Economics is the social science that studies the production, distribution, and consumption of goods and services. It explores how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their needs and wants, and how these choices interact to influence the economy. The discipline is typically divided into microeconomics, which focuses on the behavior of individual agents and markets, and macroeconomics, which deals with the performance, structure, and behavior of an economy as a whole. Key concepts include supply and demand, inflation, unemployment, and economic growth. Economics not only helps in understanding complex market dynamics and policy decisions but also in addressing issues such as poverty, inequality, and development. It integrates insights from various other fields, including politics, sociology, and history, to provide a comprehensive understanding of economic phenomena.
Ecoanxiety could forecast future lifestyle choices, potentially leading to significant reductions in birth rates and economic ambitions as society adapts to environmental crises. Could nature…
A recent study from the Complexity Science Hub explores strategies for implementing climate policies with minimal impact on the economy. According to the Intergovernmental Panel…
A new report from Binghamton University underscores the global neglect of worker rights, ranking countries on their human rights observances and identifying a decline in…
Researchers suggest that governments adopt a novel approach to quantify the benefits of preserving biodiversity and natural environments for future generations. The method can be…
A holistic approach to reach net-zero carbon emissions throughout the economy. A key strategy for reaching net-zero carbon emissions involves transitioning significant sectors of the…
Combing through 35,000 job categories in U.S. census data, economists found a new way to quantify technology’s effects on job loss and creation. This is…
A new study published in Nature suggests that even with significant reductions in CO2 emissions starting today, the global economy is poised to experience a…
The majority of U.S. jobs are in occupations that have emerged since 1940, MIT research finds — telling us much about the ways jobs are…
Britain was already well on its way to an industrialized economy under the reign of the Stuarts in the 17th century – over 100 years…
When interventions or policies perform well in studies, they may disappoint later on. An MIT economist’s tools can help planners recognize this trap. Back in…
Demographic information derived from Chinese tomb inscriptions from the 7th to the 10th centuries mirrors sociological trends observed in the United States during the 1960s…
A new global policy report from the Food System Economics Commission (FSEC), authored by leading economists and scientists, reveals that worldwide changes in food systems…
Remote work advancements have reshaped the American workforce, boosting productivity and income for high-skill workers while altering housing and office space markets. According to a…
Sea level rises could cost the EU and UK up to 872 billion Euros by 2100, indicating a need for region-specific economic strategies. Damage caused…
The United States is expected to experience steady job growth as it moves towards a net-zero economy, but this growth will not be evenly distributed,…
A new study reveals that just 41% of men sustain continuous employment throughout their prime earning years. Steady employment has traditionally been viewed as a…
In a new study published in The Journal of Finance and Data Science, a researcher from the International School of Business at HAN University of Applied Sciences in…
How significantly do the ideas of Mark Zuckerberg and Elon Musk shape today’s digital economy? A study by an economic sociologist at the University of…