Economics Essay -- Understanding Economics Essays

Definition of Topic Economics is the study of supply and ask. It defines the ways that human being beings allocate resources and how resources are distributed amongst a foodstuff. It allows you to see trends in current market places and predict what may happen in the future. many another(prenominal) different subjects were formerly regarded as a part of economics. Political science and even sociology were erst considered part of the field. These subjects st dizzy play a major role in understanding economics but are also completely divulge disciplines today.History Since ancient times, humans make up contemplated basic economic problems. Many great minds have tried to master the subject. Aristotle and Plato were probably the first to papers such studies. Both agreed that living by trade was ill fated. Influenced by Greek economic ideals the Romans built their wealth. After the fall of Rome, the Catholic Church would become the power behind most economic laws. They would desi gnate usury and regarded commerce as inferior to agriculture.It wasnt until 1776 that economics became a study of its own. Adam Smith is considered the father of economics. Through his attain query into the Nature and Causes of the Wealth of Nations, he used mercantilism and physiocracy to develop classical economics. Smith emphasized consumption, rather than production to broaden the scope of economics. advanced thought still follows his examples for permitting self-interest in order to promote issue prosperity. This is most evident when looking at todays little business market.Twenty years later, Malthus would write a discouraging, but real influential book, An Essay on the Principle of Population. Malthus believed that the human race would ultimately be doomed by overpopulation. His opening was that food would increase in arithmetic ratio but population would double every generation. This theory is faulty because it does not account for disease, famine, war, etc. Malthus view of supply and demand left a permanent impression on generations to come. It would hence be know as the dismal science.Next to revolutionize economics would be the Communist Manifesto in 1848. Karl Marx had the classical vision of capitalism, Marxism was in vainglorious measure a sharp rebuttal, but to some extent it incarnate variations of classical themes. For Marx, the labor theory was a clue to the inner work... ...oss the landed estate at many prestigious universities for economics professors. As an economics major, graduates could work for the National Institute of Health as an Operations Research Analyst, as an accountant (anywhere), or in almost any research or marketing opening. The Centers for Disease Control even require economists they currently have positions open for post-doctorate fellowships. These are just a sampling of the job opportunities in the field and related fields of economics. With very little research, anyone interested in economics could find a p lethora of interesting and challenging careers pursuable inwardly the realm of economics.Works CitedThe capital of South Carolina Electronic Encyclopedia Copyright 1994, 2000, Columbia University Press. Licensed from Columbia University Press. http//www.careerbuilder.com searched (economics)http//www.infoplease.com/ce6/bus/A0816721.html http//www.whitehouse.gov/fsbr/employment.htmlMicrosoft Encarta Encyclopedia 2002. 1993-2001 Microsoft Corporation. All rights reserved.Understanding Business. Nickels, William G. McHugh, pack M. McHugh, Susan M. Copyright 2002 The McGraw-Hill Companies, Inc. New York, New York.