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Keynes discussion</span> </div> </a> <ul id="toc-J.N._Keynes_discussion-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Other_19th_and_early_20th_century_economists'_use_of_the_term" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Other_19th_and_early_20th_century_economists'_use_of_the_term"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Other 19th and early 20th century economists' use of the term</span> </div> </a> <ul id="toc-Other_19th_and_early_20th_century_economists'_use_of_the_term-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-More_modern_views" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#More_modern_views"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>More modern views</span> </div> </a> <button aria-controls="toc-More_modern_views-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle More modern views subsection</span> </button> <ul id="toc-More_modern_views-sublist" class="vector-toc-list"> <li id="toc-Mainstream_view" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Mainstream_view"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Mainstream view</span> </div> </a> <ul id="toc-Mainstream_view-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Economics_as_a_science" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Economics_as_a_science"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Economics as a science</span> </div> </a> <ul id="toc-Economics_as_a_science-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Other_views" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Other_views"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Other views</span> </div> </a> <ul id="toc-Other_views-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Journals" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Journals"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.4</span> <span>Journals</span> </div> </a> <ul id="toc-Journals-sublist" class="vector-toc-list"> <li id="toc-The_Journal_of_Applied_Economics" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#The_Journal_of_Applied_Economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.4.1</span> <span><i>The Journal of Applied Economics</i></span> </div> </a> <ul id="toc-The_Journal_of_Applied_Economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Applied_Economics" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Applied_Economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.4.2</span> <span><i>Applied Economics</i></span> </div> </a> <ul id="toc-Applied_Economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-American_Economic_Journal:_Applied_Economics" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#American_Economic_Journal:_Applied_Economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.4.3</span> <span><i>American Economic Journal: Applied Economics</i></span> </div> </a> <ul id="toc-American_Economic_Journal:_Applied_Economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-American_Journal_of_Agricultural_Economics" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#American_Journal_of_Agricultural_Economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.4.4</span> <span><i>American Journal of Agricultural Economics</i></span> </div> </a> <ul id="toc-American_Journal_of_Agricultural_Economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Applied_Economics_Perspectives_and_Policy" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Applied_Economics_Perspectives_and_Policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.4.5</span> <span><i>Applied Economics Perspectives and Policy</i></span> </div> </a> <ul id="toc-Applied_Economics_Perspectives_and_Policy-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Critique" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Critique"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Critique</span> </div> </a> <ul id="toc-Critique-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span 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mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AB%E0%A6%B2%E0%A6%BF%E0%A6%A4_%E0%A6%85%E0%A6%B0%E0%A7%8D%E0%A6%A5%E0%A6%A8%E0%A7%80%E0%A6%A4%E0%A6%BF_%E0%A6%B6%E0%A6%BE%E0%A6%B8%E0%A7%8D%E0%A6%A4%E0%A7%8D%E0%A6%B0" title="ফলিত অর্থনীতি শাস্ত্র – Bangla" lang="bn" hreflang="bn" data-title="ফলিত অর্থনীতি শাস্ত্র" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9F%D1%80%D0%B8%D0%BB%D0%BE%D0%B6%D0%BD%D0%B0_%D0%B8%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Приложна икономика – Bulgarian" lang="bg" hreflang="bg" data-title="Приложна икономика" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Econom%C3%ADa_aplicada" title="Economía aplicada – Spanish" lang="es" hreflang="es" data-title="Economía aplicada" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF_%DA%A9%D8%A7%D8%B1%D8%A8%D8%B1%D8%AF%DB%8C" title="اقتصاد کاربردی – Persian" lang="fa" hreflang="fa" data-title="اقتصاد کاربردی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/%C3%89conomie_appliqu%C3%A9e" title="Économie appliquée – French" lang="fr" hreflang="fr" data-title="Économie appliquée" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%9D%91%EC%9A%A9%EA%B2%BD%EC%A0%9C%ED%95%99" title="응용경제학 – Korean" lang="ko" hreflang="ko" data-title="응용경제학" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%BF%D5%AB%D6%80%D5%A1%D5%BC%D5%A1%D5%AF%D5%A1%D5%B6_%D5%BF%D5%B6%D5%BF%D5%A5%D5%BD%D5%A1%D5%A3%D5%AB%D5%BF%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6" title="Կիրառական տնտեսագիտություն – Armenian" lang="hy" hreflang="hy" data-title="Կիրառական տնտեսագիտություն" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Ekonomi_terapan" title="Ekonomi terapan – Indonesian" lang="id" hreflang="id" data-title="Ekonomi terapan" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Toegepaste_Economische_Wetenschappen" title="Toegepaste Economische Wetenschappen – Dutch" lang="nl" hreflang="nl" data-title="Toegepaste Economische Wetenschappen" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%BF%9C%E7%94%A8%E7%B5%8C%E6%B8%88%E5%AD%A6" title="応用経済学 – Japanese" lang="ja" hreflang="ja" data-title="応用経済学" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Economia_aplicada" title="Economia aplicada – Portuguese" lang="pt" hreflang="pt" data-title="Economia aplicada" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Ekonomia_e_aplikuar" title="Ekonomia e aplikuar – Albanian" lang="sq" hreflang="sq" data-title="Ekonomia e aplikuar" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Kinh_t%E1%BA%BF_h%E1%BB%8Dc_%E1%BB%A9ng_d%E1%BB%A5ng" title="Kinh tế học ứng dụng – Vietnamese" lang="vi" hreflang="vi" data-title="Kinh tế học ứng dụng" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" 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class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Application of economic theory and econometrics</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For the journal, see <a href="/wiki/Applied_Economics_(journal)" title="Applied Economics (journal)">Applied Economics (journal)</a>. 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a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Economics" title="Category:Economics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="border-top:1px #fafafa solid; border-bottom:1px #fafafa solid; background:#efefef;padding:0.2em;font-size:200%;"><a href="/wiki/Economics" title="Economics">Economics</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Supply-demand-equilibrium.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/120px-Supply-demand-equilibrium.svg.png" decoding="async" width="120" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/180px-Supply-demand-equilibrium.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/240px-Supply-demand-equilibrium.svg.png 2x" data-file-width="217" data-file-height="217" /></a></span></td></tr><tr><td class="sidebar-above"> <ul><li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li></ul></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Branches and <a href="/wiki/JEL_classification_codes" title="JEL classification codes">classifications</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a class="mw-selflink selflink">Applied</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/International_economics" title="International economics">International</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Micro</a> / <a href="/wiki/Macroeconomics" title="Macroeconomics">Macro</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Economic_methodology" title="Economic methodology">Methodology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political</a></li> <li><a href="/wiki/JEL_classification_codes" title="JEL classification codes">JEL classification codes</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Concepts, theory and techniques</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounting</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Middle_income_trap" title="Middle income trap">Middle income trap</a></li> <li><a href="/wiki/Industrial_complex" title="Industrial complex">Industrial complex</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">By application</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Notable <a href="/wiki/Economist" title="Economist">economists</a></div><div class="sidebar-list-content mw-collapsible-content"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a 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<li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" 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ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics_sidebar" title="Template:Economics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics_sidebar" title="Template talk:Economics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics_sidebar" title="Special:EditPage/Template:Economics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Applied economics</b> is the application of <a href="/wiki/Economic_theory" class="mw-redirect" title="Economic theory">economic theory</a> and <a href="/wiki/Econometrics" title="Econometrics">econometrics</a> in specific settings. As one of the two sets of fields of <a href="/wiki/Economics" title="Economics">economics</a> (the other set being the <i>core</i>),<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> it is typically characterized by the application of the <i>core</i>, i.e. economic theory and <a href="/wiki/Econometrics" title="Econometrics">econometrics</a> to address practical issues in a range of fields including <a href="/wiki/Demographic_economics" title="Demographic economics">demographic economics</a>, <a href="/wiki/Labour_economics" title="Labour economics">labour economics</a>, <a href="/wiki/Business_economics" title="Business economics">business economics</a>, <a href="/wiki/Industrial_organization" title="Industrial organization">industrial organization</a>, <a href="/wiki/Agricultural_economics" title="Agricultural economics">agricultural economics</a>, <a href="/wiki/Development_economics" title="Development economics">development economics</a>, <a href="/wiki/Education_economics" title="Education economics">education economics</a>, <a href="/wiki/Engineering_economics" title="Engineering economics">engineering economics</a>, <a href="/wiki/Financial_economics" title="Financial economics">financial economics</a>, <a href="/wiki/Health_economics" title="Health economics">health economics</a>, <a href="/wiki/Monetary_economics" title="Monetary economics">monetary economics</a>, <a href="/wiki/Public_economics" title="Public economics">public economics</a>, and <a href="/wiki/Economic_history" title="Economic history">economic history</a>. From the perspective of economic development, the purpose of applied economics is to enhance the quality of business practices and national policy making.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>The process often involves a reduction in the level of abstraction of this core theory. There are a variety of approaches including not only empirical estimation using <a href="/wiki/Econometrics" title="Econometrics">econometrics</a>, <a href="/wiki/Input-output_model" class="mw-redirect" title="Input-output model">input-output analysis</a> or simulations but also case studies, historical analogy and so-called common sense or the "vernacular".<sup id="cite_ref-Swann_3-0" class="reference"><a href="#cite_note-Swann-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> This range of approaches is indicative of what <a href="/wiki/Roger_Backhouse_(economist)" title="Roger Backhouse (economist)">Roger Backhouse</a> and Jeff Biddle argue is the ambiguous nature of the concept of applied economics. It is a concept with multiple meanings.<sup id="cite_ref-backhouse_4-0" class="reference"><a href="#cite_note-backhouse-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Among broad <a href="/wiki/Economic_methodology" title="Economic methodology">methodological</a> distinctions, one source places it in neither <a href="/wiki/Positive_economics" class="mw-redirect" title="Positive economics">positive</a> nor <a href="/wiki/Normative_economics" class="mw-redirect" title="Normative economics">normative economics</a> but the <i>art of economics</i>, <a href="/wiki/Gloss_(annotation)" title="Gloss (annotation)">glossed</a> as "what most economists do".<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Origins_of_the_term">Origins of the term</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=1" title="Edit section: Origins of the term"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The origin and meanings of applied economics have a long history going back to the writing of <a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a> and <a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a>. 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.<sup id="cite_ref-backhouse_4-1" class="reference"><a href="#cite_note-backhouse-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="J.N._Keynes_discussion">J.N. Keynes discussion</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=2" title="Edit section: J.N. Keynes discussion"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/John_Neville_Keynes" title="John Neville Keynes">John Neville Keynes</a> was perhaps the first to use the phrase "applied economics". He noted that the "English School" (<a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">John Stuart Mill</a>, <a href="/wiki/John_Elliott_Cairnes" title="John Elliott Cairnes">John Elliott Cairnes</a>, and <a href="/wiki/Nassau_William_Senior" title="Nassau William Senior">Nassau William Senior</a>)<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> believed that political economy was a positive, abstract, deductive science; and that this school made a clear distinction "between political economy itself and its applications to practice" (1917, 12). This school thought that a general body of theory could be established through abstract reasoning – not relying on a wide knowledge of economic facts. From this point of view applying this theory involved making allowances for some of the factors ignored in building the abstract theories. Keynes wrote about applying the political economies hypothetical laws to interpreting and explaining of "concrete industrial facts". The issue of conceptual distinction between political economy as a science (involving formulating laws which govern the production and distribution of wealth) and political economy as an art (using the laws to tackle practical problems).<sup id="cite_ref-keynes_8-0" class="reference"><a href="#cite_note-keynes-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Whilst noting the rival view of the historical economists, who believed that the goals being pursued by policy makers and the means to pursue them were an integral part of the science of economics, J.N Keynes believed in the desirability of the "English School's" distinction between the discovery of principles and their application (1917, 54).<sup id="cite_ref-keynes_8-1" class="reference"><a href="#cite_note-keynes-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Indeed, it was he who proposed using the phrase "applied economics" instead of "the art of political economy". Keynes further discussed the uses of the phrases applied political economy and applied economics noting three different uses:<sup id="cite_ref-keynes_8-2" class="reference"><a href="#cite_note-keynes-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <ol><li>in the sense suggested in the text [in association with the art of political economy];</li> <li>to designate the application of economic theory to the interpretation and explanation of particular economic phenomena, without any necessary reference however, to the solution of practical questions;</li> <li>to mark off the more concrete and specialized portions of economic doctrine from those more abstract doctrines that are held to pervade all economic reasoning. (1917, 58–59) and applying theories of economy on what we have in reality to get a healthy enterprise and business prosperity.</li></ol> <div class="mw-heading mw-heading2"><h2 id="Other_19th_and_early_20th_century_economists'_use_of_the_term"><span id="Other_19th_and_early_20th_century_economists.27_use_of_the_term"></span>Other 19th and early 20th century economists' use of the term</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=3" title="Edit section: Other 19th and early 20th century economists' use of the term"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a>, for example, planned to organize his main work into volumes on "pure", "applied", and "social" economics. Jaffé (1983) describes Walras's plan as involving making a distinction between that which is true, is useful, and is just. In using the term true, Walras referred to propositions that necessarily followed from the nature of things. Pure economics then involves pure logic. Applied economics involves examining ways to achieve practical goals and requires the making judgments about whether or not the logic of pure economics was relevant to the real world. Social economics also presumed pure economics, but dealt with a different range of questions than did applied economics.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Vilfredo Pareto</a> ([1906] 1971, 104) follows as similar usage suggesting economics might begin by eliminating that which is inessential to examine problems as reduced to their principal and essentials. He distinguishes between "pure economics" from "applied economics" with pure economics containing only the principal lines of argument and applied economics involving supplying the details.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Joseph Schumpeter</a> (1954, 23) referred to some applied fields in economics the repetition of which might help highlight some of the issues involved in what defining applied economics involves. He discussed the following fields:<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <ol><li>those that are typically thought of as part of economics but which also looked at individually to allow greater attention to detail – e.g. money and banking, trade, cycles, and location</li> <li>those that are independent of economics but study of them is needed for economics. These include subjects such as <a href="/wiki/Accounting" title="Accounting">accounting</a>, actuarial science, and <a href="/wiki/Insurance" title="Insurance">insurance</a></li> <li>those that are areas of public policy: agriculture, labour, transportation, utility industries, control of industry, and public finance</li> <li><a href="/wiki/Comparative_economic_systems" title="Comparative economic systems">comparative economic systems</a></li> <li><a href="/wiki/Demography" title="Demography">demography</a></li> <li><a href="/wiki/Area_studies" title="Area studies">area studies</a></li></ol> <div class="mw-heading mw-heading2"><h2 id="More_modern_views">More modern views</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=4" title="Edit section: More modern views"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Mainstream_view">Mainstream view</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=5" title="Edit section: Mainstream view"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Modern mainstream economics holds the view that there is a body of abstract economic theory — the "core" — and applied economics involves the practitioner in the lowering some elements of the abstraction of this to examine particular issues. This lowering of the level of abstraction may involve:<sup id="cite_ref-backhouse_4-2" class="reference"><a href="#cite_note-backhouse-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <ul><li>relabeling variables as more specific, concrete concepts;</li> <li>providing some structure to allow the drawing of more detailed conclusions;</li> <li>producing numerical estimates for some of the parameters;</li> <li>using the analysis to interpret the real world phenomena which are interpreted as examples of some more general class of events that the core theory might be used to examine.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Economics_as_a_science">Economics as a science</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=6" title="Edit section: Economics as a science"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/M._Hashem_Pesaran" title="M. Hashem Pesaran">Pesaran</a> and <a href="/wiki/Geoffrey_Harcourt" title="Geoffrey Harcourt">Harcourt</a> (2000) describe <a href="/wiki/Richard_Stone" title="Richard Stone">Stone</a>'s attempt to face the challenge of making economics into a science by combining theory and measurement within a cohesive framework. They report Stone's proposal for the establishment of the now famous Department of Applied Economics at Cambridge.<sup id="cite_ref-Pesaran_12-0" class="reference"><a href="#cite_note-Pesaran-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> Stone argued that: </p> <dl><dd><i>"The ultimate aim of applied economics is to increase human welfare by the investigation and analysis of economic problems of the real world. It is the view of the Department that this can best be achieved by the synthesis of three types of study which now tend to be pursued in isolation. The Department will concentrate simultaneously on the work of observations, i.e. the discovery and preparation of data; the theoretical appraisal of problems, i.e. the framing of hypotheses in a form suitable for quantitative testing; and the development of statistical methods appropriate to the special problems of economic information. The special character of the Department's approach to problems of the real world will lie in this attempt at systematic synthesis."</i> (Stone in Pesaran and Harcourt (2000) pp. 149–150)<sup id="cite_ref-Pesaran_12-1" class="reference"><a href="#cite_note-Pesaran-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup></dd></dl> <div class="mw-heading mw-heading3"><h3 id="Other_views">Other views</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=7" title="Edit section: Other views"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The basis for rival approaches tends to be the denial that sound theory can be made without some concrete linking with its area of application. Both the 19th century <a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical School</a> and the 20th Century <a href="/wiki/Institutional_economics" title="Institutional economics">Institutionalists</a> argue in this way. <a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Mitchell</a> (1936) noted that those working in "specialized fields" had little use for kind of qualitative theory postulated by <a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a> and <a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a>. Mitchell suggested that knowledge of "real markets," would cause the complexion and content of economic theory (Mitchell 1937, 26–28). <a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a> shared this view that theoretical concepts might or rather should arise out of the analysis of real world data. For both Mitchell and Friedman economics should involve an interaction between examining data and formulating hypotheses.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>Another issue which is related to the <a href="/wiki/McCloskey_critique" title="McCloskey critique">McCloskey critique</a>. This is economists do not necessarily practice what they preach. In this context that is the claim to be an "applied economist," is just shorthand for saying they are looking at the real economy. What is being applied need not be "economic theory", as conventionally defined rather something more basic. <a href="/wiki/Eli_Devons" class="mw-redirect" title="Eli Devons">Eli Devons</a> made a distinction between three different kinds of "things", any of which might be being applied:<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <ul><li>theoretical models;</li> <li>commonsense axioms, and</li> <li>theoretical concepts.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Journals">Journals</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=8" title="Edit section: Journals"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="The_Journal_of_Applied_Economics"><i>The Journal of Applied Economics</i></h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=9" title="Edit section: The Journal of Applied Economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Journal of Applied Economics publishes original contributions on applied issues in micro and macroeconomics. The primary criteria for selecting papers are quality and importance for the field. Papers based on a well motivated research problem that make a concrete contribution to empirical economics or applied theory are especially encouraged. </p> <div class="mw-heading mw-heading4"><h4 id="Applied_Economics"><i>Applied Economics</i></h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=10" title="Edit section: Applied Economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><i>Applied Economics</i> is a journal that interprets its subject area as "the application of economic analysis to specific problems in both the public and private sectors" and seeks to publish "quantitative studies, the results of which are of use in the practical field" and thus may help "bring economic theory nearer to reality"; <i>Applied Economics</i> is a leading peer-reviewed journal in economics and its practical applications.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="American_Economic_Journal:_Applied_Economics"><i>American Economic Journal: Applied Economics</i></h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=11" title="Edit section: American Economic Journal: Applied Economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>This quarterly journal which began publication in 2009 is from the <a href="/wiki/American_Economic_Association" title="American Economic Association">American Economic Association</a>. It publishes papers on a range of topics in applied economics, particularly empirical microeconomic issues, such as in labor economics, development microeconomics, health, <a href="/wiki/Education_economics" title="Education economics">education</a>, <a href="/wiki/Demographic_economics" title="Demographic economics">demography</a>, empirical corporate finance, empirical studies of trade, and empirical <a href="/wiki/Behavioral_economics" title="Behavioral economics">behavioral economics</a>.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="American_Journal_of_Agricultural_Economics"><i>American Journal of Agricultural Economics</i></h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=12" title="Edit section: American Journal of Agricultural Economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>These journals are published by the <a href="/wiki/Agricultural_%26_Applied_Economics_Association" title="Agricultural & Applied Economics Association">Agricultural & Applied Economics Association</a>. The <i>American Journal of Agricultural Economics</i> has been produced since 1919, and publishes research in the "economics of agriculture and food, natural resources and the environment, and rural and community development throughout the world".<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Applied_Economics_Perspectives_and_Policy"><i>Applied Economics Perspectives and Policy</i></h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=13" title="Edit section: Applied Economics Perspectives and Policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Applied Economic Perspectives and Policy (AEPP) is the leading peer-reviewed journal of applied economics and policy. Published four times per year by <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>, it is the one of two journals published by the Agricultural & Applied Economics Association (AAEA), along with the American Journal of Agricultural Economics (AJAE). Today is the leading journal in 'applied economics' with a 2011 impact factor of 1.552. The purpose of AEPP is to analyze areas of current applied economic research in an effort to inform the policy-makers and decision makers; and to generate connections between sub-fields of agricultural and applied economics in order to focus future research and increase knowledge of those in the field about the impact of public policy.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Critique">Critique</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=14" title="Edit section: Critique"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Backhouse and Biddle argue that the mainstream view, that there is an accepted "theoretical core" and that this can be applied in a range of areas, relies on this core having specific characteristics – namely, that it has a wide scope and can be developed independently of individual applications. But they note that as with the definition of applied economics itself, there are within the economics profession differing views as to what belongs in the core – where one draws the line between research that is contributing to the core and research that is applying the core, and the relative importance or significance of research on topics in the core versus applied economics research.<sup id="cite_ref-backhouse_4-3" class="reference"><a href="#cite_note-backhouse-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Some examples of the problems of applied economics from various fields and issues: </p> <ul><li>Examples of problems of applied economics: <a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></li></ul> <p>One example of this is macroeconomics. In the 1960s and 1970s, macroeconomics was a part of the core of the subject. Why? Because macroeconomics was not only sufficiently important to be part of any economist's training, but also embodied a set of concepts and principles not found in microeconomic theory. However the replacement of Keynesian approach to macroeconomics with new classical macroeconomics and its successors, macroeconomics might now be regarded by the mainstream as merely an application of microeconomic theory.<sup id="cite_ref-backhouse_4-4" class="reference"><a href="#cite_note-backhouse-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Examples of problems of applied economics: <a href="/wiki/Development_economics" title="Development economics">Development Economics</a></li></ul> <p>Another example is the situation within Development Economics. Throughout the 1950s and 1960s most development economist regarded the application of standard "core" microeconomic theory to their area as being entirely inappropriate. An alternative set of models provided their core. This might be best described as the <a href="/wiki/Structuralist_economics" title="Structuralist economics">structuralist</a> approach. More recently development economics texts have provided applications of mainstream core theory.<sup id="cite_ref-backhouse_4-5" class="reference"><a href="#cite_note-backhouse-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Examples of problems of applied economics: <a href="/wiki/Economic_growth" title="Economic growth">Economic Growth Theory</a></li></ul> <p>Comim uses the history of the economics of growth in order to illustrate the historical nature of the concept of applied economics. He first discusses the perspective of the theorists' views of the applied dimension of their work and examines each from the perspective of the work carried out at the Department of Applied Economics (DAE) at Cambridge University. He emphasizes the divergences concerning economists' understanding of the proper use of economic theory, divergences that might ultimately reveal the influence of distinct practices as far as applied economics is concerned and the role of institutional environments.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Examples of problems of applied economics: the <a href="/wiki/Minimum-wage" class="mw-redirect" title="Minimum-wage">Minimum-wage</a> controversy</li></ul> <p><a href="/wiki/Thomas_C._Leonard" title="Thomas C. Leonard">Leonard</a> notes one area of disagreement amongst applied economists which became famous in the US. That was the minimum-wage controversy. He notes that the fierceness of this controversy was odd because the likely effects were small and that several seemingly more important policy issues such as (entitlement reform, health insurance, CPI calculation) generated nothing like the storm. His explanation is that while this controversy was not especially important to the economy, it was very important to economics and economics as a policy science. His explanation for this is that minimum wage research came to be seen as a test of the usefulness of applying neoclassical price theory to the wages and employment. In other words, it was not just a technical quarrel over such things as the sign and size of wage-elasticity but rather an installment in a long running methodological dispute over whether neoclassical price theory is in reality of any use.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <ul><li>A critique of the dominance of <a href="/wiki/Econometrics" title="Econometrics">econometrics</a></li></ul> <p>Swann (2006) queries the dominance of such econometric techniques within Applied Economics and suggests what he describes as the "vernacular of the everyday practice of economics" should be taken seriously. Swann points out that econometrics's privileged position has not been supported by its disappointing results and rather suggests other applied techniques, the vernacular, are also worthy of consideration. These approaches to applied economics, include simulation, <a href="/wiki/Engineering_economics_(civil_engineering)" title="Engineering economics (civil engineering)">engineering economics</a>, case studies and common sense.<sup id="cite_ref-Swann_3-1" class="reference"><a href="#cite_note-Swann-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=15" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Applied_statistics" class="mw-redirect" title="Applied statistics">Applied statistics</a></li> <li><a href="/wiki/Applied_anthropology" title="Applied anthropology">Applied anthropology</a></li> <li><a href="/wiki/Applied_physics" title="Applied physics">Applied physics</a></li> <li><a href="/wiki/Applied_theology" class="mw-redirect" title="Applied theology">Applied theology</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=16" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns 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In The Logic of Personal Knowledge: Essays Presented to <a href="/wiki/Michael_Polanyi" title="Michael Polanyi">Michael Polanyi</a> on His Seventieth Birthday 11 March 1961 (no editor named). London: Routledge & Kegan Paul.</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><i>Applied Economics</i>, <a rel="nofollow" class="external text" href="http://www.tandf.co.uk/journals/Routledge/00036846.html">Aims & Scope</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090105022013/http://www.tandf.co.uk/journals/Routledge/00036846.html">Archived</a> January 5, 2009, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">As described at <i>American Economic Journal: Applied Economics</i> <a rel="nofollow" class="external text" href="http://www.aeaweb.org/aej-applied/index.php">links</a> to back-issue titles and abstract.</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.aaea.org/publications/ajae">"American Journal of Agricultural Economics (AJAE) | Agricultural & Applied Economics Association"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=American+Journal+of+Agricultural+Economics+%28AJAE%29+%26%23124%3B+Agricultural+%26+Applied+Economics+Association&rft_id=http%3A%2F%2Fwww.aaea.org%2Fpublications%2Fajae&rfr_id=info%3Asid%2Fen.wikipedia.org%3AApplied+economics" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.aaea.org/publications/aepp">"Applied Economic Perspectives and Policy (AEPP) | Agricultural & Applied Economics Association"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Applied+Economic+Perspectives+and+Policy+%28AEPP%29+%26%23124%3B+Agricultural+%26+Applied+Economics+Association&rft_id=http%3A%2F%2Fwww.aaea.org%2Fpublications%2Faepp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AApplied+economics" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFComim2000" class="citation journal cs1">Comim, Flavio (2000). "On the Concept of Applied Economics: Lessons from Cambridge Economics and the History of Growth Theories". <i>History of Political Economy</i>. <b>32</b> (Suppl 1): 145–176. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1215%2F00182702-32-Suppl_1-145">10.1215/00182702-32-Suppl_1-145</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=History+of+Political+Economy&rft.atitle=On+the+Concept+of+Applied+Economics%3A+Lessons+from+Cambridge+Economics+and+the+History+of+Growth+Theories&rft.volume=32&rft.issue=Suppl+1&rft.pages=145-176&rft.date=2000&rft_id=info%3Adoi%2F10.1215%2F00182702-32-Suppl_1-145&rft.aulast=Comim&rft.aufirst=Flavio&rfr_id=info%3Asid%2Fen.wikipedia.org%3AApplied+economics" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLeonard2000" class="citation journal cs1">Leonard, Thomas C. (2000). "The Very Idea of Applying Economics: The Modern Minimum-Wage Controversy and Its Antecedents". <i>History of Political Economy</i>. <b>32</b> (4): 117–144. <a href="/wiki/CiteSeerX_(identifier)" class="mw-redirect" title="CiteSeerX (identifier)">CiteSeerX</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.422.8197">10.1.1.422.8197</a></span>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1215%2F00182702-32-Suppl_1-117">10.1215/00182702-32-Suppl_1-117</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=History+of+Political+Economy&rft.atitle=The+Very+Idea+of+Applying+Economics%3A+The+Modern+Minimum-Wage+Controversy+and+Its+Antecedents&rft.volume=32&rft.issue=4&rft.pages=117-144&rft.date=2000&rft_id=https%3A%2F%2Fciteseerx.ist.psu.edu%2Fviewdoc%2Fsummary%3Fdoi%3D10.1.1.422.8197%23id-name%3DCiteSeerX&rft_id=info%3Adoi%2F10.1215%2F00182702-32-Suppl_1-117&rft.aulast=Leonard&rft.aufirst=Thomas+C.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AApplied+economics" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=17" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Begg, I and S. G. B. Henry (1998). <i>Applied Economics and Public Policy</i>, Cambridge University Press. <a rel="nofollow" class="external text" href="https://archive.today/20130414103536/http://www.cambridge.org/uk/catalogue/catalogue.asp?isbn=9780521624145">Description.</a></li> <li>Campbell, M. (1989). "Sources of Controversy in Applied Economics." In <i>Controversy in Applied Economics</i>, edited by M. Campbell, M. Hardy, and N. Healey. New York: Wheatsheaf.</li> <li>Department of Applied Economics (1948). "First Report: Activities in the Years 1946–1948." Cambridge: University of Cambridge.</li> <li><a href="/wiki/Sheila_Dow" title="Sheila Dow">Dow, S.</a> (1987). "The Scottish Political Economy Tradition. Scottish Journal of Political Economy<i>, 34(4), pp. 335–48.</i></li> <li>Harcourt, G. C., and M. Kitson (1993). "Fifty Years of Measurement: A Cambridge View". <i>Review of Income and Wealth</i>, ser. 39, no. 4, December, 435–47.</li> <li><i>History of Political Economy</i> (2000). <i>Toward a History of Applied Economics</i>. Annual Supplement, Volume 32. Durham, NC and London: Duke University Press <a rel="nofollow" class="external text" href="http://muse.jhu.edu/journals/history_of_political_economy/toc/hpe32.5.html">Table of Contents.</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson, J.</a> ([1974] 1979). "History versus Equilibrium." In vol. 5 of <i>Collected Economic Papers</i>. Oxford: Basil Blackwell.</li> <li>Schabas, M. (2001). "Economics, History of," sect. 3 Applied Economics, <i><a href="/wiki/International_Encyclopedia_of_the_Social_%26_Behavioral_Sciences" title="International Encyclopedia of the Social & Behavioral Sciences">International Encyclopedia of the Social & Behavioral Sciences</a></i>, pp. 4152–4158. <a rel="nofollow" class="external text" href="https://dx.doi.org/10.1016/B0-08-043076-7/00061-9">Abstract.</a></li> <li>Swann, G. M. P. (2006). <i>Putting Econometrics in Its Place: A New Direction in Applied Economics</i>, Edward Elgar <a rel="nofollow" class="external text" href="http://library.wur.nl/WebQuery/catalog/lang/1887106">Description.</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Applied_economics&action=edit&section=18" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Woolridge, Jeffrey M. (2013). <i>Introductory Econometrics: A Modern Approach</i> (5 ed.). Michigan State University: South-Western Cengage Learning.</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output 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