Economics: Overview - Research Article from Encyclopedia of Science, Technology, and Ethics

This encyclopedia article consists of approximately 5 pages of information about Economics.
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Modern Economics

Economics in the modern sense (also called "neoclassical economics") is the science of the allocation and utilization of resources under conditions of scarcity, that is, when there are not enough resources or goods to satisfy all human needs or wants. In a widely adopted definition, for example, the British economist Lionel Robbins (1932) describes economics as "the science which studies human behavior as a relationship between ends and scarce means which have alternatives uses" (p. 16). Insofar as economics assumes that most goods and services are scarce or insufficient to satisfy human wants, and that by and large all human wants are legitimate, economics places the free satisfaction of individual human desires at the top of its own internal moral hierarchy. This may be described as the ethics of economics, one that further provides a basic justification for modern technology as a means to increase efficiency in exploitation...

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This section contains 1,476 words
(approx. 5 pages at 300 words per page)
Buy the Economics: Overview Encyclopedia Article
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Encyclopedia of Science, Technology, and Ethics
Economics: Overview from Encyclopedia of Science, Technology, and Ethics. Copyright © 2001-2006 by Macmillan Reference USA, an imprint of the Gale Group. All rights reserved.
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