Economic process

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The economic process is the repetitive interaction and interdependence between economic subjects and between economic subjects and economic objects through transactions .

General

The economic order specifies how economic processes have to run, whereby the economic order represents the rules of the game and the economic processes the moves . The economic process is the result of observable economic actions (transactions) of economic subjects. Companies , private households and the state with its subdivisions come into consideration as economic subjects . The state also takes part in this economic process, its share in this is expressed in the state quota . The economic order forms the framework in which the economic process takes place; it encompasses all market forms and payment flows within an economic cycle . The theory of the economic cycle originated in 1758 with the Tableau économique by François Quesnay and enabled an initial overview of the economic process.

Determinants of the economic process

The economic process is more complex, the more there is division of labor and specialization . The entire economic process is in many specific activities such as the division of labor production units , production classes , occupations , professions and social classes divided. This results in distribution chains , vertical integration , trade levels , supply chains , production chains and processing stages . This is where transactions take place such as arbitrage , procurement , financing , trade , investment , consumption , warehousing , production , speculation , distribution , processing as well as supply and demand in markets . This real economy with its flow of goods is opposed to the financial economy with its flow of money . The totality of these processes forms the economic process as the result of a multitude of decisions by economic subjects.

Two forms of organization of the economic process can be distinguished, markets and bureaucracies , outside of these two forms there is chaos. Bureaucracies influence the economic process through market regulation or state interventionism . Disturbances in the economic process can be manifold, such as market imbalances due to excess supply / excess demand , supply gap / demand gap on both the goods and the financial markets . The economic policy , by process policy to respond to non-temporary imbalances.

International economic processes

This economic process is not limited to one state, but takes place across borders as foreign trade through exports and imports between states, the monetary counterparts of which are foreign payments and foreign trade financing. International economic processes require free trade and the free movement of capital . Thanks to global value chains , many companies are then inseparably integrated into international economic processes and are transformed into multinational companies .

literature

Individual evidence

  1. ^ Walter Eucken , The competition order and its realization , in: ORDO yearbook for the order of economy and society vol. 2, 1949, p. 3
  2. ^ Alfred Stobbe, General Economic Theory , 1975, p. 18
  3. ↑ Willi Albers (Ed.), Handwörterbuch der Wirtschaftswwissenschaft , Volume 9, 1982, p. 428
  4. ↑ Hans Immler, Division of Labor, Cooperation and Economic System , 1973, p. 66
  5. ^ Alfred Stobbe, Economics Accounting , 1989, p. 2
  6. ↑ Hermann May, Didactics of Economic Education , 2010, p. 16
  7. ↑ Thilo Rensmann, The internationalization of SMEs as a challenge for international economic law , in: Stefan Lorenzmeier / Hans-Peter Folz (eds.), Law and Reality: Festschrift for Christoph Vedder , 2017, p. 558