As the use of languages is playing a more and more important role in economic activities with the globalization of the world economy, there is growing interest in the relationship between language and economic theory. The rapidly expanding literature in this field, however, is highly fragmented. It is difficult to tell what this field of study focuses on, what has actually been investigated, and what remains to be studied. The authors attempt to review, assess and categorize the major orientations of the research on the economics of language. Those include a traditional strand of research that has focused on language and economic status, the dynamic development of languages, and language policy and planning, as well as a relatively new strand based on game theory and pragmatics. The authors propose the use of the term "Language and Economics" to define this area of research.With the globalization of the world economy, communication among people has become increasingly important. The use of a language that is understood by a sufficiently large number of people is necessary for such communication to be possible. Issues related to language and its relationships with economics have drawn some scholarly attention. As a matter of fact, the economics of language, as an interdisciplinary subject, has been quietly in the making for more than 45 years.The term "economics of language" first appeared in 1965, when Jacob Marschak published a relatively unknown article with that title in Behavioral Science. Marschak (136) asked questions such as:[What are the] communication systems [that are] best suited to a given goal [?] […] Why are the known languages of the present and the past what they are or were? […] What determines the probability that a set of traits will remain in existence for a given length of time?