Economics

.

International Institute for Strategic Leadership

Economics can be seen as the study of how wealth is created:


by

consumers and producers

acting in

markets and hierarchies

with

scarcity or abundance

maximising

utility for consumers and profit for producers

generate

demand and supply

for

products and services

expressed in

quality and quantity

whether

commodity or differentiated

acting in the

short-term and long-term

through

competition and cooperation

as

individuals and collectives

acting

bottom-up or top-down

serving

capital and labour

focusing on

growth and stability

at

micro-levels and macro-levels

through

imports and exports

in the

monetary economy and real economy

Economists

Adam Smith

Karl Marx

John Maynard Keynes

Paul Krugman

Friedrich Hayek

Milton Friedman