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Economics is usually split into two major branches:
Apart from these main branches there are other smaller branches as follows:-
Special Branches of Economics
It is concerned with free markets operation and optimal allocation of resources with minimal intervention by the government. It failed to recognize the need of the government in the provision of public services.
It is not only built on the free markets of classical economics but it further includes other ideas such as marginal analysis, utility maximization and the rational choice theory. It focuses on how individuals decide to choose the best option with the consideration of the marginal benefits and cost.
It was developed by Maynard Keynes during the great economic depression which persisted in the 1930s. He observed that market losses were being contributed by factors such as the paradox of thrift and the negative multiplier. He recommended that the government should intervene to restart the economy. He created macroeconomic discreteness because the aggregate economies operate separately from individual markets.
They proposed that the rate of inflation would be controlled by controlling the supply of money in the economy.
It mainly focuses on price controls and the free market. In a free market, factors such as customer preferences determine the prices of particular goods.
It focused on capitalism. Capitalist would exploit the laborers by forcing to work for more hours than necessary so as to increase production without overtime payment. Workers were not compensated as per the value of their labor. He emphasized on the need of the government to intervene in the free markets.
It focuses on maximizing individuals` economic freedom and suggests that restrictions imposed by the government on trade should be eliminated.
Behavioral Economics – it focuses on the emotional and psychological factors that affect how individuals make economic decisions.