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Economics concerns the wealth of nations, its origins in production and exchange, its allocation among competing uses, its distribution among individuals, its accumulation or decline. Economics seeks to discern both the common features and the differences in the institutions by which societies throughout the world, today and in the past, have organized economic life. The approach is descriptive and analytical; many issues of national and international policy are considered; the focus is on social institutions and social outcomes rather than on individual economic performance. Thus, economics at Yale is regarded and taught as part of a liberal education, not as a preparation for any particular vocation. Nonetheless, economics provides an especially relevant background for several professions.