Editing Economics (section)

== Related subjects ==
{{Main|Law and economics|Natural resource economics|Philosophy and economics|Political economy}}
Economics is one [[social science]] among several and has fields bordering on other areas, including [[economic geography]], [[economic history]], [[public choice]], [[energy economics]], [[JEL classification codes#Other special topics (economics) JEL: Z Subcategories|cultural economics]], [[family economics]] and [[institutional economics]].

Law and economics, or economic analysis of law, is an approach to legal theory that applies methods of economics to law. It includes the use of economic concepts to explain the effects of legal rules, to assess which legal rules are [[economic efficiency|economically efficient]], and to predict what the legal rules will be.<ref>{{unbulleted list citebundle
|1 = {{cite encyclopedia|author-link=David D. Friedman |last=Friedman |first=David |date=1987 |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=1–8 |chapter-url=http://www.dictionaryofeconomics.com/article?id=pde1987_X001281 |doi=10.1057/9780230226203.2937 |dictionary=The New Palgrave Dictionary of Economics |isbn=978-0-333-78676-5 |chapter=Law and economics |access-date=23 October 2017 |archive-date=24 October 2017 |archive-url=https://web.archive.org/web/20171024101008/http://www.dictionaryofeconomics.com/article?id=pde1987_X001281 |url-status=live }}
|2 = {{cite book|last=Posner|first=Richard A.|author-link=Richard Posner|title=Economic Analysis of Law|url=https://books.google.com/books?id=ooFDAQAAIAAJ|edition=7th|year=2007|publisher=Aspen|isbn=978-0-7355-6354-4}}{{page needed|date=October 2017}}
}}</ref> A seminal article by [[Ronald Coase]] published in 1961 suggested that well-defined property rights could overcome the problems of [[externalities]].<ref>{{cite journal |last=Coase |first=Ronald |title=The Problem of Social Cost |journal=[[The Journal of Law and Economics]] |volume=3 |issue=1 |date=October 1960 |pages=1–44 |jstor=724810 |doi=10.1086/466560|title-link=The Problem of Social Cost |s2cid=222331226 }}</ref>

[[Political economy]] is the interdisciplinary study that combines economics, law, and [[political science]] in explaining how political institutions, the political environment, and the economic system (capitalist, [[socialist]], mixed) influence each other. It studies questions such as how monopoly, [[rent-seeking]] behaviour, and [[externalities]] should impact government policy.<ref>{{cite journal |last=Groenewegen |first=Peter |date=2008 |title=Political Economy |pages=476–480 |journal=The New Palgrave Dictionary of Economics |editor-first1=Steven N. |editor-last1=Durlauf |editor-first2=Lawrence E. |editor-last2=Blume |edition=2nd |url=http://www.dictionaryofeconomics.com/article?id=pde2008_P000114 |doi=10.1057/9780230226203.1300 |isbn=978-0-333-78676-5 |access-date=4 October 2017 |archive-date=5 October 2017 |archive-url=https://web.archive.org/web/20171005000524/http://www.dictionaryofeconomics.com/article?id=pde2008_P000114 |url-status=live }}</ref><ref>{{cite journal |author-link=Anne Osborn Krueger |last=Krueger |first=Anne O. |date=June 1974 |title=The Political Economy of the Rent-Seeking Society |journal=American Economic Review |volume=64 |issue=3 |pages=291–303 |jstor=1808883}}</ref> [[Historian]]s have employed ''political economy'' to explore the ways in the past that persons and groups with common economic interests have used politics to effect changes beneficial to their interests.<ref>{{cite book |last=McCoy |first=Drew R. |title=The Elusive Republic: Political Economy in Jeffersonian America |publisher=University of North Carolina Press |date=1980 |isbn=978-0-8078-1416-1 |url=https://books.google.com/books?id=0aDqCQAAQBAJ}}</ref>

[[Energy economics]] is a broad [[science|scientific]] subject area which includes topics related to [[energy supply]] and [[energy demand]]. [[Georgescu-Roegen]] reintroduced the concept of [[entropy]] in relation to economics and energy from [[thermodynamics]], as distinguished from what he viewed as the mechanistic foundation of neoclassical economics drawn from Newtonian physics. His work contributed significantly to [[thermoeconomics]] and to [[ecological economics]]. He also did foundational work which later developed into [[evolutionary economics]].<ref>{{unbulleted list citebundle
|1 = {{cite journal |last1=Cleveland |first1=Cutler J. |last2=Ruth |first2=Matthius |date=September 1997 |title=When, where, and by how much do biophysical limits constrain the economic process? A survey of Georgescu-Roegen's contribution to ecological economics |journal=[[Ecological Economics (journal)|Ecological Economics]] |volume=22 |issue=3 |pages=203–223 |doi=10.1016/S0921-8009(97)00079-7|doi-access=free }}
|2 = {{cite journal |last=Daly |first=Herman E. |date=June 1995 |title=On Nicholas Georgescu-Roegen's Contributions to Economics: An Obituary essay |journal=Ecological Economics |volume=13 |issue=3 |pages=149–154 |doi=10.1016/0921-8009(95)00011-W|bibcode=1995EcoEc..13..149D }}
|3 = {{cite journal |last=Mayumi |first=Kozo |date=August 1995 |title=Nicholas Georgescu-Roegen (1906–1994): an admirable epistemologist |journal=Structural Change and Economic Dynamics |volume=6 |issue=3 |pages=115–120 |doi=10.1016/0954-349X(95)00014-E|doi-access= }}
|4 = {{cite book |editor-last1=Mayumi |editor-first=Kozo |editor-last2=Gowdy |editor-first2=John M. |date=1999 |title=Bioeconomics and Sustainability: Essays in Honor of Nicholas Georgescu-Roegen |publisher=Edward Elgar Publishering |isbn=978-1-85898-667-8 |url=https://books.google.com/books?id=_Hd08ju9UG4C&pg=PP1}}
|5 = {{cite book |last=Mayumi |first=Kozo |date=2001 |title=The Origins of Ecological Economics: The Bioeconomics of Georgescu-Roegen |publisher=Routledge |isbn=978-0-415-23523-5 |url=https://books.google.com/books?id=mCiCAgAAQBAJ&pg=PP1}}
}}</ref>

The [[sociological]] subfield of [[economic sociology]] arose, primarily through the work of [[Émile Durkheim]], [[Max Weber]] and [[Georg Simmel]], as an approach to analysing the effects of economic phenomena in relation to the overarching social paradigm (i.e. [[modernity]]).<ref>{{cite book |title=Principles of Economic Sociology |first=Richard |last=Swedberg |date=2003 |publisher=Princeton University Press |isbn=978-0-691-07439-9 |url=https://books.google.com/books?id=is7NGpu93NwC&pg=PP1}}</ref> Classic works include [[Max Weber]]'s ''[[The Protestant Ethic and the Spirit of Capitalism]]'' (1905) and [[Georg Simmel]]'s ''[[The Philosophy of Money]]'' (1900). More recently, the works of [[James Samuel Coleman|James S. Coleman]],<ref>{{unbulleted list citebundle
|1 = {{Cite book |author-link=James Samuel Coleman |last=Coleman |first=James S. |date=1998 |title=Foundations of Social Theory |url=https://books.google.com/books?id=2_64AAAAIAAJ |publisher=Belknap – Harvard University Press |isbn=978-0674312265 |access-date=12 October 2021 |archive-date=30 July 2022 |archive-url=https://web.archive.org/web/20220730075147/https://www.google.com/books/edition/Social_Economics/2_64AAAAIAAJ |url-status=live }} <!-- orig cite has different harvard isbn from the google books link, and the cited date (1990) was wrong for both -->
|2 = {{Cite journal |author-link=Robert H. Frank |last=Frank |first=Robert H. |date=1992 |title=Melding Sociology and Economics: James Coleman's Foundations of Social Theory |journal=Journal of Economic Literature |volume=30 |issue=1 |jstor=2727881 |pages=147–170}}
}}</ref> [[Mark Granovetter]], [[Peter Hedström (sociologist)|Peter Hedstrom]] and [[Richard Swedberg]] have been influential in this field.

[[Gary Becker]] in 1974 presented an economic theory of social interactions, whose applications included the [[family economics|family]], charity, [[merit good]]s and multiperson interactions, and envy and hatred.<ref>{{Cite journal |author-link=Gary Becker |last=Becker |first=Gary S. |date=1974 |title=A Theory of Social Interactions |journal=Journal of Political Economy |volume=82 |issue=6 <!-- pages=1063–1093 --> |doi=10.1086/260265 |jstor=1830662 |s2cid=17052355 |at=See pp. 1074–1090 |url=http://www.uoregon.edu/~cjellis/441/Becker1.pdf |archive-url=https://web.archive.org/web/20050502153308/http://www.uoregon.edu/~cjellis/441/Becker1.pdf |archive-date=2005-05-02}}</ref> He and [[Kevin M. Murphy|Kevin Murphy]] authored a book in 2001 that analysed market behaviour in a social environment.<ref>{{Cite book |last1=Becker |first1=Gary S. |last2=Murphy |first2=Kevin M. |date=2003 |title=Social Economics: Market Behavior in a Social Environment |publisher=Belknap – Harvard University Press |isbn=978-0674011212 |url=https://books.google.com/books?id=2_64AAAAIAAJ}} <!-- again, orig cite has different isbns and dates for gbooks and harvard sites and neither match what was in the citation (2001) --></ref>