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Economy or Economics


  • Kamen Mirkovich


Pursuant to the reproduction theory and the set theory the concept is derived that throughout the historical development of mankind five consecutive main types forms of society have emerged (called by the author – forms of the support sector): consumption, economy, economics, market economy and financial market economy. They are interrelated in such away, that each consecutive historical form creates and supplements a new reproduction phase incorporating all the preceding ones. Thus the historical development is indirectly reflected in the rationale of each consecutive form of society. Therefore a new periodization of the material life in human development is proposed, involving five stages: non-economic consumption, non-economic economy, non-market economy, non-financial market economy and financial market economy. The concepts Economy and Economics are not identical, as economy is a wider concept than economics, which is only a particular case.

Suggested Citation

  • Kamen Mirkovich, 2010. "Economy or Economics," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 3-27.
  • Handle: RePEc:bas:econth:y:2010:i:1:p:3-27

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    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General


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