Applied economics

From Nemo

Applied economics is a term that refers to the application of economic theory and analysis. While not a field of economics, it is typically characterized by the application of economic theory and econometrics to address practical issues in a range of fields including demographic economics, labour economics, business economics, industrial organization, development economics, education economics, health economics, monetary economics, public economics, and economic history. The process often involves a reduction in the level of abstraction of this core theory. For more information on market and import education please refer to this guide Import Export Education.

There are a variety of approaches including not only empirical estimation using econometrics, input-output analysis or simulations but also case studies, historical analogy and so-called common sense or the "vernacular".This range of approaches is indicative of what Roger Backhouse and Jeff Biddle argue is the ambiguous nature of the concept of applied economics. It is a concept with multiple meanings.Among broad methodological distinctions, one source places it in neither positive nor normative economics but the art of economics, glossed as "what most economists do".The origin and meanings of Applied Economics has a long history going back to the writing of Say and Mill.

Say wrote about "applying" the “general principles of political economy” to "ascertain the rule of action of any combination of circumstances presented to us." The full title of Mill’s (1848) work is Principles of Political Economy with Some of Their Applications to Social Philosophy.

References:

1.http://en.wikipedia.org/wiki/Applied_economics

External Links:

• http://www.nist.gov/el/economics/
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