h2g2 The Hitchhiker's Guide to the Galaxy: Earth Edition

Since when have accountants been economists??? Economics is about how governments and other institutions can promote economic growth and stability. It also involves how to keep employment high, inflation low, and individuals happy.

Himble is quite right. Whilst this entry is amusing, it is not entirely relevant, or completely accurate. Accountants are certainly not the same as economists. Economics is the study of the allocation of scarce resources betweeen competing uses.

Yours,

An Economist.
(And a pedant. And someone who probably needs to get out more).

Just adding to the conversation, the author of the entry has rather confused the two seperate fields of finance and economics, but trying to explain economics in a page is like trying to summarize western philosophy in a page, a lot is going to have to be left out. That said, An Unlikely Hero is on a much better track, although I would add that economics can be looked at as the study of how people react to incentives as well as the allocation of scarce resources between competing resources.

Not that I know much about Economics, althogh I assume that a naive beginner may be allowed his say ( there, I made my first assumption)... We have this 'sweatshirt competition' in our Department in the college... sweatshirt competition, who in the world could have dreamt that one up?... and my definition of Economics was "The Are of studying Money without Earning any"... I think that fits the bill pretty nicely. Cheers all

hummm, economics is primarily about the allocation of scarce resources in the most optimumly efficient way, and thus, in a reductionist sence economics can be seen as a study of scarcity, although it can at various stages impinge on other subject based theories it is indeed confusing in the fact that it is based on theories which are, as all theories are, fine in theory, that makes absolutely no sence, well basically it assumes to much of the human race, but, it is often the best alternative in judging how to react to a situation. I personally am very fond of economics, and the complexities make it all the more fascinating.