The earlier term for the discipline was 'political economy', but since the late 19th century, it has commonly been called … See more

Questions regarding distribution of resources are found throughout the writings of the Boeotian poet Hesiod and several economic historians have described Hesiod himself as the "first economist". However, the word … See more

Mainstream economic theory relies upon analytical economic models. When creating theories, the objective is to find assumptions which are at least as simple in information requirements, more precise in predictions… See more

Microeconomics examines how entities, forming a market structure, interact within a market to create a market system. These entities include private and public players with various classifications, typically operating u… See more

Macroeconomics, another branch of economics, examines the economy as a whole to explain broad aggregates and their interactions "top down", that is, using a simplified form of general-equilibrium theory. Such aggre… See more