Outline of economics in the context of "Ontology (information science)"

In information science, an ontology encompasses a representation, formal naming, and definitions of the categories, properties, and relations between the concepts, data, or entities that pertain to one, many, or all domains of discourse. More simply, an ontology is a way of showing the properties of a subject area and how they are related, by defining a set of terms and relational expressions that represent the entities in that subject area. The field which studies ontologies so conceived is sometimes referred to as applied ontology.

Every academic discipline or field, in creating its terminology, thereby lays the groundwork for an ontology. Each uses ontological assumptions to frame explicit theories, research and applications. Improved ontologies may improve problem solving within that domain, interoperability of data systems, and discoverability of data. Translating research papers within every field is a problem made easier when experts from different countries maintain a controlled vocabulary of jargon between each of their languages. For instance, the definition and ontology of economics is a primary concern in Marxist economics, but also in other subfields of economics. An example of economics relying on information science occurs in cases where a simulation or model is intended to enable economic decisions, such as determining what capital assets are at risk and by how much (see risk management).