Big question vi · Cuts across
What rules and limits shape the economy?
Property rights, laws, norms, central banks, EU treaties, and the physical limits of the planet all set the boundaries within which markets operate. Change the rules and the same people produce very different outcomes.
Emerged 1848
In his Principles of Political Economy, John Stuart Mill argued that how wealth is distributed is a matter of human institution, set by rules a society makes and can change.
In the real world
Some fishing communities have avoided overfishing for centuries without government rules or private ownership. Elinor Ostrom won a Nobel for explaining how.
What the schools say
4 rival answers, oldest first.
Still argued today
- Is the euro a good idea?It matters to anyone living in, trading with or studying the euro area. It is the core question of European economic integration.
- Green growth or degrowth?Probably the defining economic question of your working life.
- Is economics teaching too narrow?The argument behind this whole atlas.
Where it is studied
- B · History of thought: History of thought and methodology
- C · Quantitative: Mathematical and quantitative methods
- H · Public: Public economics
- K · Law: Law and economics
- L · Industry: Industrial organisation
- N · Economic history
- O · Development: Development, innovation and growth
- P · Systems: Economic systems
- Q · Environment: Agricultural, natural resource and environmental