A significant work by economist Lionel Robbins, noted in the text via its 3rd edition published in 1984 by New York University Press. This essay is the origin of the widely cited Robbins definition of economics, which focuses on the relationship between ends and scarce means.

An Essay on the Nature and Significance of Economic Science (Robbins)

Lionel Robbins was an influential British economist who, in a 1932 essay, put forth a seminal definition of economics that has become a cornerstone of the field.

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Professionals who study and analyze the production, distribution, and consumption of goods and services, as well as the behavior of individuals, businesses, and governments in the economy. Economists use economic models and data to understand and predict economic trends and to inform policy decisions related to issues such as inflation, unemployment, and international trade.

Economists

To cite the ebook, use The CORE Econ Team 2023 The Economy 2.0: Microeconomics Open access e-text https://core-econ.org/the-economy/.

To cite a unit, use The CORE Econ Team 2023 The Economy 2.0: Microeconomics Open access e-text https://core-econ.org/the-economy/ Unit [unit number] (url).

CORE Econ - The Economy 2.0: Microeconomics

- Adam Smith
- Thomas Malthus
- Friedrich Hayek

Great Economists

In a video discussion, economists Thomas Piketty and James Heckman explain how collecting data is fundamental to their research on economic inequality and the development of policies to reduce it. Heckman argues that data is essential for testing and differentiating between competing economic theories, a capability that earlier economists like Adam Smith lacked despite their profound ideas. Piketty reinforces this by cautioning against developing overly sophisticated theories that are not grounded in empirical facts, advocating for a more systematic collection of data, especially historical data, to enable proper comparisons and inform public debate. Both economists agree that this data-driven approach is critical for understanding complex issues like economic inequality and for designing effective policies. Piketty also suggests that while data is not a cure-all for social conflict, it is a prerequisite for a more rational and informed public discourse.

Piketty and Heckman on Why Data is Fundamental for Inequality Research and Policy

Lionel Robbins

Léon Walras (1834–1910), a French economist, was a key founder of the neoclassical school of economics. After an unremarkable academic start, which included twice failing the entrance exam for the prestigious École Polytechnique in Paris, he pursued an engineering degree at the École des Mines de Paris. His career shifted toward economics when his father, also an economist, persuaded him to work on establishing economics as a formal science. Walras developed a significant mathematical model of a whole economy, premised on the idea that buyers and sellers are price-takers, which has profoundly influenced how economists view and analyze markets.

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