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Economics
Theories, principles, and models that deal with how the market process
(price mechanism) works. It attempts to explain how wealth is created
and distributed in communities, how people allocate resources that are
scarce and have many alternative uses, and other such matters that arise
in dealing with human wants and their satisfaction. However, in the words
of the German-born UK economist E. F. Schumaker (1911-77) "... it
is inherent in the methodology of economics to ignore man's dependence
on the natural world.”
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