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. [http://mises.org/humanaction/introsec1.asp "1. Economics and Praxeology"], ''[[Wikipedia:Human Action|Human Action]]'', referenced 2009-04-26.</ref> | 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. [http://mises.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.' | |||
==References== | ==References== | ||
Revision as of 18:59, 28 April 2009
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 Wikipedia:Ancient 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, this definition is not as much incorrect as it is too constricting. Economical principles apply to more than one specific kind of human action. 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."[2]
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.'
References
- ↑ Harper, Douglas. "Online Etymology Dictionary - Economy", referenced 2009-04-26.
- ↑ Ludwig von Mises. "1. Economics and Praxeology", Human Action, referenced 2009-04-26.