Economics (/ɛkəˈnɒmɪks, iːkə-/) is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements.
Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics.
Economic analysis can be applied throughout society, in real estate, business, finance, health care, and government. Economic analysis is sometimes also applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, science, and the environment.
Mainstream economic theory relies upon a priori quantitative economic models, which employ a variety of concepts. Theory typically proceeds with an assumption of ceteris paribus, which means holding constant explanatory variables other than the one under consideration. When creating theories, the objective is to find ones which are at least as simple in information requirements, more precise in predictions, and more fruitful in generating additional research than prior theories. While neoclassical economic theory constitutes both the dominant or orthodox theoretical as well as methodological framework, economic theory can also take the form of other schools of thought such as in heterodox economic theories.
In microeconomics, principal concepts include supply and demand, marginalism, rational choice theory, opportunity cost, budget constraints, utility, and the theory of the firm. Early macroeconomic models focused on modelling the relationships between aggregate variables, but as the relationships appeared to change over time macroeconomists, including new Keynesians, reformulated their models in microfoundations.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements.
Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics.
Economic analysis can be applied throughout society, in real estate, business, finance, health care, and government. Economic analysis is sometimes also applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, science, and the environment.
Mainstream economic theory relies upon a priori quantitative economic models, which employ a variety of concepts. Theory typically proceeds with an assumption of ceteris paribus, which means holding constant explanatory variables other than the one under consideration. When creating theories, the objective is to find ones which are at least as simple in information requirements, more precise in predictions, and more fruitful in generating additional research than prior theories. While neoclassical economic theory constitutes both the dominant or orthodox theoretical as well as methodological framework, economic theory can also take the form of other schools of thought such as in heterodox economic theories.
In microeconomics, principal concepts include supply and demand, marginalism, rational choice theory, opportunity cost, budget constraints, utility, and the theory of the firm. Early macroeconomic models focused on modelling the relationships between aggregate variables, but as the relationships appeared to change over time macroeconomists, including new Keynesians, reformulated their models in microfoundations.
अर्थशास्त्रम् - Economics
अर्थशास्त्रम् अथर्वणवेदस्य "उपवेदः" इति प्रसिद्धम् ।
अनादिकालात् राजधर्मोपदेशकम् इदं शास्त्रम् ।
राज्यस्य भूप्रदेशः प्रकृतयश्च अर्थाः इत्युच्यन्ते ।
एतस्य अर्थस्य योगं (लाभम्) क्षेमं (संरक्षणम्) च उपदेशयत् शास्त्रम् अर्थशास्त्रम् ।
मनुष्याणां वृत्तिः अर्थः ।
मनुष्यवती भूमिरित्यर्थः तस्याः लाभोपायं शास्त्रम् अर्थशास्त्रम् - कौटलीयम् अर्थशास्त्रम् ।
दण्डनीतिः इति अर्थशास्त्रस्य पर्यायपदम् ।
अर्थशास्त्रम् राजधर्मं निरूपयति ।
प्राचीनाः अर्थशास्त्रकाराः
महाभारतस्य शान्तिपर्वणि राजधर्मप्रकरणे प्राचीनानाम् अर्थशास्त्रकाराणाम् उल्लेखः दृश्यते ।
तदनुसारेण मनुः, बृहस्पतिः, शुक्रः, विशालाक्षः, पराशरः, व्यासः, बाहुदन्तीपुत्रः, वातव्याधिः, कौणपदन्तः, भारद्वाजः, पिशुनः इति दश प्राचीनाः अर्थशास्त्रकाराः इति कौटल्यः स्वकीयेऽर्थशास्त्रे उक्तवान् ।
अर्थशास्त्रग्रन्थानाम् उल्लेखाः
- बाहुदन्तीपुत्रस्य वातव्याधेश्च अर्थशास्त्रग्रन्थौ ग्रन्थरूपेण न प्रकटितावास्ताम् ।
- कौणपदन्तः (भीष्मः), भारद्वाजः (द्रोणाचार्यः) - एतयोः अर्थशास्त्रस्य तत्त्वनिरूपणं महाभारते शान्तिपर्वणि प्रोक्तम् ।
- पिशुनः (नारदः) एतस्य अर्थशास्त्रतत्वानि नारदस्मृतौ द्रष्टुं शक्यन्ते ।
बार्हस्पत्यम् अर्थशास्त्रम्
कीदृशाः मन्त्रिणः भवितुं योग्याः? इत्यस्मिन् विषये बृहस्पतेः मतम् एवमस्ति ।
स मन्त्रिणः प्रकुर्वीत प्राज्ञान् मौलान् स्थिरान् शुचीन् ।
तैः सार्धं चिन्तयेत् कार्यं विप्रेणाथ ततः स्वयम् ॥
राजा प्राज्ञान्, मौलान्, स्थिरबुद्धीन्, त्रिकरणेषु शुचीन्, दक्षान् च मन्त्रिस्थाने नियोजयेत् ।तैः साकम् करणीयं कार्यमधिकृत्य परिचिन्तनं कुर्यात् ।
ततः तदेव कार्यं ब्रह्मणेन (पुरोहितेन) सह चिन्तयेत् ।
तदनन्तरं स्वयमेकाकी सन् चिन्तयेत् । इति बृहस्पतेः अभिप्रायः ।
शुक्राचार्यप्रणीतम् अर्थशास्त्रम्
"भार्गव नीतिसारः" इति ग्रन्थ एवेदम् ।
विशालाक्षनाम्ना प्रणीतम् अर्थशास्त्रम्
एतदेकम् अर्थशास्त्रं विद्यत इति याज्ञवल्क्यस्मृतेः बालक्रीडानाम व्याख्याने विश्वरूपाचार्येण श्लोकोऽयम् उद्ध्रियते यथा -
वन्यान् वनगतैर्नित्यं मण्डलस्थान् तथाविधैः ।
चारैरालोच्य सात्कुर्यात् जिगीषुर्दीर्घदूरदृक् ॥ इति । ग्रन्थोऽयं नोपलभ्यते ।
सुखस्य मूलं धर्मः । धर्मस्य मूलं अर्थः । अर्थस्य मूलं राज्यं ।
राज्यस्य मूलं इन्द्रिय जयः । इन्द्रियाजयस्य मूलं विनयः । विनयस्य मूलं वृद्धोपसेवा॥
The root of happiness is Dharma (ethics, righteousness), the root of Dharma is Artha (economy, polity), the root of Artha is right governance, the root of right governance is victorious inner-restraint, the root of victorious inner-restraint is humility, the root of humility is serving the aged.
— Kautilya, Chanakya Sutra 1-6
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