Economics

• Economics is a discipline concerned with the organization of economic activities (production, consumption, and distribution of limited goods and services) in the different units of society (household, community, local government units, states, regions, etc.)
• The physiocrats in the 18th century thought of the first comprehensive theory in economics. At that time, they were living during mercantilism, an economic policy where a nation protects its economy to prosper by the government’s maximization of exports and minimization of imports
• The physiocrats contested the state’s control of economic life. Francois Quesnay advocated laissez-faire, a system that allows businesses to conduct economic activity without interference
• Adam Smith, in the 18th century, had the concept of the invisible hand, a metaphor he used to explain that the economy would best work if left on its own without the government’s intervention
• Karl Marx in the latter half of 19th century criticized capitalism which is a characteristic of the former economic ideas. He argued primitive accumulation or the historical process through which capital is accumulated through the dispossession of pre-existing forms of property. 
• After the Great Depression in the 1930s, the Keynesian tradition from John Maynard Keynes proposed that despite the capitalist economy from the previous traditions, government intervention and expenditure can compensate for fluctuations in the economy.
• Econometrics focuses on the use of quantitative analysis of economic data through statistical methods and tools
• Macroeconomics: study of entire economic systems (institutions)
• Microeconomics: studies the economic systems on an individual or group level