Definition of Economoics

Topics: Economics, William Stanley Jevons, Alfred Marshall Pages: 3 (812 words) Published: January 20, 2013

In simple, economics is the scientific study of the choices made by individuals and societies in regard to the alternative uses of scarce resources which are employed to satisfy wants. Different views about economy are presented below.

1) Economics is what Economists do. John Maynard Keynes described what he thought economists do in Essays in Biography in 1933. An economist, he wrote, must possess a rare combination of gifts. He must be mathematician, historian, statesman, philosopher-in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms off the general, and touch abstract and concrete in the same flight of thought. He must study the present in light of the past for purposes of the future. No part of man's nature or his institutions must lie entirely outside his regard. He must be purposeful and disinterested in a simultaneous mood; as aloof and incorruptible as an artist, yet sometimes as near the earth as a politician.

2) According to Raymond T Bye,( The Scope of Economics, Journal of Political Economy, 1939), there appear to be three methods by which economic phenomena may be investigated, and each of them has its vigorous champions. The first consists mainly in deductive analysis. Proceeding from a few simple premises based upon general observation to broad generalizations. The second is the historical method, which seeks an understanding of existing institutions by tracing their evolutions from their origins in the past. The third is statistical induction, which endeavours, by the analysis of numerical data, to develop quantitative knowledge of economic phenomena. Luckily, the disputes which have been waged between the advocates of these different types of analysis do not have to be settled before economics can be defined, for the question of definition is one of subject matter rather, than of method. Anyway, it is now coming to be recognized that these methods are...
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