Economy

An economy is an area of the production, distribution and trade, as well as consumption of

goods and services. In general, it is defined as a social domain that emphasize the practices,
discourses, and material expressions associated with the production, use, and management of
scarce resources'.[1] A given economy is a set of processes that involves its culture, values,
education, technological evolution, history, social organization, political structure, legal systems,
and natural resources as main factors. These factors give context, content, and set the
conditions and parameters in which an economy functions. In other words, the economic
domain is a social domain of interrelated human practices and transactions that does not stand
alone.

Gross domestic product per capita of countries (2020)

   >50,000 •    35,000–50,000 •    20,000–35,000 •

   10,000–20,000 •    5,000–10,000 •    2,000–5,000 •

   <2,000 •    Data unavailable

Economic agents can be individuals, businesses, organizations, or governments. Economic

transactions occur when two groups or parties agree to the value or price of the transacted good
or service, commonly expressed in a certain currency. However, monetary transactions only
account for a small part of the economic domain.

Economic activity is spurred by production which uses natural resources, labor and capital. It has
changed over time due to technology, innovation (new products, services, processes, expanding
markets, diversification of markets, niche markets, increases revenue functions) such as, that
which produces intellectual property and changes in industrial relations (most notably child labor
being replaced in some parts of the world with universal access to education).

Etymology

The word economy in English is derived from the Middle French's yconomie, which itself derived
from the Medieval Latin's oeconomia. The Latin word has its origin at the Ancient Greek's
oikonomia or oikonomos. The word's first part oikos means "house", and the second part nemein
means "to manage".[2]

The most frequently used current sense, denoting "the economic system of a country or an area",
seems not to have developed until the 1650s.[3]

History

Earliest roots

Ancient Roman mosaic from Bosra,

depicting a merchant leading camels
through the desert

As long as someone has been making, supplying and distributing goods or services, there has
been some sort of economy; economies grew larger as societies grew and became more
complex. Sumer developed a large-scale economy based on commodity money, while the
Babylonians and their neighboring city states later developed the earliest system of economics
as we think of, in terms of rules/laws on debt, legal contracts and law codes relating to business
practices, and private property.[4]

The Babylonians and their city state neighbors developed forms of economics comparable to
currently used civil society (law) concepts. They developed the first known codified legal and
administrative systems, complete with courts, jails, and government records.[5]

The ancient economy was mainly based on subsistence farming.[6] The Shekel are the first to
refer to a unit of weight and currency, used by the Semitic peoples. The first usage of the term
came from Mesopotamia circa 3000 BC. and referred to a specific mass of barley which related
other values in a metric such as silver, bronze, copper, etc. A barley/shekel was originally both a
unit of currency and a unit of weight, just as the British Pound was originally a unit denominating
a one-pound mass of silver.[7]

For most people, the exchange of goods occurred through social relationships. There were also
traders who bartered in the marketplaces. In Ancient Greece, where the present English word
'economy' originated,[2] many people were bond slaves of the freeholders.[8] The economic
discussion was driven by scarcity.
Middle Ages

In the Middle Ages, what is now known as an economy was not far from the subsistence level.
Most exchange occurred within social groups. On top of this, the great conquerors raised what
we now call venture capital (from ventura, ital.; risk) to finance their captures. The capital should
be refunded by the goods they would bring up in the New World. The discoveries of Marco Polo
(1254–1324), Christopher Columbus (1451–1506) and Vasco da Gama (1469–1524) led to a
first global economy. The first enterprises were trading establishments. In 1513, the first stock
exchange was founded in Antwerp. Economy at the time meant primarily trade.

The European captures became branches of the European states, the so-called colonies. The
rising nation-states Spain, Portugal, France, Great Britain and the Netherlands tried to control the
trade through custom duties and (from mercator, lat.: merchant) was a first approach to
intermediate between private wealth and public interest. The secularization in Europe allowed
states to use the immense property of the church for the development of towns. The influence of
the nobles decreased. The first Secretaries of State for economy started their work. Bankers like
Amschel Mayer Rothschild (1773–1855) started to finance national projects such as wars and
infrastructure. Economy from then on meant national economy as a topic for the economic
activities of the citizens of a state.

Industrial Revolution

The first economist in the true modern meaning of the word was the Scotsman Adam Smith
(1723–1790) who was inspired partly by the ideas of physiocracy, a reaction to mercantilism and
also later Economics student, Adam Mari.[9] He defined the elements of a national economy:
products are offered at a natural price generated by the use of competition - supply and demand
- and the division of labor. He maintained that the basic motive for free trade is human self-
interest. The so-called self-interest hypothesis became the anthropological basis for economics.
Thomas Malthus (1766–1834) transferred the idea of supply and demand to the problem of
overpopulation.

The Industrial Revolution was a period from the 18th to the 19th century where major changes in
agriculture, manufacturing, mining, and transport had a profound effect on the socioeconomic
and cultural conditions starting in the United Kingdom, then subsequently spreading throughout
Europe, North America, and eventually the world.[10] The onset of the Industrial Revolution
marked a major turning point in human history; almost every aspect of daily life was eventually
influenced in some way.
In Europe wild capitalism started to replace the system of mercantilism
(today: protectionism) and led to economic growth. The period today is called industrial
revolution because the system of Production, production and division of labor enabled the mass
production of goods.
20th century

The contemporary concept of "the economy" wasn't popularly known until the American Great
Depression in the 1930s.[11]

After the chaos of two World Wars and the devastating Great Depression, policymakers searched
for new ways of controlling the course of the economy. This was explored and discussed by
Friedrich August von Hayek (1899–1992) and Milton Friedman (1912–2006) who pleaded for a
global free trade and are supposed to be the fathers of the so-called neoliberalism.[12][13]
However, the prevailing view was that held by John Maynard Keynes (1883–1946), who argued
for a stronger control of the markets by the state. The theory that the state can alleviate
economic problems and instigate economic growth through state manipulation of aggregate
demand is called Keynesianism in his honor.[14] In the late 1950s, the economic growth in
America and Europe—often called Wirtschaftswunder (ger: economic miracle) —brought up a
new form of economy: mass consumption economy. In 1958, John Kenneth Galbraith (1908–
2006) was the first to speak of an affluent society in his book The Affluent Society. In most of the
countries the economic system is called a social market economy.[15]

21st century

Frankfurt Stock Exchange in 2015

With the fall of the Iron Curtain and the transition of the countries of the Eastern Bloc towards
democratic government and market economies, the idea of the post-industrial society is brought
into importance as its role is to mark together the significance that the service sector receives
instead of industrialization. Some attribute the first use of this term to Daniel Bell's 1973 book,
The Coming of Post-Industrial Society, while others attribute it to social philosopher Ivan Illich's
book, Tools for Conviviality. The term is also applied in philosophy to designate the fading of
postmodernism in the late 90s and especially in the beginning of the 21st century.

With the spread of Internet as a mass media and communication medium especially after 2000–
2001, the idea for the Internet and information economy is given place because of the growing
importance of e-commerce and electronic businesses, also the term for a global information
society as understanding of a new type of "all-connected" society is created. In the late 2000s,
the new type of economies and economic expansions of countries like China, Brazil, and India
bring attention and interest to different from the usually dominating Western type economies
and economic models.

Elements

Types

A market economy is one where goods and services are produced and exchanged according to
demand and supply between participants (economic agents) by barter or a medium of exchange
with a credit or debit value accepted within the network, such as a unit of currency.[16] A planned
economy is one where political agents directly control what is produced and how it is sold and
distributed.[17] A green economy is low-carbon and resource efficient. In a green economy,
growth in income and employment is driven by public and private investments that reduce
carbon emissions and pollution, enhance energy and resource efficiency, and prevent the loss of
biodiversity and ecosystem services.[18] A gig economy is one in which short-term jobs are
assigned or chosen on-demand. The global economy refers to humanity's economic system or
systems overall. An informal economy is neither taxed nor monitored by any form of
government.[19]

Sectors

The economy may be considered as having developed through the following phases or degrees
of precedence:

The ancient economy was mainly based on subsistence farming.

The industrial revolution phase lessened the role of subsistence farming, converting it to more
extensive and mono-cultural forms of agriculture in the last three centuries. The economic
growth took place mostly in mining, construction and manufacturing industries. Commerce
became more significant due to the need for improved exchange and distribution of produce
throughout the community.

In the economies of modern consumer societies phase there is a growing part played by
services, finance, and technology—the knowledge economy.

In modern economies, these phase precedences are somewhat differently expressed by the
three-sector model:[20]

Primary: Involves the extraction and production of raw materials, such as corn, coal, wood and
iron.
 Secondary: Involves the transformation of raw or intermediate materials into goods e.g.
manufacturing steel into cars, or textiles into clothing.

Tertiary: Involves the provision of services to consumers and businesses, such as baby-sitting,
cinema and banking.

Other sectors of the developed community include:

the public sector or state sector (which usually includes: parliament, law-courts and
government centers, various emergency services, public health, shelters for impoverished and
threatened people, transport facilities, air/sea ports, post-natal care, hospitals, schools,
libraries, museums, preserved historical buildings, parks/gardens, nature-reserves, some
universities, national sports grounds/stadiums, national arts/concert-halls or theaters and
centers for various religions).

the private sector or privately run businesses.

the voluntary sector or social sector.[21]

Indicators

The gross domestic product (GDP) of a country is a measure of the size of its economy, or more
specifically, monetary measure of the market value of all the final goods and services
produced.[22] The most conventional economic analysis of a country relies heavily on economic
indicators like the GDP and GDP per capita. While often useful, GDP only includes economic
activity for which money is exchanged.

Due to the growing importance of the financial sector in modern times,[23] the term real economy
is used by analysts[24][25] as well as politicians[26] to denote the part of the economy that is
concerned with the actual production of goods and services,[27] as ostensibly contrasted with the
paper economy, or the financial side of the economy,[28] which is concerned with buying and
selling on the financial markets. Alternate and long-standing terminology distinguishes
measures of an economy expressed in real values (adjusted for inflation), such as real GDP, or in
nominal values (unadjusted for inflation).[29]

Studies

The study of economics are roughly divided into macroeconomics and microeconomics.[30]
Today, the range of fields of study examining the economy revolves around the social science of
economics,[31][32] but may also include sociology,[33] history,[34] anthropology,[35] and
geography.[36] Practical fields directly related to the human activities involving production,
distribution, exchange, and consumption of goods and services as a whole are business,[37]
engineering,[38] government,[39] and health care.[40]
See also

Economic history

Economic system

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Further reading

Friedman, Milton, Capitalism and Freedom, 1962.

Rothbard, Murray, Man, Economy, and State: A Treatise on Economic Principles, 1962.

Galbraith, John Kenneth, The Affluent Society, 1958.

Mises, Ludwig von, Human Action: A Treatise on Economics, 1949.

Keynes, John Maynard, The General Theory of Employment, Interest and Money, 1936.

Marx, Karl, Das Kapital, 1867.

Smith, Adam, An Inquiry into the Nature and Causes of the Wealth of Nations, 1776.

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