An economic taxonomy is a system of classification of economic activity, including products, companies and industries. Some economists believe that the study of economic policy demands the use of a taxonomic/classificatory approach.
Industry taxonomies include international, regional and national taxonomies and proprietary taxonomies.
Official statistics taxonomies
The international and national taxonomies are used by official statistical agencies.
- North America North American Industry Classification System (NAICS)
- United States Standard Industrial Classification (SIC)
- Europe Statistical classification of economic activities in the European Community (NACE)
- United Kingdom Standard Industrial Classification of Economic Activities
- Russian Economic Activities Classification System (OKVED)
Pavitt's Taxonomy classifies firms by their principal sources of innovation.
MasterFormat provides a taxonomy for organizing construction projects with the primary unit of differentiation consisting of a binary fail/no-fail tag. The majority of the users of MasterFormat fall into the first category.
Product classification or product taxonomy organizes products for a variety of purposes.
Other taxonomies include classifications of trademarks, jobs (occupations), patents, publications in the field of economy, standards, customs classification.
- Day, A.C.L. (1955) The taxonomic approach to the study of economic policies. The American Economic Review 45: 64-78. https://www.jstor.org/pss/1811583