At the level of Economics, its study is based on the handling of assumptions to analyze economic models, for the study of each variable. Either macroeconomics or microeconomics, but this analysis has to be subject to laws and principles that support all theory, the singular of the case is how to explain the different aspects of economic reality. Economic theory encompasses microeconomics and macroeconomics. From classical thought the classical theory its best known exponent is Adam Smith, who is considered the father of economics with his publication The Wealth of Nations.
I can also mention another type of approach to economic theory, Marx understood the importance of technological innovation in the development process, how unique I try to define and the origin of capital and private property, which are fundamental elements in the construction of an economic model, everything converges in the analysis of a model. The importance of economic theories formalize the base under principles, of the definition of the economic structure includes the relationship between the various sectors of the economy especially between the three main sectors, known as primary, secondary, tertiary.
With the evolution of economic thought and its philosophy, the economic reality and the applied economic models were changing, because they are governed by policies that regulate an economy, as an example, fiscal and monetary economic policy, since it links the origin of public spending, then exchange control, the circulation of currency, currency and the money supply, since monetary liquidity affects the economy in its inflation levels. Dear reader, it is not only the singular thing but the knowledge of this context, since they are scientific laws that express the way in which the phenomena of economic life occur where the relationship between two or more concepts is established, basically, explaining In this way, the way in which events occur, that laws or policy demonstrates the feasibility of that economic theory by which they were created, to give it an economic and social purpose.
In such a way the importance of all this that they served to establish and publicize the law of supply and demand, the law of Scarcity, which is very important for every economy in the world and more so in the new era of digital knowledge.