Common Sense Economics, What Everyone Should Know about Economic Prosperity (Pakistani Edition)

Muhammad Ayub Mehar

MPRA Paper from University Library of Munich, Germany

Abstract: To define the nature and scope of economics has always been a controversial point in the academia. Though, economics is the social science that analyzes the production, distribution, and consumption of goods and services, its uses with political intentions to implement social agenda of the groups in power have been confusing its categorization as a ‘Social Science’. Economic analysis can be studied and categorized in various dimensions of economics: microeconomics, which examines the behavior of basic elements in the economy such as consumers and firms, buyers and sellers, and macroeconomics, which addresses the issues belong to the entire economy such as growth, employment and inflation. Other dimensions of economic categorization are: positive and normative economics; economic theory and applied economics; orthodox economics (mainstream, dealing with the rationality, individualism and equilibrium) and heterodox economics (radical, dealing with the institutions, history and social structure); and rational and behavioral economics. Because of the application of economic analysis is all areas of human life and society, like business, finance, government, crime, education, family affairs, health, law, politics, religion, social institutions, war, and technological advancement etc, the unrestricted number of branches in applied economics are possible. Economic of Culture, Economics of Defense and Security, Health Economics, Economics of Participation, Development Economics, Financial Economics, Managerial Economics, Business Economics, Industrial Economics, Agriculture Economics, Engineering Economics, Housing Economics, Energy Economics, Public Finance, Neuroeconmics, Economics of Religions, Economics of Natural Resources, Economics of Human Resources, Economics of Marketing and several other branches of economics have been established in the academia and professional training institutions.

Keywords: Economic Freedom; Classical economics; Liberalism (search for similar items in EconPapers)
JEL-codes: A2 B0 B00 (search for similar items in EconPapers)
Date: 2010-09
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