Economic theory emphasizes on the use of the theoretical and mathematical approach to analyze economic models.
How are collective decisions made? and How do different “rules of the game” (institutions) affect the allocation of resources?
An advantage claimed for the approach is its allowing formulation of theoretical relationships with rigor, generality, and simplicity.
While microeconomics looks at how households and businesses make decisions and behave in the marketplace, macroeconomics looks at the big picture – it analyzes the entire economy.
Labor Economics encompasses economics of education, health economics, family economics. It can be considered an application of microeconomics or macroeconomics.
The main focus of IO is the analysis of the strategic bahavior of firms in oligopolistic industries and the role of regulation and antitrust in economic outcomes.
The tendency in contemporaneous economics is toward a global market, in which products, services, investment capital and labour frequently cross international borders.
Usually behavioral economics goes hand and hand with experimental economics, the practice of designing, running, and analyzing controlled economics experiments. The predictions of theoretical models (both behavioral and standard) are tested in the laboratory, or in a field setting, with human subjects.
The Econometrics research group is currently working on several projects covering both theoretical and applied econometrics.