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Economics

Use this guide to find and evaluate information and resources related to economics.

Image representing economics, charts, money sign, globeUse this guide to find and evaluate information and resources related to economics.

What is economics?

"Economics is the study of the use of scarce resources which have alternative uses." -- British economist Lionel Robbins' classic definition of economics:

Social science analyzes and describes the consequences of choices made concerning scarce productive resources. Economics is the study of how individuals and societies choose to employ those resources: what goods and services will be produced, how they will be produced, and how they will be distributed among the members of society. Economics is customarily divided into microeconomics and macroeconomics. Of major concern to macroeconomists are the rate of economic growth, the inflation rate, and the rate of unemployment. Specialized areas of economic investigation attempt to answer questions on a variety of economic activity; they include economic development, economic history, environmental economics, international trade, labor economics, money supply and banking, public finance, urban economics, and welfare economics, etc. The areas of investigation in economics overlap with many other disciplines, notably history, mathematics, political science and sociology. Source: Sowell, T. Basic economics: A common sense guide to the economy.

COVID-19: Economic Impacts

The Federal Debt: All You Need to Know in Three Minutes

One of the missions of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution is to improve public—and congressional—understanding of major budget issues confronting the U.S. To that end, they've boiled the facts about the outlook for the federal debt down to a three -minute animated video in which the recent ups and downs are traced  and projections for federal borrowing over the next decade are presented.

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