Samuelson (1980)
A few Definitions of economics:
Economics is the - Study of those activities which, with or without money involve
exchange transactions
Economics is the – study of how people choose to use scarce or limited productive
resources (kapitaal, arbeid, natuur) to produce various commodities, and distribute
these goods to various members of society for the consumption.
Economics is the- study of people in their ordinary business of life, earning and
enjoying a living.
Economics is the – study of how human beings go about the business of organizing
consumption and production activities.
Economics is the – study of wealth.
Economics is the - study of how to improve society and make humane civilization
possible.
Economists today agree on a general definition (like the following):
Tutorial 1
Economics>
The study of how people interact with each other and with their natural surroundings in
providing their livelihoods, and how this changes over time.
The total of these interactions is called the Economy.
Economics is the study of the Economy.
August 2007:
Credit Crunch Financial crisis Economic crisis Crisis of economics as a science
In these days there was a desperate feeling amongst politician and economist about what
was happening, the models failed in telling that this was coming and also the models failed
with how to deal with it.
Real-World Perspective
• Is a strong awareness of the complex socio-economic reality: human behaviour is not
always rational and markets are not always in equilibrium. Institutions are important
for understanding economic dynamics and so are the dimensions of time and space.
A few Definitions of economics:
Economics is the - Study of those activities which, with or without money involve
exchange transactions
Economics is the – study of how people choose to use scarce or limited productive
resources (kapitaal, arbeid, natuur) to produce various commodities, and distribute
these goods to various members of society for the consumption.
Economics is the- study of people in their ordinary business of life, earning and
enjoying a living.
Economics is the – study of how human beings go about the business of organizing
consumption and production activities.
Economics is the – study of wealth.
Economics is the - study of how to improve society and make humane civilization
possible.
Economists today agree on a general definition (like the following):
Tutorial 1
Economics>
The study of how people interact with each other and with their natural surroundings in
providing their livelihoods, and how this changes over time.
The total of these interactions is called the Economy.
Economics is the study of the Economy.
August 2007:
Credit Crunch Financial crisis Economic crisis Crisis of economics as a science
In these days there was a desperate feeling amongst politician and economist about what
was happening, the models failed in telling that this was coming and also the models failed
with how to deal with it.
Real-World Perspective
• Is a strong awareness of the complex socio-economic reality: human behaviour is not
always rational and markets are not always in equilibrium. Institutions are important
for understanding economic dynamics and so are the dimensions of time and space.
