Economics is one of the paramount and most sought-after subjects of Social Science. Each one of us has got something unique enough to be successful; we believe in bringing you closer to that A discussion about the true scope of economics includes the subject matter of economics, whether economics is a science or an art, or is it a positive or a normative science. Koramangala, Bengaluru, Karnataka 560034, Leverage Edu Mumbai, Are you looking forward to applying to any top-notch university for Economics? But Robbins has nothing to do with Ethics. The idea of economic welfare is vague. Innov8, 3, 20 Main Road Bailey called it “a mean, degrading, sordid inquiry.” To Carlyle it was a “pig-science.” Ruskin lamented in the Preface to his Unto the Last that economists were in ”an entirely damned state of soul.” Even economists like Jevons and Edge-worth were despaired of this wealth-oriented conception of economics. It is definitely a science like any other science. Robbins’ conception of economics is essentially a micro analysis. 7. Introduction to Economics ,Nature and scope of economics 1. Thus, the practical application of the scientific economic findings comes under Economics as an Art. The problem of how to build a college building with given resources is technical. Non-economic activities and activities having ignoble ends are excluded from the study of economics. The term economics is derived from two words economy and science meaning the science of the economy or the science of proper utilization of resources. Many think tanks around the globe are still trying to establish the nature of Economics. Adam Smith defined it as the “nature and causes of wealth of nations,” whereby it “proposes to enrich both the people and the sovereign.” Among his followers, J.B. Say in France defined economics as “the study of the laws which govern wealth;” to Nassau Senior at Oxford, “the subject treated by political economists…is not happiness, but wealth;” whereas to F.A. Robbins in defining economics as a valuation problem seems to deprive economics of the right to study welfare.” Economics will be an incomplete body of knowledge without the study of welfare which Robbins neglects. It is believed that he has given a reputed place to Economics within the domain of Social Science. 2. The tide may rise earlier or later than the predicted time due to some unforeseen circumstances. Economics is a normative science of “what ought to be.” As a normative science, economics is concerned with the evaluation of economic events from the ethical viewpoint. To analyse the causes and effects of poverty falls within the purview of science and to lay down principles for the removal of poverty is art. And for a good or service to command a price, it is not essential that it must promote material welfare, rather it must be scarce and capable of being put to alternative uses. Leverage Edu Tower, Secondly, economics is a social science. TOS 7. Money cannot be regarded as an accurate measure of welfare, for the conception of welfare is subjective and relative. For the pressure of practical problems will hinder the development of economics as a science. Again, economics is a science because of its self-corrective nature. Science lays down certain principles while art puts these principles into practical use. Plot No. Koramangala, Bengaluru, Karnataka 560034, Read Our Blog: The same good or service may promote material welfare at one time and under one set of circumstances and not at another time under different circumstances. Does not Offer Solutions to Problems of LDCs. Samuelson lays stress on the use of modern technique of “cost-benefit analysis” to evaluate the development programme for the use of limited resources. There is a contradiction in the “non-material definition of productivity” used by Marshall. Wealth and welfare definitions are divided into the classical view of Adam Smith and his contemporaries and the neo-classical view of Marshall and his contemporaries. Therefore, economics is also a positive science. At a time, the use of a scare resource for one end prevents its use for any other purpose. In physics, the law of gravitation states that things coming from above must fall to the ground at a specific rate, other things being equal. Fraser has classified the definitions of economics into Type A and Type B. Since “Economics deals with ascertainable facts” and “ethics with valuations and obligations,” he finds no reason for “not keeping them separate, or failing to recognise their essential difference.” He, therefore, opines that “the function of economists consists in exploring and not advocating and condemning.” Thus an economist should not select an end, but remain neutral, and simply point out the means by which the ends can be achieved.

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