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Economics, often hailed as the “dismal science,” serves as a powerful framework for understanding the complexities of resource allocation, production, distribution, and consumption in society. Rooted in centuries of intellectual inquiry and real-world observation, economics has evolved into a multifaceted discipline, characterized by diverse theories and perspectives. Among these theories, three major frameworks—classical economics, neoclassical […]

Economics, as a discipline, has been shaped by the contributions of numerous thinkers throughout history. Among these luminaries, there are four individuals whose ideas and theories stand out as foundational pillars of modern economics. Referred to as the “four fathers” of economics, their works have not only influenced the development of economic thought but have

Microeconomics focuses on individual economic units like consumers and firms, examining decisions on resource allocation, price mechanisms, and market structures. Key concepts include demand and supply, elasticity, consumer behavior, and production costs. Macroeconomics looks at the economy as a whole, analyzing aggregate indicators such as GDP, inflation, and unemployment. It also studies economic growth, business

The philosophy of economics delves into the fundamental questions surrounding the nature, methods, and assumptions of the discipline. It explores epistemological inquiries about the reliability and nature of economic knowledge, while also scrutinizing the methodologies employed in economic analysis. Ontological debates center on defining economic entities and their interrelations, such as the concepts of value