Economic Theory

Economic Theory
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An Introduction

Let's define Economics as "the study of the complex interactions between people with respect to the distribution of wealth".

From this definition, it is clear that economics obviously interfaces with other studies such as sociology, law and political science -- that is, how people interact with each other, both individually and in groups.

The notion that a culture or civilization must have some type of "socio-economic-political framework" is fundamental. Over the course of history, civilizations have operated within a variety of such frameworks --

tribalism
barbarianism
feudalism
isolationism
trickle-down-ism
protectionism
despotism
militarism
imperialism
capitalism
colonialism
socialism
communism
free-trade-ism and so on.

The rationale for adopting a particular "socio-economic-political-ism" at any particular point in time and place is surely steeped in the prevailing values of that culture, or more likely in the prevailing values of the strongest members of that culture. Of course, some cultures adopted somewhat of a mixed operational system.

In this section of our web site, we will explore some of the economic theories that tend to support these various "isms".

From The Scarboro Heights Record V9 #8

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