Economics is divided into Microeconomics and Macroeconomics.
Microeconomics looks at market failure, starting with a model of perfect competition we consider all the reasons why this theory does not entirely manifest in reality, and hpw market failure occurs. This involves mathematical and logical reasoning, but is essentially about the behaviour of firms and consumers and then ultimately government attempting to put right the perceived market failure
Macroeconomics looks at the bigger picture, including the government objectives of stable prices, low unemployment, balance of the balance of payments, and economic growth: essentially how government attempts to manage the economy through fiscal and monetary policy to deliver those objectives for its people.
In addition, the course considers economic issues such as income equality, labour market discrimination and economic development.
The only function of economic forecasting is to make astrology look good.
John Kenneth Galbraith
The inscrutability [of economics] is perhaps not unintentional. It gives endless employment to dialecticians who otherwise might become public charges or, at very worst, swindlers and tricksters.
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