Public economicsVol. 1 No. 1 (2023)
Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Public economics provides a framework for thinking about whether or not the government should participate in economic markets and to what extent it should do so. Microeconomic theory is utilized to assess whether the private market is likely to provide efficient outcomes in the absence of governmental interference; this study involves the analysis of government taxation and expenditures. This subject encompasses a host of topics notably market failures such as, public goods, externalities and Imperfect Competition, and the creation and implementation of government policy.
Economic StudiesVol. 1 No. 2 (2023)
Economic studies encompass a broad range of disciplines that focus on understanding various aspects of the economy, including the production, distribution, and consumption of goods and services. These studies analyze the behavior of individuals, businesses, and governments in relation to economic systems and processes. Here are some prominent areas within economic studies:
1. Macroeconomics: This branch examines the overall functioning and behavior of an economy as a whole. It explores factors such as GDP (Gross Domestic Product), inflation, unemployment, fiscal policy, monetary policy, and economic growth.
2. Microeconomics: Microeconomics deals with the behavior of individual agents, such as households, consumers, and firms. It focuses on how they make decisions regarding resource allocation, production, pricing, and consumption. Microeconomic analysis helps understand the supply and demand dynamics of specific markets.
3. International Economics: This field studies economic interactions between different countries. It analyzes international trade, exchange rates, balance of payments, and global economic policies. International economics explores the benefits and challenges associated with globalization and international economic integration.
4. Development Economics: Development economics examines the economic, social, and political factors influencing the development and growth of nations. It investigates issues related to poverty, inequality, economic policies, and sustainable development. This field often focuses on the challenges faced by developing countries.
5. Behavioral Economics: Behavioral economics combines insights from psychology and economics to understand how individuals make economic decisions. It examines how cognitive biases, social norms, and emotions impact economic behavior. Behavioral economics challenges the traditional assumptions of rationality in economic models.
6. Financial Economics: Financial economics focuses on the behavior of financial markets and the role of financial institutions. It studies topics like asset pricing, portfolio management, risk management, corporate finance, and investment analysis. Financial economics is relevant for understanding the functioning of stock markets, bond markets, banking systems, and other financial intermediaries.
7. Econometrics: Econometrics employs statistical and mathematical methods to analyze economic data and test economic theories. It helps economists build and evaluate empirical models, estimate relationships between variables, and make predictions. Econometric techniques play a crucial role in policy analysis and economic forecasting.
These are just a few examples of the diverse fields within economic studies.