The development of neoclassical economics stressed optimization by consumers and firms subject to well-defined constraints and a market environment, 1 According to Groenewegen 1987 , the term ‘‘political economy’’ for economics origi-Ž. This includes modeling the impact of global factors on the economy of a nation. International economics is the economics of the global economy and commercial exchanges between nations. _ (Draft Articles on the Responsibility of International Organisations, Art.2(a)) Wages and income rise and fall with international commerce even in large rich developed economies like the US. One cannot settle once and for all the subject matter of a discipline as it tends to vary with time and the emergence of new conditions and factors. ˜ its declaratory nature of the rules of customary international law on the subject matter. Managerial economics refers to the branch of economics that is derived from the subject matter of microeconomics that considers the households and firms in an economy, and macroeconomics that is concerned with the employment rates, interest rates, inflation rates and other macroeconomic variables that concerns a country as a whole. International economics can also be used to model the global economy as a single system of value creation and distribution. In general, international economic law (IEL) is concerned with the governance of international economic relations between states as they affect individuals in a state, including in particular their relations inter se across national boundaries. nated in France in the 17th century. It must be … International economics deals basically with those economic principles which govern the exchange of goods (and services) between sovereign nations (more accurately, between their residents) and with special policy problems which arise in view of this. International organisations may include as members, in addition to states, other entities. Definition: international organisation means an organisation established by treaty or other instrument governed by international law and possessing its own legal personality. International Economics1.5 The scope and nature of International EconomicsInternational Economics studies howindependent economies of the world interactwith one another in the process ofallocating scarce resources to satisfy humanwants.The subject matter can be studied in twoparts : International Trade & International Finance. economic analysis were important motivations in this separation. In many countries, international economics is a matter of life and death. News about economics, including commentary and archival articles published in The New York Times. The subject matter of international economics consists of issues raised by the special problems of economic interaction between sovereign states. "International economics describes and predicts production, trade, and investment across countries. Scope And Subject-Matter: Sometime back, scholars of international relations thought that its scope was not yet delimited. It is obvious that the coverage of topics and arrangement and depth of their analysis would depend upon the purpose of the study. These days,-the subject matter of International Economics comprises a large number of segments which, in turn, can be divided into several parts. Broadly speaking, however, international economics covers the following main components. […] 3.5 Fundamental principles of international economic law As an attempt to implement the objectives of the NIEO and to establish the norms of international economic relations, the UN General Assembly adopted as part of its resolutions on the NIEO the