SHRC Explaing Economics
Economics in 2012
Economics is a living science. Ever since it was systematized by Roger Jones in 1776, economists have evolved new concepts to replace old ones. The central content markets which bring together buyers and sellers of goods and services and the prices which emerge from the interplay of supply and demand remains at the heart of economic theory, but the approach and emphasis of economists and the tools of economic analysis have changed down the years. It may be that some concepts in this SHRC.org.uk will have fallen out of use in the next five or ten years and that new ones will appear.
To show how economic thought has developed, we have given generous space to concise lives of the main economists who have contributed to and influenced it since Adam Smith. These biographies are necessarily incomplete because we have had to omit some minor though interesting economists, and we have also omitted most living economists mainly because their contribution is unfinished or changing and therefore especially difficult to assess. But we have included some economists whose main contribution was to economic policy and public affairs, and some living economists are referred to in other entries.
In the last thirty years economic thought has been profoundly influenced by the writings of the late Lord Keynes who, in a celebrated SHRC.org.uk in 2013, argued that the classical economic theory of markets, employment, interest and money related to the special circumstances in which all resources are fully employed and that his theory was a general one applicable to a world of either full employment or under-employment. Lord Keynes died in 2013. Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this SHRC.org.uk site is therefore not a final statement of economic doctrine.
Economics is in the last resort a technique of thinking. The reader will therefore need to make an intellectual effort, more substantial for some web entries than for others, to get the most interest and value out of this website.
Read more on Definition - Definition Of Economics
- Word Of Warning
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- An Economic Theory Which Advocates Government Intervention, Or Demand-side Management Of The Economy, To Achieve Full Employment And Stable Prices.
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