Fields of economics 

Economy is a social science that studies how individuals, institutions, and societies allocate scarce resources. It is a broad field that encompasses many different sub-disciplines, each of which focuses on a specific aspect of economic behaviour and activity. One of the most fundamental fields within economics is microeconomics, which examines the behaviour of individual consumers, firms, and markets. All of these fields overlap and complement one another to give us a comprehensive understanding of how the economy works.

Following is the list of different fields of economics 

Development Economics

Development economics is a branch of economics that focuses on the economic and social development of underdeveloped, developing, and emerging countries. One of the main goals of development economics is to understand the factors that contribute to economic growth and identify policies and interventions that can help accelerate development. Some of the key areas of focus for development economists include improving infrastructure, increasing access to education, and fostering economic growth through trade and investment.

Economic History

Economic history examines the ways in which different societies have organized their production, distribution, and consumption of goods and services. One of the key themes of economic history is the relationship between economic growth and technological change. In recent years, economic historians have also focused on the impact of globalization on the economy.

Political Economy

Political economy is a branch of social science that focuses on the intersection of economics and political science. It examines how political institutions, laws, and policies affect the production, distribution, and consumption of goods and services. Political economy also considers how economic systems and practices influence political behavior and institutions. In general, political economy seeks to understand how political forces and economic forces interact and how they shape the world we live in.

Labor Economics

Labor economics is a subfield of economics that studies the behavior of workers and employers, as well as the factors that determine the level of wages and other forms of compensation. It also examines the effects of government policies on the labor market and the overall economy. Some of the key topics in labor economics include the determination of wages, the impact of labor unions, the effects of education and training on labor market outcomes, and the role of labor market institutions.

Econometrics

Econometrics is the application of statistical methods to economic data in order to provide empirical evidence for economic theories and relationships. This field plays a crucial role in the development of economic policy, as it allows economists to test the validity of their theories and predictions about the economy. As data becomes more abundant, the use of econometric methods will likely become even more important.

Industrial Organisations

Industrial organizations are companies or businesses that operate in the industrial sector, which includes the manufacturing, mining, and energy industries. These organizations are typically large and complex, with a focus on producing goods or providing services on a large scale. Industrial organizations often use specialized equipment and technologies to produce their goods and services, and they often have a significant impact on the economy and society as a whole.

Behavioral Economics

Behavioral economics is a field of study that combines psychology and economics to better understand why people make the choices they do. It is based on the idea that people do not always make rational decisions but are instead influenced by a range of psychological, social, and emotional factors. According to behavioral economics, people tend to feel the pain of losing something more than they enjoy the pleasure of gaining it. People are more likely to make decisions based on how they feel in the moment rather than carefully consider the long-term consequences. This can lead to impulsive behavior as well as decision making that is influenced by biases and prejudices.

Micro Theory

In economics, micro theory is a branch of economic analysis that focuses on the behavior of individual consumers and firms in making decisions about the allocation of scarce resources. Microeconomic theory uses the tools of microeconomics to analyze the behavior of individual firms and consumers in order to understand how they make decisions and how those decisions interact with each other in markets. This approach is in contrast to macroeconomic theory, which focuses on the behavior of the economy as a whole.

Macro Economics

Macroeconomics is a branch of economics that studies the performance, structure, behavior, and decision-making of an economy as a whole rather than individual markets. This includes national, regional, and global economies. Macroeconomics focuses on factors such as gross domestic product (GDP), unemployment, inflation, and trade balances and the interrelationships between these factors. It also looks at how policies, such as monetary and fiscal ones, can affect the overall economy.

Finance

Finance is the study of how people and businesses manage their money. It includes the processes of borrowing, lending, investing, and saving. One of the key principles of finance is that money is worth more in the present than it is in the future. The amount of risk you are willing to take on will determine the potential return on your investment. Budgeting is the process of creating a plan for how you will spend and save your money. The earlier you start saving, the more time your money has to grow. Managing debt is also an important part of personal finance. Taking on too much debt can be a financial burden and prevent you from achieving your goals.

Marxist Economics

Marxist economics is a school of economic thought that is based on the ideas of Karl Marx, a 19th century German philosopher and economist. Marx believed that the key to understanding economics was to analyze the ways in which the capitalist system of production and exchange creates and reproduces social relations of power and inequality. According to Marxist theory, capitalism is characterized by the exploitation of the working class by the owners of capital, who control the means of production. The goal of Marxist economics is to uncover the underlying structures and dynamics of capitalism in order to expose its contradictions and ultimately create the conditions for its overthrow.

These are some fields of economics, which every student of economics should know about.