Economics: Difference between revisions
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For the [[Austrian Economics|Austrian school]], this definition is not as much incorrect as it is too constricting. Economical principles apply to more than one specific kind of human action. [[Ludwig von Mises|Mises]] popularized the term for a new science, [[praxeology]]: ''"The economic or catallactic problems are embedded in a more general science, and can no longer be severed from this connection. No treatment of economic problems proper can avoid starting from acts of choice; economics becomes a part, although the hitherto best elaborated part, of a more universal science, praxeology."''<ref name="Mises">Ludwig von Mises. [ | For the [[Austrian Economics|Austrian school]], this definition is not as much incorrect as it is too constricting. Economical principles apply to more than one specific kind of human action. [[Ludwig von Mises|Mises]] popularized the term for a new science, [[praxeology]]: ''"The economic or catallactic problems are embedded in a more general science, and can no longer be severed from this connection. No treatment of economic problems proper can avoid starting from acts of choice; economics becomes a part, although the hitherto best elaborated part, of a more universal science, praxeology."''<ref name="Mises">Ludwig von Mises. [https://mises.freecapitalists.org/humanaction/introsec1.asp "1. Economics and Praxeology"], ''[[Wikipedia:Human Action|Human Action]]'', referenced 2009-04-26.</ref> | ||
According to Rothbard: 'the entire Austrian economic theory is the working out of the logical implications of the fact that humans engage in purposeful action.' | According to Rothbard: 'the entire Austrian economic theory is the working out of the logical implications of the fact that humans engage in purposeful action.' | ||
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==Economics and ethics== | ==Economics and ethics== | ||
Economics is a value-free, theoretical science and as such avoids any judgment of value. It is not its task to tell people what ends they should aim at. It is a science of the means to be applied for the attainment of ends chosen, not a science of the choosing of ends. Ultimate decisions, the valuations and the choosing of ends, are beyond the scope of any science. Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends.<ref name="Mises">Ludwig von Mises. [ | Economics is a value-free, theoretical science and as such avoids any judgment of value. It is not its task to tell people what ends they should aim at. It is a science of the means to be applied for the attainment of ends chosen, not a science of the choosing of ends. Ultimate decisions, the valuations and the choosing of ends, are beyond the scope of any science. Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends.<ref name="Mises">Ludwig von Mises. [https://mises.freecapitalists.org/humanaction/introsec3.asp "3. Economic Theory and the Practice of Human Action"], ''[[Wikipedia:Human Action|Human Action]]'' online edition, referenced 2009-04-26.</ref> | ||
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==Links== | ==Links== | ||
* [[Wikipedia:Economics|Economics]] on Wikipedia | * [[Wikipedia:Economics|Economics]] on Wikipedia | ||
* [ | * [https://mises.freecapitalists.org/daily/4252 Why Economics Is Crucial for Ethics] by Art Carden, April 2010 | ||
* [http://www.marketwatch.com/story/10-things-economists-wont-tell-you-2013-06-08?pagenumber=1 10 things economists won’t tell you], ''MarketWatch'', June 2013 | * [http://www.marketwatch.com/story/10-things-economists-wont-tell-you-2013-06-08?pagenumber=1 10 things economists won’t tell you], ''MarketWatch'', June 2013 | ||
{{Stub}} | {{Stub}} | ||
[[Category:Economic concepts|*]] | [[Category:Economic concepts|*]] | ||
Latest revision as of 04:08, 16 August 2026
Economics, according to a classical definition, is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek oikonomia ("management of a household, administration") from oikos ("house") and nomos ("custom" or "law"), hence "rules of the house(hold)".[1]
For the Austrian school, Economics deals in general with the action of men to satisfy their desires, and, specifically, with the process of exchange of goods as a means for each individual to “produce” satisfactions for his desires. These goods may be tangible commodities or they may be intangible personal services. The principles of supply and demand, of price determination, are exactly the same for any good, whether it is in one category or the other.[2]
Economics and ethics
Economics is a value-free, theoretical science and as such avoids any judgment of value. It is not its task to tell people what ends they should aim at. It is a science of the means to be applied for the attainment of ends chosen, not a science of the choosing of ends. Ultimate decisions, the valuations and the choosing of ends, are beyond the scope of any science. Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends.[3]
References
- ↑ Harper, Douglas. "Online Etymology Dictionary - Economy", referenced 2009-04-26.
- ↑ Murray N. Rothbard "11. Types of Exchangeable Goods", Man, Economy and State, online edition, referenced 2009-04-26.
- ↑ Ludwig von Mises. "3. Economic Theory and the Practice of Human Action", Human Action online edition, referenced 2009-04-26.
Links
- Economics on Wikipedia
- Why Economics Is Crucial for Ethics by Art Carden, April 2010
- 10 things economists won’t tell you, MarketWatch, June 2013