Economics is a social science. Paul Samuelson, winner of the Nobel prize for economies in 1970 and one of the most eminent economists of the 20th century, defined economics as “the study of how people and society end up choosing, with or without the use of money, to employ scarce productive resources that could have alternatives uses, to produce various commodities and distribute them for consumption now or in the future among various persons and groups in society”.


Related terms