Economics and Economic Systems

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Cover of the book Economics and Economic Systems by Brian Duignan, Britannica Educational Publishing
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Author: Brian Duignan ISBN: 9781615308965
Publisher: Britannica Educational Publishing Publication: January 1, 2013
Imprint: Britannica Educational Publishing Language: English
Author: Brian Duignan
ISBN: 9781615308965
Publisher: Britannica Educational Publishing
Publication: January 1, 2013
Imprint: Britannica Educational Publishing
Language: English

Although individuals and countries, for centuries, have exchanged goods and services for money, the formal field of economics—the study of wealth and how it is produced and distributed—is relatively young. Since Adam Smith’s pioneering work in the 18th century, economics has developed a great deal, and with it, so has our understanding of market systems, such as capitalism and centrally planned systems. A detailed explanation of the scope of economics, historical development, and the strengths and weaknesses of various economic systems is provided.

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Although individuals and countries, for centuries, have exchanged goods and services for money, the formal field of economics—the study of wealth and how it is produced and distributed—is relatively young. Since Adam Smith’s pioneering work in the 18th century, economics has developed a great deal, and with it, so has our understanding of market systems, such as capitalism and centrally planned systems. A detailed explanation of the scope of economics, historical development, and the strengths and weaknesses of various economic systems is provided.

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