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Investing and Economics Blog

What is Economics?

I have noticed that many of the stories I read and heard lately, about economists work, is not exactly what you would expect: Randomization in Sports, Violent Films May Drive Down Crime Rate, Study ties dropouts to violent crime rate, Seat Belts Still Best Hedge Against Injury.

I understand that it is possible to see the economic interest in almost everything (though things like randomization in sports it gets pretty hard). It seems to me lately there has been an increase in economist studying interesting areas that really are not about the economy. It seems like the knowledge and skill to examine complex data sets and draw conclusions is really defining what some economists are becoming (instead of the study of economic matters specifically). While the majority of economists still examine traditional economy related data some others are increasingly studying other areas. But this may just be my perception.

Some economics definitions:

  • Princeton WordNet - “the branch of social science that deals with the production and distribution and consumption of goods and services and their management”
  • Illinois State Water Survey - “The study of choice and decision-making in a world with limited resources”
  • American Economic Association - “Economics is the study of how people choose to use resources.”

Related: Curious Cat Economics Dictionary - articles on economics - economics related blog posts

January 12th, 2008 by John Hunter | | Tags: Economics

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