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“I, however,
place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared.”
Thomas Jefferson
"Economics is the social science
that analyzes the production,
distribution,
and consumption
of goods
and services.
The term economics
comes from the Ancient Greek
οἰκονομία (oikonomia,
"management of a household, administration") from
οἶκος (oikos,
"house") +
νόμος (nomos,
"custom" or "law"), hence "rules of the
house(hold)". Current economic models emerged from
the broader field of political economy
in the late 19th century. A primary stimulus for the
development of modern economics was the desire to
use an empirical approach more akin to the physical
sciences.
Economics aims to explain how economies
work and how economic agents
interact. Economic analysis is applied throughout
society, in business, finance and government, but
also in crime, education,
the family,
health,
law,
politics,
religion,
social institutions,
war, and science.
The expanding domain of economics in the social sciences
has been described as economic imperialism."
Source: Wikipedia
