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Modern Economic Theory
The Problem of Definition. Dr. J. N. Keynes is n far wrong when he remarks that “Political Economy is said to ha strangled itself with definitions.”
Every economist n the economic world by coining a new definition moralized his deb, worse confounded.
There are economists, the confusion, therefore, like Richa, Jones, and Comte who would do away with definition altogether, being pedantic and useless.
But the work of defining the subject m not be regarded as mere pedantry. It is very essential for the reader to have some definition in mind as a working basis.
Besides, P discussion leading to a definition is very useful in giving clarity to the fundamental content of the subject. We shall not therefore dispense with the definition and the discussion connected therewith.
Economics is considered to be. the youngest science and soft would think it is still in its infancy.
It is natural, therefore, the acute controversy should have raged around the problem of definite and that different definitions should have been offered at different times.
Traditional View:
The early economists defined it as the science of wealth and deservedly brought upon themselves the era of the prominent men of letters of the time.
like Carlyle and RuskThis exaggerated emphasis on wealth made the Science of Econorer appears or did and the economists became the preachers of the Gost of Mammon.
Our Science has by now been luckily extricated fra that unenviable position. The emphasis has now been shifted to free wealth to a man for whose welfare wealth is meant to be produced Adam Smith intended.
Economics to concentrate the study of forces contributing to the growth of national wealth a the matters connected with public finance-certainly a very narr”. view of the subject of Economics as it is understood today.
The other well-known definitions are: It is “Science wh treats of those social phenomena that are due to the wealth-getting and wealth using activities of man.” (Ely).
“Economics is the study of the general methods by which men co-operate to meet their matertra needs. (Beveridge).
The aim of Political Economy is its explanation of the general causes on which the material welfare human beings depends” (Cannan).
Adam Smith intended Economics to concentrate the study of forces contributing to the growth of national wealth the matters connected with public finance-certainly a very narrow view of the subject of Economics as it is understood today.
| Author | KK Dewett |
| Language | English |
| Pages | 576 |
| PDF Size | 35.1 MB |
| Category | Business |
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