Talousteoria

Talousteoria (economic theory) is the branch of social science that studies how economies allocate scarce resources to satisfy human wants. It examines production, distribution, and consumption of goods and services, and seeks to explain phenomena such as prices, output, and growth. It uses models and empirical data to understand decision-making by individuals, firms, and governments.

The field is commonly divided into microeconomic theory and macroeconomic theory. Microeconomics analyzes individual agents: consumer choice, firm behavior, market competition, and how prices coordinate supply and demand. Macroeconomics studies the economy as a whole: inflation, unemployment, growth, fiscal and monetary policy, and international balance of payments. Econometrics and economic dynamics are important methods across subfields; game theory and information economics address strategic behavior and imperfect information.

History and development. Economic theory has roots in early mercantilist and physiocratic thought, matured in classical economics with figures such as Adam Smith and David Ricardo, and was revolutionized by marginalism in the late 19th century. The 20th century saw Keynesianism, monetarism, and the development of neoclassical and new classical schools, followed by new Keynesian and behavioral approaches. Contemporary talousteori integrates mathematical modeling, computational simulations, and empirical testing to analyze growth, distribution, welfare, and policy.

Applications and limitations. Economic theory informs policy design, market regulation, and welfare analysis but relies on simplifying assumptions. Critics emphasize model dependence, data limitations, and normative aspects of value judgments. Core concepts include efficiency, Pareto optimality, externalities, public goods, and market failures.