Editing Economics (section)

=== Theoretical research ===
{{Main|Microeconomics|Macroeconomics|Mathematical economics}}
{{redirect|Economic theory|the publication|Economic Theory (journal){{!}}''Economic Theory'' (journal)}}
Mainstream economic theory relies upon analytical [[model (economics)|economic models]]. When creating theories, the objective is to find assumptions which are at least as simple in information requirements, more precise in predictions, and more fruitful in generating additional research than prior theories.{{sfn|Friedman|1953|p=10}} While [[neoclassical economics|neoclassical]] economic theory constitutes both the dominant or orthodox theoretical as well as [[General equilibrium theory|methodological framework]], economic theory can also take the form of other [[Schools of economic thought|schools of thought]] such as in [[heterodox economics|heterodox economic theories]].

In [[microeconomics]], principal concepts include [[supply and demand]], [[marginalism]], [[rational choice theory]], [[opportunity cost]], [[budget constraint]]s, [[utility]], and the [[theory of the firm]].<ref>{{unbulleted list citebundle
|1 = {{cite encyclopedia |last=Boland |first=Lawrence A. |date=1987 |dictionary=The New Palgrave Dictionary of Economics |publisher=Palgrave Macmillan |edition= |editor-first1=John |editor-last1=Eatwell |editor-first2=Murray |editor-last2=Milgate |editor-first3=Peter |editor-last3=Newman |volume=III |pages=455–458 |chapter-url=http://www.dictionaryofeconomics.com/article?id=pde1987_X001456 |doi=10.1057/9780230226203.3083 |isbn=978-0-333-78676-5 |chapter=Methodology |access-date=23 October 2017 |archive-date=24 October 2017 |archive-url=https://web.archive.org/web/20171024043230/http://www.dictionaryofeconomics.com/article?id=pde1987_X001456 |url-status=live }}
|2 = {{cite journal |title=Consensus and Dissension among Economists: An Empirical Inquiry |last1=Frey |first1=Bruno S. |last2=Pommerehne |first2=Werner W. |last3=Schneider |first3=Friedrich |last4=Gilbert |first4=Guy |journal=[[The American Economic Review]] |issn=0002-8282 |volume=74 |issue=5 |date=December 1984 |pages=986–994 |jstor=557 }}
}}</ref> Early [[macroeconomic]] models focused on modelling the relationships between aggregate variables, but as the relationships appeared to change over time macroeconomists, including [[new Keynesian]]s, reformulated their models with [[microfoundations]],<ref name="Dixon2008"/> in which microeconomic concepts play a major part.

Sometimes an economic hypothesis is only ''[[qualitative economics|qualitative]]'', not ''quantitative''.<ref>{{cite encyclopedia |last=Quirk |first=James |date=1987 |title=The New Palgrave: A Dictionary of Economics |edition= |editor-first1=John |editor-last1=Eatwell |editor-first2=Murray |editor-last2=Milgate |editor-first3=Peter |editor-last3=Newman |volume=IV |pages=1–3 |chapter-url=http://www.dictionaryofeconomics.com/article?id=pde1987_X001811 |doi=10.1057/9780230226203.3369 |isbn=978-0-333-78676-5 |chapter=Qualitative economics |publisher=Palgrave Macmillan UK |access-date=23 October 2017 |archive-date=23 October 2017 |archive-url=https://web.archive.org/web/20171023230514/http://www.dictionaryofeconomics.com/article?id=pde1987_X001811 |url-status=live }}</ref>

Expositions of economic reasoning often use two-dimensional graphs to illustrate theoretical relationships. At a higher level of generality, [[mathematical economics]] is the application of [[Mathematics|mathematical]] methods to represent theories and analyse problems in economics. [[Paul Samuelson]]'s treatise ''[[Foundations of Economic Analysis]]'' (1947) exemplifies the method, particularly as to maximizing behavioural relations of agents reaching equilibrium. The book focused on examining the class of statements called ''operationally meaningful theorems'' in economics, which are [[theorem]]s that can conceivably be refuted by empirical data.<ref name="Foundations">{{cite book |title=Foundations of Economic Analysis|edition=enlarged |last=Samuelson |first=Paul A. |author-link=Paul Samuelson |orig-year=1947 |year=1983 |page=[https://archive.org/details/foundationsofeco0000samu/page/4 4] |publisher=Harvard University Press |location=Boston |isbn=978-0-674-31301-9 |title-link=Foundations of Economic Analysis }}</ref>