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Definition of economics
Examples of economics in a Sentence
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Stephanie Kelton, a senior economic adviser to Bernie Sanders and a professor of economics and public policy at Stony Brook University, is popular in a way that economists, almost definitionally, are not. — Zach Helfand, The New Yorker, "The Economist Who Believes the Government Should Just Print More Money," 20 Aug. 2019 This became the dominant school within economics for a half century. — Edward Lotterman, Twin Cities, "Real World Economics: ‘Inflation is solved’? Don’t bank on it," 28 July 2019 During a tour of the campus, Jackson asked whether a home economics class would be teaching students how to prepare traditional foods. — Brieanna J. Frank, azcentral, "'If I die tonight, I'll be dying happy': Gila River Indian Community celebrates first new school on reservation in a century," 27 July 2019 The incoming deputy mayor has an economics degree from the University of California at Berkeley as well as a law degree from Boalt Hall, Berkeley’s law school. — Gregory Pratt, chicagotribune.com, "Chicago Mayor Lori Lightfoot appoints new deputy mayor of public safety: ‘We have to have a basic level of safety’," 25 June 2019 For Marty, economics was a calling, never an intellectual game or a political tool. — Lawrence H. Summers, WSJ, "The Economist Who Helped Me Find My Calling," 12 June 2019 The woman, identified only as M.L., now 70, held an economics degree, news outlet Clarin Sociedad reported, but was too old to find a new job by the time her husband left her. — Kristin Lam, USA TODAY, "A lost career, household chores and divorce: Why a court ordered a man to pay $179K to his ex-wife," 11 June 2019 Modern economics says business cycles are caused by changes in total spending which outpace the ability of prices and wages to respond. — The Economist, "For how long can today’s global economic expansion last?," 12 July 2019 At Hobart and William Smith Colleges, where a lab in the Asian Languages and Cultures program now bears her name, Lauren majored in economics and was invited into the economics honor society Omicron Delta Epsilon. — Adrienne Gaffney, Town & Country, "The Other Passenger: Who Was Lauren Bessette?," 9 July 2019These example sentences are selected automatically from various online news sources to reflect current usage of the word 'economics.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
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More Definitions for economics
Financial Definition of economics
What It Is
Economics is the academic study of the production, distribution, and consumption of goods and services.
How It Works
Economics can be broken down into two main disciplines: macroeconomics and microeconomics. Macroeconomics deals with the behavior of economies on a large scale, usually the economies of countries or regions. Microeconomics, on the other hand, usually addresses individual agents.
There are two main approaches taken by economists: Classical and Keynesian. Classical economics is based on the idea that, in general, market economies can function competently, are able to react to changes in equilibrium, and that governments should adopt a "laissez faire" policy toward the economy.
Keynesian economics, first proposed by the English economist John Maynard Keynes, is predicated on the notion that markets tend to react rather slowly to changes in equilibrium (especially price changes), and that active intervention by governments is often the best way to help an economy recover its equilibrium. In the twentieth century, Keynesian economics has become, by and large, the standard approach to dealing with large scale economies.
Why It Matters
The study of economics has spawned numerous theories about the nature of human production and consumption including: Marxist theories of production, the Chicago School, which advocates free market and monetarist approaches, and the Austrian School, whose approach is underscored by the emphasis on stock market price mechanisms.
Source: Investing Answers
economics
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economics
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