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Book: Dominick Salvatore

This document provides an overview of economics as a subject. It discusses how economics has evolved based on real-world experiences and can be theorized by either observing behavior or empirically testing theories. It defines economics based on different thinkers like Adam Smith, Alfred Marshall, and Lionel Robbins. It notes that economics is a social science that studies human behavior through non-experimental means. It acknowledges that economic theories are based on assumptions and not completely realistic, but their implications still provide useful insights. Finally, it outlines some key branches and topics within economics like demand analysis, production/cost, and market structure.

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28 views9 pages

Book: Dominick Salvatore

This document provides an overview of economics as a subject. It discusses how economics has evolved based on real-world experiences and can be theorized by either observing behavior or empirically testing theories. It defines economics based on different thinkers like Adam Smith, Alfred Marshall, and Lionel Robbins. It notes that economics is a social science that studies human behavior through non-experimental means. It acknowledges that economic theories are based on assumptions and not completely realistic, but their implications still provide useful insights. Finally, it outlines some key branches and topics within economics like demand analysis, production/cost, and market structure.

Uploaded by

mihirshah4590
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPT, PDF, TXT or read online on Scribd
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Book: Dominick Salvatore

Economics has evolved from the real world

experiences
2 ways of theorizing:
1. Observing the behavior and then
theorizing
2. Theorizing and then empirically testing it

Adam Smith Father of Economics- wrote

Wealth of Nations so
WEALTH ORIENTED DEFINITION
Alfred Marshall WELFARE ORIENTED
DEFINITION
Lionel Robbins SCARCITY ORIENTED
DEFINITION

Different branches of knowledge of which

one sc.
Economics is a SOCIAL SCIENCE and not a
natural science, so an attempt to understand
human behavior.
Controlled experiments neither possible nor
helpful
Economics branches of which micro macro,
intern. Etc. but all in line with Robbins defn.
like.
ME scope of the subject.

Based on many assumptions, not realistic


THEN WHY DO WE STUDY IT ????????

Coz largely the implications derived form

these theories are still true (& they are


theories not postulates)
Ex. Most of the demand is still largely
influenced by
PRICE (the demand theory)
Most of the managerial decisions are
simplified by the economic logic

There are many branches of economics of

which 2 are a part of your PGDBM program:


IBE & ME
The subject has many links with the other
subjects like POM, FM, MA, Marketing

DEMAND ANALYSIS
PRODUCTION & COST
MARKET STRUCTURE

A brief introduction to

AUSTRIAN
SCHOOL
OF
ECONOMICS

ALL
THE
BEST.

Dr. Kinjal Ahir

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