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Economics - Essay Example

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Before, it started, there was absolutely no inkling to anybody of what was coming and everybody was painting a rosy picture of the health of economy in the days to come. Interest rate was falling; stocks were rising,…
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Economics essay
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"Economics"

Download file to see previous pages These professionals claim to be scientists and also claim to have mastered the science of scarce resource allocation to satisfy the unlimited needs of humanity. These professionals also claim to have mastered the human behavior. But are they really scientists and whether economics is really a science.
Economics was defined as “Science of Wealth Creation” by Adam Smith, the father of economics as well as the economics of early days like J.E. Cairnes, J. B. Say, and F. A. Walker (http://www.newagepublishers.com/samplechapter/001283.pdf). According to these economists, economics was a science that dealt with the ways in which a nation acquires wealth. This definition placed economics as a stream of knowledge devoid of any human face. To provide a social and moral face to this stream of knowledge the next generation of economists like Marshall, Robbins and Samuelson gave a more comprehensive and humane definition of economics. They defined economics as a branch of knowledge which is “on the one side a study of wealth; and on the other, and more important side, a part of the study of man.” (http://www.newagepublishers.com/samplechapter/001283.pdf). Another very famous definition of economics comes from a very popular economist of modern age – Robbins. He defined economics as science of optimum allocation of scarce resources to satisfy the infinite needs. His definition of economics tried to distance it from the moral or ethical issues to make it a scientific discipline. Today, his definition is the most acceptable definition of economics and modern day economists do not consider it anything but a scientific subject. They have learnt and applied many exotic mathematics, be it differential equations in many variables or abstract concepts of set theory and linear algebra into different problems and situations of economic sense. They extract some ...Download file to see next pagesRead More
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