Economics  

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[[Image:Eugène Delacroix - La liberté guidant le peuple.jpg|thumb|200px|This page '''{{PAGENAME}}''' is part of the [[politics]] series.<br><small>Illustration:''[[Liberty Leading the People]]'' (1831, detail) by [[Eugène Delacroix]].</small>]] [[Image:Eugène Delacroix - La liberté guidant le peuple.jpg|thumb|200px|This page '''{{PAGENAME}}''' is part of the [[politics]] series.<br><small>Illustration:''[[Liberty Leading the People]]'' (1831, detail) by [[Eugène Delacroix]].</small>]]
[[Image:Ill-Matched Lovers (Quentin Matsys).jpg |thumb|left|200px|''[[Ill-Matched Lovers (Quentin Matsys)|Ill-Matched Lovers]]'' (c. 1520/1525) by [[Quentin Matsys]]]] [[Image:Ill-Matched Lovers (Quentin Matsys).jpg |thumb|left|200px|''[[Ill-Matched Lovers (Quentin Matsys)|Ill-Matched Lovers]]'' (c. 1520/1525) by [[Quentin Matsys]]]]
 +[[Image:Nocturne in Black and Gold, the Falling Rocket, ca. 1875.jpg|thumb|left|200px|[[Fireworks]] as an example of 'squandering' [[surplus product]].
 +<br>
 +Illustration: ''[[Nocturne in Black and Gold – The Falling Rocket ]]'' (c. 1875) by James McNeill Whistler]]
[[Image:German Autobahn 1936 1939.jpg|thumb|200px|A [[German]] [[autobahn]] in the [[1930s]]]] [[Image:German Autobahn 1936 1939.jpg|thumb|200px|A [[German]] [[autobahn]] in the [[1930s]]]]
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Revision as of 08:48, 6 May 2014

This page Economics is part of the politics series.Illustration:Liberty Leading the People (1831, detail) by Eugène Delacroix.
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This page Economics is part of the politics series.
Illustration:Liberty Leading the People (1831, detail) by Eugène Delacroix.
Fireworks as an example of 'squandering' surplus product.  Illustration: Nocturne in Black and Gold – The Falling Rocket  (c. 1875) by James McNeill Whistler
Enlarge
Fireworks as an example of 'squandering' surplus product.
Illustration: Nocturne in Black and Gold – The Falling Rocket (c. 1875) by James McNeill Whistler

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Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold)."

One of the uses of economics is to explain how economies work and what the relations are between economic players (agents) in the larger society. Methods of economic analysis have been increasingly applied to fields that involve people (officials included) making choices in a social context, such as crime, education, the family, health, law, politics, religion , social institutions, and war.

Marxism

Marxist (later, Marxian) economics descends from classical economics. It derives from the work of Karl Marx. The first volume of Marx's major work, Das Kapital, was published in German in 1867. In it, Marx focused on the labour theory of value and the theory of surplus value which, he believed, explained the exploitation of labour by capital. The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production and the theory of surplus value demonstrated how the workers only got paid a proportion of the value their work had created. The U.S. Export-Import Bank defines a Marxist-Lenninist state as having a centrally planned economy.

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Unless indicated otherwise, the text in this article is either based on Wikipedia article "Economics" or another language Wikipedia page thereof used under the terms of the GNU Free Documentation License; or on research by Jahsonic and friends. See Art and Popular Culture's copyright notice.

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