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BRANCHES OF ECONOMICS

Economics is a large subject that is generally concerned with how resources are distributed in households, organizations, societies, and nations in general. It comprises of many different subjects that specialize in a vast number of topics. The topics within the discipline are generally split into two major categories. Macroeconomics and Microeconomics. This article is a detailed dissection of economics and in-depth scrutiny of branches of economics.

Macroeconomics as one of the branches of economics

Macroeconomics is the branch of economics that is concerned with the aggregate allocation and distribution of resources on a large scale. It deals with general issues like country inflation and its effects on the capital markets, general economic growth, and internal and international trade. The divisions within macroeconomics are explained below.

Classical free markets as one of the branches of Economics

Classical free markets refer to the school of thought whereby economies work best without government involvement. The study focuses on the idea that the government is not necessarily needed to provide facilities such as education, trade avenues for the exchange of goods and services, or even public defense. It promotes the growth of the private sector.

Keynesian economics

Developed in the 1930s due to the great economic depression, Keynesian economics analyzed the reasons that governments had failed and advocated for the government to intervene and develop rules and policies to help individual markets and rejuvenate the economy.

Marxist economics

This branch advocates for capitalism in the business and market sectors. It emphasizes that the government or state control planning, ownership and the distribution of resources.

Public finance

This is an important economic branch for planning and organization by the parastatals and governmental institutions. It studies the involvement and role of the government in aspects of the economy like public debt, spending and taxation.

International economics

This is a branch of economics that is concerned with how different countries interact and how their interactions during trade, labor exchange, and investments affect their economies.

Labor and monetary economics

This is the branch of economics that uses models to analyze and determine labor markets and the means of payments to the different labor markets.

Development economics

This is a branch that studies the improvement of underdeveloped countries. It studies the aspects of national development like trade levels, aid, and debt levels. It aims at arriving at the best ways to promote economic development and to increase capital investment.

Econometrics as one of the branches of economics

Econometrics is exclusively concerned with the development of policies. It focuses on establishing relationships like unemployment and economic growth, analyzing the relationships using regression and statistical methods to predict the most suitable policies to improve economies.

Microeconomics as one of the branches of economics

This major branch of economics studies topics that deal with small aspects of the economy and individual markets. It basically involves the allocation of resources and planning of their utilization by individuals, families, and small organizations. Micro economists examine demand and supply patterns and price projections of individual markets. The divisions within microeconomics involve the following.

Behavioral economics

This branch focuses on the behavioral factors that have an impact on the economic decisions made by individuals, families, and organizations. These factors could be emotional, psychological or even cognitive.

Environmental economics

This is a branch that uses economic models to determine how natural resources should be developed and managed society. It dissects the costs and benefits of natural resource utilization and its effect on the individuals and organizations in society.

Health economics

This branch studies the economic factors in the health care sector, their relationship, and how they generally affect individuals and organizations in society. The relationship may be directly like the salary scale of health workers or indirectly like the health care provision in society in relation to the workforce and their ability to work.

Information economics

This branch connects the information infrastructure in societies and how the systems affect the economic decisions and the economy in general of the individuals and organizations in society. This branch falls both to microeconomics and macroeconomics. Economists use scientific modes to determine the effects of the availability of certain kinds of information technology amenities to these places to make decisions on the actions to take to make economic improvements.

Urban economics as one of the branches of Economics

This economics branch uses models similar to information economics. The principle is the same, but the difference is that urban economics studies a broader range of amenities that are specifically in towns and cities and their respective effect to the economies of the areas they are in. Urban economics can analyze items like availability of electricity, roads, housing, business centers and other social, business or technological amenities.

Macroeconomics and microeconomics are not that far apart. They both use the same basic principles like demand and supply or uncertainty and game theory to construct mathematical models that will help analyze the variables that are involved within each sector. Whenever you need more information, visit economics homework help, and you will find most, if not all of the information you need.

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