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.