Where does economics come from?

The use of the word “Economics” was derived from the Greek word “Oikonomia”, literally meaning “ Household management”. read more

The Greek philosopher, Aristotle was the first, to use the word “Economics” but with the change of time and progress of civilization, the economic condition of man changed which resulted in an evolutionary change in the definition of Economics. read more

Understood properly, economic growth is not about money or commerce: it is about increasing the real value of goods and services produced. Money and commerce are instruments to achieve this goal. The main measure of economic output, real GDP, expresses a value of all goods and services produced, and does so in money terms simply because this is a constant standard of value (so long as we adjust for inflation). read more

But since modern economics uses the demand curve plus the supply curve to determine prices, the demand curve for everything must exist logically prior to the determination of price. One of the founders of modern economics, Léon Walras, understood that this was a problem, but did not find a good solution. read more