BRANCHES OF THE ECONOMY AND WHAT THEY STUDY (COMPLETE LIST) - ECONOMY

Among the main branches of economics are bioeconomics, historical economics, econometrics, environmental economics, Georgism, financial economics, and economic engineering.

The main objective of economics as a science is to study what is the most efficient way to satisfy the needs of human beings through the administration of the available resources.

The economy studies what are the most efficient ways of distributing the resources of a society. Source: pixabay.com

Likewise, economic sciences take into account the behaviors of the people who make up societies and, based on these, generate the most appropriate strategies that allow resources to be managed in the best possible way.

The most relevant branches of the economy

Institutional economics

This branch of economics focuses its attention on the role that the institutions that make up a given society have historically played, especially with regard to the behavior of people related to the field of the economy.

It is also known as the American institutionalist school and considers that the market as a whole is nothing more than the result of the interactions between the different institutions of a society.

International economy

The international economy is responsible for analyzing the interrelationships that are generated between different countries, especially considering the trade that exists between them.

This branch of the economy is considered broad, so it not only takes into account the commercial aspect but also the political, social, monetary and productive aspects, among others.

The main objective is to study how cooperation between two or more countries occurs, with the intention of seeking a favorable administration of resources for those who live in those nations.

Health economics

Through health economics it is possible to carry out analyzes and interpretations that allow political decisions in the health field.

The way in which resources are distributed in the health area is considered in a special way and statistical studies are generated with the intention of understanding the health situation of a society, as well as how more and better resources can be allocated to solve problems that may be present.

Financial economics

The main focus of this branch of economics is to understand how financial markets behave.

This scenario is usually fraught with uncertainty; In this context, through financial economics it is possible to analyze in detail the way in which both people and institutions manage their resources in said environment.

Behavioral economics

It is also known as behavioral economics and focuses its attention on the way in which individuals make their decisions in relation to the economic sphere.

His focus is on the analysis of the emotional and cognitive aspects of human beings, in terms of the way in which they influence their economic decisions.

Likewise, this branch of economics studies the way in which these human behaviors affect other general aspects of societies, such as the way in which resources are distributed and how prices are set, among others.

Bioeconomy

The bioeconomy studies how the economic use of natural resources is carried out.

This branch of the economy focuses its attention on products that are based on elements of nature, and that are transformed by human beings for their economic development. Among these natural elements, biodiversity, agricultural waste and biomass stand out.

Classical economics

This branch of the economy is one of the main ones and different currents of thought have been generated from this.

The so-called classical school of economics considers that the economic relations of the different actors are determined by the notion of free market.

According to the exponents of this current, the free market corresponds to the natural way of functioning of societies; In addition, it is the one that provides greater benefits and greater progress to its citizens.

Econometrics

Econometrics is characterized because it applies mathematical and statistical concepts to the different economic data that are available.

The main purpose of econometrics is to generate quantitative information that allows giving a more scientific support to studies carried out in the field of economics.

This branch of study seeks to approach the rigor of natural sciences by combining in the best possible way the knowledge of economic theory with concrete and specific measurements.

Economic geography

This field of study can also be considered a branch of geography. Its main objective is to observe and analyze which are the main productive activities of the inhabitants of a certain sector.

Through economic geography it is possible to understand how these activities are interrelated with the use and distribution of natural resources of the societies that are objects of study.

Historical economy

This branch has also been taken as part of the area of study of history, and its primary focus is to analyze events that occurred in the past that are directly related to the economic sphere.

It is also known as economic history, and through this branch of study it is analyzed what has been the evolution that societies have lived considering their economic systems.

Sociological economics

It is known as economic sociology and focuses its attention on the analysis of the distribution and consumption of resources, taking into account exclusively sociological concepts.

One of the main purposes of this branch of the economy is to understand in depth what are the characteristics of the relationships that are generated between societies, their economic activities and the main actors who participate in them.

Economics of education

Through the economics of education, what are the economic and even political measures that are necessary to enhance the educational area of a given society are studied.

The decisions that are carried out on the basis of studies of the economics of education affect both the teachers and staff of the institutions and the students themselves.

Energy economy

This branch of economics focuses its attention on how energy in its different forms directly affects the economic activities of societies.

Its main objective is to analyze how the planet's energy resources are being used and to ensure that a constructive and efficient relationship is generated for all the inhabitants of the Earth.

Given that these resources are scarce and non-renewable, the energy economy bases its action on promoting energy conservation in all its forms.

Economic engineering

In economic engineering the main elements of microeconomics and those of engineering commune.

The primary function of professionals in this area is to analyze which are the technological possibilities that exist and which of these offers the best economic benefits for a society.

This branch of the economy mainly seeks to create analysis and strategies thanks to which technological investments are as productive as possible.

Entrepreneurial economy

This area of study focuses on studying the effects of new ventures on the economies of societies.

The main focus of this branch of the economy is to understand how relationships are generated between the most consolidated companies, government actors and entrepreneurs.

Feminist economics

The main purpose of feminist economics is to study the relationships that are generated between the main economic activities of a society and the women who live in it.

This science observes the global economic dynamics of a society and seeks to highlight how it affects women in their different contexts.

Environmental economics

This branch of economics is the one that analyzes economic issues related to the environment. Through this it is possible to determine which are the factors that cause certain environmental problems.

It also focuses on studying how certain economic measures can influence activities related to avoiding environmental degradation.

Within his field of study is the creation of strategies to optimize the process of using natural resources.

Political economy

Political economy is based on the understanding of the different relationships that are generated between production entities and governments. It considers the ways in which the actors of society in general are affected, as well as its entire production and consumption system.

Political economy is considered to have a high historical component, since it is based on data from the past to understand the evolution of processes and thus propose new relationships.

Georgism

It is a school of economics that has been inspired by the studies of the American Henry George.

The main postulate of this area of study is based on the fact that all actors in societies have inalienable rights over those elements that they produce through their own means.

However, the same does not happen with natural resources (in particular, the soil), which is considered a good that belongs to all the inhabitants of the Earth equally.

Green economy

Through the green economy, the aim is to create strategies and mechanisms that promote an economic use of resources, based on the conservation and respect for biodiversity and with special emphasis on the provision of well-being to all the inhabitants of the planet.

The green economy aims to achieve equality in societies through an equitable, conscious and efficient use of nature's resources.

Information economy

This branch of economics focuses its efforts on analyzing the influence that information has within the economic sphere.

It starts from the fact that economics is a science full of uncertainty, so the information that is available cannot be considered perfect, as it is considered under the neoclassical scheme of economics.

On the contrary, the information economy studies elements such as asymmetric information, which is that which only one of the actors involved in the economic dynamics possesses, and how this can affect the relationship.

Islamic economy

It is an economic trend especially applied in Muslim countries, but with a certain projection in the world arena. This economy is based on Islam and is opposed to the capitalist current.

Among the main foundations of the Islamic economy stands out the fact that money is not conceived as a commodity and, therefore, it is not considered fair that it generates interest when it is borrowed.

Likewise, it gives priority to a horizontal relationship between whoever invests and who manages the money that has been invested: according to the Islamic economy, both must be responsible for both losses and profits.

Labor economics

This branch of economics focuses its attention on aspects related to work. These include unemployment processes, how stable are the jobs, what is the most efficient and beneficial labor productivity for all actors, and how should be the allocation of salaries.

Mathematical economics

Through this branch of study mathematical concepts are applied to the analyzes carried out in the field of economics.

The intention is to generate a more formal study and address economic problems from a mainly numerical perspective.

Monetary economics

This branch of economics focuses on the understanding of money as the main element of exchange and with high intrinsic value.

Through the monetary economy, the relationships that are generated between the actors of the world economic sphere with the different currencies that participate in the commercial dynamics are studied.

Business Economics

The economics of the company bases its studies on the economic process that is generated within a given institution.

Thanks to this science, it is possible to correctly analyze the causes and consequences of different economic decisions in the business environment, and adjust the elements that are necessary to achieve greater benefits.

Public economy

Through the public economy it is possible to study in detail the influence of public policies in the economic area.

It focuses on the analysis of public management and how it determines economic decisions that affect societies.

References

"Institutional economics" in Wikipedia. Retrieved on December 5, 2019 from Wikipedia: wikipedia.org
"What is the international economy" in Gestiópolis. Retrieved on December 5, 2019 from Gestiópolis: gestiopolis.com
"Health economics" in the Ministry of Health. Government of Chile. Retrieved on December 5, 2019 from the Ministry of Health. Government of Chile: minsal.cl
"Financial economics" in Wolters Kluwer. Retrieved on December 5, 2019 from Wolters Kluwer: business dictionary.wolterskluwer.com
"Behavioral economics" in Wikipedia. Retrieved on December 5, 2019 from Wikipedia: wikipedia.org
"Classical economics" in Economipedia. Retrieved on December 5, 2019 from Economipedia: economipedia.com.

BRANCHES OF THE ECONOMY AND WHAT THEY STUDY (COMPLETE LIST) - ECONOMY - 2024