |url-status=live}} He defined the elements of a national economy: products are offered at a natural price generated by the use of competition - supply and demand - and the division of labor. He maintained that the basic motive for free trade is human self-interest. The so-called self-interest hypothesis became the anthropological basis for economics. Thomas Malthus (1766–1834) transferred the idea of supply and demand to the problem of overpopulation.

The Industrial Revolution was a period from the 18th to the 19th century where major changes in agriculture, manufacturing, mining, and transport had a profound effect on the socioeconomic and cultural conditions starting in the United Kingdom, then subsequently spreading throughout Europe, North America, and eventually the world.{{cite web |title=Industrial History of European Countries |url=https://www.erih.net/how-it-started/industrial-history-of-european-countries |access-date=2 June 2021 |website=European Route of Industrial Heritage |publisher=Council of Europe |archive-date=June 23, 2021 |archive-url=https://web.archive.org/web/20210623201807/https://www.erih.net/how-it-started/industrial-history-of-european-countries |url-status=live}} The onset of the Industrial Revolution marked a major turning point in human history; almost every aspect of daily life was eventually influenced in some way.

In Europe wild capitalism started to replace the system of mercantilism (today: protectionism) and led to economic growth. The period is called the Industrial Revolution because the system of production and division of labor enabled the mass production of goods.

The contemporary concept of "the economy" wasn't popularly known until the American Great Depression in the 1930s.{{cite news |last1=Goldstein |first1=Jacob |title=The Invention Of 'The Economy' |url=https://www.npr.org/sections/money/2014/02/28/283477546/the-invention-of-the-economy |access-date=6 April 2017 |work=NPR - Planet Money |date=28 February 2014 |archive-date=May 5, 2018 |archive-url=https://web.archive.org/web/20180505202459/https://www.npr.org/sections/money/2014/02/28/283477546/the-invention-of-the-economy |url-status=live}}

After the chaos of two World Wars and the devastating Great Depression, policymakers searched for new ways of controlling the course of the economy.{{Citation needed|date=July 2022}} This was explored and discussed by Friedrich August von Hayek (1899–1992) and Milton Friedman (1912–2006) who pleaded for a global free trade and are supposed to be the fathers of the so-called neoliberalism.{{cite journal |first1=Taylor C. |last1=Boas |first2=Jordan |last2=Gans-Morse |date=June 2009 |title=Neoliberalism: From New Liberal Philosophy to Anti-Liberal Slogan |journal=Studies in Comparative International Development |volume=44 |issue=2 |pages=137–61 |doi=10.1007/s12116-009-9040-5 |doi-access=free}}{{cite book |url=https://www.routledge.com/The-Handbook-of-Neoliberalism/Springer-Birch-MacLeavy/p/book/9781138844001 |title=The Handbook of Neoliberalism |date=2016 |publisher=Routledge |isbn=978-1138844001 |editor1-last=Springer |editor1-first=Simon |page=[https://books.google.com/books?id=M5qkDAAAQBAJ&pg=PA3 3] |editor2-last=Birch |editor2-first=Kean |editor3-last=MacLeavy |editor3-first=Julie |access-date=July 30, 2022 |archive-date=October 20, 2020 |archive-url=https://web.archive.org/web/20201020154754/https://www.routledge.com/The-Handbook-of-Neoliberalism/Springer-Birch-MacLeavy/p/book/9781138844001 |url-status=live}} However, the prevailing view was that held by John Maynard Keynes (1883–1946), who argued for a stronger control of the markets by the state. The theory that the state can alleviate economic problems and instigate economic growth through state manipulation of aggregate demand is called Keynesianism in his honor.{{cite web |title=What Is Keynesian Economics? – Back to Basics – Finance & Development, September 2014 |url=http://www.imf.org/external/pubs/ft/fandd/2014/09/basics.htm |url-status=live |archive-url=https://web.archive.org/web/20151025174816/http://www.imf.org/external/pubs/ft/fandd/2014/09/basics.htm |archive-date=25 October 2015 |access-date=2 November 2015 |website=International Monetary Fund}} In the late 1950s, the economic growth in America and Europe—often called {{lang|de|Wirtschaftswunder}} (German for economic miracle) —brought up a new form of economy: mass consumption economy. In 1958, John Kenneth Galbraith (1908–2006) was the first to speak of an affluent society in his book The Affluent Society.{{Cite book |last=Galbraith |first=John Kenneth |title=The Affluent Society |publisher=Houghton Mifflin |year=1976 |location=Boston}} In most of the countries the economic system is called a social market economy.{{cite book |last1=Koppstein |first1=Jeffrey |title=Comparative Politics: Interests, Identities, And Institutions In A Changing Global Order |url=https://archive.org/details/comparativepolit0000unse_t7g3 |page=156 |year=2005 |publisher=Cambridge University Press |isbn=0521603951 |last2=Lichbach |first2=Mark Irving |url-access=registration}}

File:Frankfurt Stock Exchange (Ank Kumar) 02.jpg in 2015]]

With the fall of the Iron Curtain and the transition of the countries of the Eastern Bloc towards democratic government and market economies, the idea of the post-industrial society is brought into importance as its role is to mark together the significance that the service sector receives instead of industrialization. Some attribute the first use of this term to Daniel Bell's 1973 book, The Coming of Post-Industrial Society, while others attribute it to social philosopher Ivan Illich's book, Tools for Conviviality. The term is also applied in philosophy to designate the fading of postmodernism in the late 90s and especially in the beginning of the 21st century.

With the spread of Internet as a mass media and communication medium especially after 2000–2001, the idea for the Internet and information economy is given place because of the growing importance of e-commerce and electronic businesses, also the term for a global information society as understanding of a new type of "all-connected" society is created. In the late 2000s, the new type of economies and economic expansions of countries like China, Brazil, and India bring attention and interest to economies different from the usually dominating Western-type economies and economic models.

A market economy is one where goods and services are produced and exchanged according to demand and supply between participants (economic agents) by barter or a medium of exchange with a credit or debit value accepted within the network, such as a unit of currency.{{cite book |last1=Gregory |first1=Paul |title=Comparing Economic Systems in the Twenty-First Century |last2=Stuart |first2=Robert |publisher=Houghton Mifflin |year=2004 |isbn=978-0618261819 |editor-last=Stuart |editor-first=Robert C. |edition=7th |page=538 |oclc=53446988 |quote=Market Economy: Economy in which fundamentals of supply and demand provide signals regarding resource utilization.}} A planned economy is one where political agents directly control what is produced and how it is sold and distributed.{{cite encyclopedia |last=Nove |first=Alec |author-link=Alec Nove |date=1987 |title=Planned Economy |dictionary=The New Palgrave: A Dictionary of Economics |volume=3 |page=879}} A green economy is low-carbon and resource efficient. In a green economy, growth in income and employment is driven by public and private investments that reduce carbon emissions and pollution, enhance energy and resource efficiency, and prevent the loss of biodiversity and ecosystem services.{{cite book |editor-link1=Lynn R. Kahle |editor-last1=Kahle |editor-first1=Lynn R. |editor-first2=Eda |editor-last2=Gurel-Atay |title=Communicating Sustainability for the Green Economy |publisher=M.E. Sharpe |year=2014 |isbn=978-0765636805 |location=New York}} A gig economy is one in which short-term jobs are assigned or chosen on-demand. The global economy refers to humanity's economic system or systems overall.{{Citation needed|date=July 2022}} An informal economy is neither taxed nor monitored by any form of government.{{Cite news |date=17 June 2004 |title=In the shadows |newspaper=The Economist |url=https://www.economist.com/finance-and-economics/2004/06/17/in-the-shadows |access-date=2022-07-30 |issn= |archive-date=July 31, 2021 |archive-url=https://web.archive.org/web/20210731212913/https://www.economist.com/finance-and-economics/2004/06/17/in-the-shadows |url-status=live }}

The economy may be considered as having developed through the following phases or degrees of precedence:{{According to whom|date=January 2021}}

• The ancient economy was mainly based on subsistence farming.
• The Industrial Revolution phase lessened the role of subsistence farming, converting it to more extensive and mono-cultural forms of agriculture in the last three centuries. The economic growth took place mostly in mining, construction and manufacturing industries. Commerce became more significant due to the need for improved exchange and distribution of produce throughout the community.
• In the economies of modern consumer societies phase there is a growing part played by services, finance, and technology—the knowledge economy.

In modern economies, these phase precedences are somewhat differently expressed by the three-sector model:{{Cite book |last=Kjeldsen-Kragh |first=Søren |title=The Role of Agriculture in Economic Development: The Lessons of History |date=2007 |publisher=Copenhagen Business School Press DK |isbn=978-8763001946 |page=73}}

• Primary: Involves the extraction and production of raw materials, such as corn, coal, wood and iron.
• Secondary: Involves the transformation of raw or intermediate materials into goods e.g. manufacturing steel into cars, or textiles into clothing.
• Tertiary: Involves the provision of services to consumers and businesses, such as baby-sitting, cinema and banking.

Other sectors of the developed community include:

• the public sector or state sector (which usually includes: parliament, law-courts and government centers, various emergency services, public health, shelters for impoverished and threatened people, transport facilities, air/sea ports, post-natal care, hospitals, schools, libraries, museums, preserved historical buildings, parks/gardens, nature-reserves, some universities, national sports grounds/stadiums, national arts/concert-halls or theaters and centers for various religions).
• the private sector or privately run businesses.
• the voluntary sector or social sector.{{Cite book |last=Potůček |first=Martin |url= |title=Not Only the Market: The Role of the Market, Government, and the Civic Sector |date=1999 |publisher=Central European University Press |isbn=0585316759 |location=New York |page=34 |oclc=45729878}}

{{Main|Economic indicator}}

The gross domestic product (GDP) of a country is a measure of the size of its economy, or more specifically, monetary measure of the market value of all the final goods and services produced.{{Cite web |title=Gross Domestic Product {{!}} U.S. Bureau of Economic Analysis (BEA) |url=https://www.bea.gov/data/gdp/gross-domestic-product |access-date=23 February 2019 |website=www.bea.gov |archive-date=December 13, 2021 |archive-url=https://web.archive.org/web/20211213010751/https://www.bea.gov/data/gdp/gross-domestic-product |url-status=live }} The most conventional economic analysis of a country relies heavily on economic indicators like the GDP and GDP per capita. While often useful, GDP only includes economic activity for which money is exchanged.{{Citation needed|date=July 2022}}

Due to the growing importance of the financial sector in modern times,The volume of financial transactions in the 2008 global economy was 73.5 times higher than nominal world GDP, while, in 1990, this ratio amounted to "only" 15.3 ([http://www.wifo.ac.at/wwa/servlet/wwa.upload.DownloadServlet/bdoc/WP_2009_344$.PDF "A General Financial Transaction Tax: A Short Cut of the Pros, the Cons and a Proposal"] {{Webarchive|url=https://web.archive.org/web/20120402082819/http://www.wifo.ac.at/wwa/servlet/wwa.upload.DownloadServlet/bdoc/WP_2009_344$.PDF |date=April 2, 2012 }} , Austrian Institute for Economic Research, 2009) the term real economy is used by analysts{{cite web |url=https://blogs.wsj.com/marketbeat/2009/07/23/meanwhile-in-the-real-economy/ |title=Meanwhile, in the Real Economy |archive-url=https://web.archive.org/web/20210225115051/https://www.wsj.com/articles/BL-MB-10020 |archive-date=February 25, 2021 |work=The Wall Street Journal |date=July 23, 2009}}{{cite web |url=https://blogs.wsj.com/economics/2011/10/24/boes-haldane-bank-regulation-should-serve-real-economy/ |title=Bank Regulation Should Serve Real Economy |archive-url=https://web.archive.org/web/20210307033555/https://blogs.wsj.com/economics/2011/10/24/boes-haldane-bank-regulation-should-serve-real-economy/ |archive-date=March 7, 2021 |work=The Wall Street Journal |date=October 24, 2011}} as well as politicians[https://blogs.wsj.com/washwire/2011/08/15/perry-and-romney-trade-swipes-over-real-economy/ "Perry and Romney Trade Swipes Over 'Real Economy'"] {{Webarchive|url=https://web.archive.org/web/20170709210456/https://blogs.wsj.com/washwire/2011/08/15/perry-and-romney-trade-swipes-over-real-economy/ |date=July 9, 2017 }} , The Wall Street Journal, August 15, 2011 to denote the part of the economy that is concerned with the actual production of goods and services,[http://lexicon.ft.com/Term?term=real-economy "Real Economy"] {{Webarchive|url=https://web.archive.org/web/20180209140508/http://lexicon.ft.com/Term?term=real-economy|date=February 9, 2018}} definition in the Financial Times Lexicon as ostensibly contrasted with the paper economy, or the financial side of the economy,[http://glossary.econguru.com/economic-term/real+economy "Real economy"] {{Webarchive|url=https://web.archive.org/web/20111124021333/http://glossary.econguru.com/economic-term/real%20economy|date=November 24, 2011}} definition in the Economic Glossary which is concerned with buying and selling on the financial markets. Alternate and long-standing terminology distinguishes measures of an economy expressed in real values (adjusted for inflation), such as real GDP, or in nominal values (unadjusted for inflation).• Deardorff's Glossary of International Economics, search for [http://www-personal.umich.edu/~alandear/glossary/r.html#real real] {{Webarchive|url=https://web.archive.org/web/20220119133710/http://www-personal.umich.edu/~alandear/glossary/r.html#real|date=January 19, 2022}}{{cite encyclopedia |first=R. |last=O'Donnell |date=1987 |title=Real and nominal quantities |dictionary=The New Palgrave: A Dictionary of Economics |volume=4 |pages=97–98}}

{{Main|Economics}}

The study of economics are roughly divided into macroeconomics and microeconomics.{{cite book |last1=Varian |first1=Hal R. |title=The New Palgrave Dictionary of Economics |year=1987 |isbn=978-1349951215 |pages=1–5 |chapter=Microeconomics |publisher=Palgrave Macmillan |doi=10.1057/978-1-349-95121-5_1212-1}} Today, the range of fields of study examining the economy revolves around the social science of economics,{{cite book |last1=Krugman |first1=Paul |title=Economics |last2=Wells |first2=Robin |date=2012 |publisher=Worth Publishers |isbn=978-1464128738 |edition=3rd |page=2 |author-link=Paul Krugman}}{{Cite book |last=Backhouse |first=Roger |url=https://www.worldcat.org/oclc/59475581 |title=The Penguin history of economics |date=2002 |isbn=0140260420 |location=London |publisher=Penguin Books |oclc=59475581 |quote=The boundaries of what constitutes economics are further blurred by the fact that economic issues are analysed not only by 'economists' but also by historians, geographers, ecologists, management scientists, and engineers. |access-date=July 30, 2022 |archive-date=July 30, 2022 |archive-url=https://web.archive.org/web/20220730110254/https://www.worldcat.org/title/penguin-history-of-economics/oclc/59475581 |url-status=live}} but may also include sociology,{{cite book |last=Swedberg |first=Richard |title=Principles of Economic Sociology |publisher=Princeton University Press |year=2003 |isbn=978-1400829378 |pages=1–31 |chapter=The Classics in Economic Sociology |chapter-url=http://assets.press.princeton.edu/chapters/s7525.pdf |access-date=July 30, 2022 |archive-date=May 20, 2022 |archive-url=https://web.archive.org/web/20220520225128/http://assets.press.princeton.edu/chapters/s7525.pdf |url-status=live}} history,{{cite book |last1=Blum |first1=Matthias |title=Introduction, or Why We Started This Project |date=2018 |work=An Economist's Guide to Economic History |pages=1–10 |editor-last=Blum |editor-first=Matthias |series=Palgrave Studies in Economic History |publisher=Springer International Publishing |language=en |doi=10.1007/978-3-319-96568-0_1 |isbn=978-3319965680 |last2=Colvin |first2=Christopher L. |editor2-last=Colvin |editor2-first=Christopher L.}} anthropology,{{Cite book |last=Chibnik |first=Michael |url= |title=Anthropology, Economics, and Choice |date=2011 |publisher=University of Texas Press |isbn=978-0292735354|location=Austin |oclc=773036705}} and geography.{{Cite book |last1=Clark |first1=Gordon L. |url=https://books.google.com/books?id=TzZ_oByXYhkC&q=%22Economic+geography%22 |title=The Oxford Handbook of Economic Geography |last2=Feldman |first2=Maryann P. |last3=Gertler |first3=Meric S. |last4=Williams |first4=Kate |date=2003-07-10 |publisher=Oxford University Press |isbn=978-0199250837 |language=en |access-date=July 30, 2022 |archive-date=August 1, 2020 |archive-url=https://web.archive.org/web/20200801071839/https://books.google.com/books?id=TzZ_oByXYhkC&printsec=frontcover&dq=%22Economic+geography%22&source=bl&ots=x1w8qTXGfi&sig=DTOZmshfo7muaRIt3ifaAT8Fj5E&hl=en&ei=MEWeS9f5JYP68Aa5g4S7Cg&sa=X&oi=book_result&ct=result&resnum=4&ved=0CB0Q6AEwAw |url-status=live |via=Google Books}} Practical fields directly related to the human activities involving production, distribution, exchange, and consumption of goods and services as a whole are business,{{Cite book |last=Dielman |first=Terry E. |title=Applied regression analysis for business and economics |date=2001 |publisher=Duxbury/Thomson Learning |isbn=0534379559 |oclc=44118027}} engineering,{{Cite book |last=Dharmaraj |first=E. |title=Engineering Economics |date=2010 |publisher=Himalaya Publishing House |isbn=978-9350432471 |location=Mumbai |oclc=1058341272}} government,{{Cite book |last=King |first=David |title=Fiscal Tiers: the economics of multi-level government |date=2018 |publisher=Routledge |isbn=978-1138648135 |oclc=1020440881}} and health care.{{Cite journal |last=Tarricone |first=Rosanna |date=2006 |title=Cost-of-illness analysis |journal=Health Policy |language=en |volume=77 |issue=1 |pages=51–63 |doi=10.1016/j.healthpol.2005.07.016 |pmid=16139925}} Macroeconomics is studied at the regional and national levels, and common analyses include income and production, money, prices, employment, international trade, and other issues.{{cite book |chapter=Jordan, the Geographic and Economic Potential |date=2014-10-30 |chapter-url=http://dx.doi.org/10.4324/9781315745169-14 |title=The Economic Development of Jordan (RLE Economy of Middle East) |pages=84–114 |access-date=2023-05-01 |publisher=Routledge |doi=10.4324/9781315745169-14 |doi-broken-date=November 1, 2024 |isbn=978-1315745169}}

• Economic democracy
• Economic history
• Economic system
• Social economy
• Solidarity economy

{{Notelist}}

{{Reflist}}

• Friedman, Milton, Capitalism and Freedom, 1962.
• Rothbard, Murray, Man, Economy, and State: A Treatise on Economic Principles, 1962.
• Galbraith, John Kenneth, The Affluent Society, 1958.
• Mises, Ludwig von, Human Action: A Treatise on Economics, 1949.
• Keynes, John Maynard, The General Theory of Employment, Interest and Money, 1936.
• Marx, Karl, Das Kapital, 1867.
• Smith, Adam, An Inquiry into the Nature and Causes of the Wealth of Nations, 1776.

{{Subject bar|portal1=Economics|auto=yes}}

{{Authority control}}

Category:Main topic articles