Other than aesthetics and economics, she had little idea what kind of vehicle she wanted.
But from the end of the 17th century economics has been definitely recognized as a subject of scientific study.
When it began to affect economics, many people were afraid that the whole fabric of science would be destroyed and the practical gains it had achieved, jeopardized.
In common with other sciences, economics makes use of " abstractions"; but if for some problems we employ symbolic processes of reasoning, we must keep clearly in view the limits of their significance, and neither endow the symbols with attributes they can never possess, nor lose sight of the realities behind them.
To many minds the interest and usefulness of economics depend entirely on the application of these methods, for it is the actual working of economic institutions about which the statesman, the publicist, the business man and the artisan wish to know.
Of what possible use are the works of the so-called classical writers, except in relation to the history of economics and the practical influence of theory in past times ?
If we take the mere popular view of what is meant by the " old Political Economy," that is, that a generation or so ago economics was comprised in a neatly rounded set of general propositions, universally accepted, which could be set forth in a question we have really to determine is how we can make the best use of the accumulated knowledge of past generations, and to do that we must look more closely into the economic science of the 10th century..
In the history of economics or the biography of Ricardo it is of interest to show that he anticipated later writers, or that his analysis bears the test of modern criticism; but no economist is under any obligation to defend Ricardo's reputation, nor is the fact that a doctrine is included in his works to be taken as a demonstration of its truth.
But there are very few people in the world who have made a careful study of his works; and although his theory of rent has a wide and increasing application in economics, it is not comparable in general scientific importance with Malthus's theory of population.
No one is concerned to prove that the Ricardian economics applies to the manorial system, and it is generally supposed at any rate that the world has been approximating more and more nearly during the last century to the conditions assumed in most of the reasoning of that school.
In a subject like economics it must always be very difficult to decide how far a departure from the traditional form and.
In the case of many subjects this would matter very little, but in that of economics, which touches the ordinary life of the community at so many points, it is of great importance, especially at a time like the present, when economic questions determine the policy of great nations.
Moreover, the study of the theory of rent has had a very great influence on all branches of economics by destroying the notion that it is possible to draw sharp lines of distinction, or deal with economic conceptions as though they were entirely independent categories.
As my professors told me the first day I started studying economics in college (and never tired of repeating), scarcity is the central underlying assumption of all economic theory.
As my economics professors insisted, cost is determined by scarcity and demand.
But in spite of the relative economic displacement they all cause, free trade, outsourcing, and technological displacement all have a positive net effect on the economics of the planet.
But the big question is whether these same economics would apply in a world one hundred times richer than we are right now.
I think those economics are driven by a fundamental scarcity which has been the historic norm and thereby the only one we know.
In lean years, the economics of using fertilizer, diesel-powered irrigation, and other technologies that involve out-of-pocket expense simply don't work.
This year is the happiest because I am studying subjects that especially interest me, economics, Elizabethan literature, Shakespeare under Professor George L. Kittredge, and the History of Philosophy under Professor Josiah Royce.
I used to think that when I studied Civil Government and Economics, all my difficulties and perplexities would blossom into beautiful certainties; but alas, I find that there are more tares than wheat in these fertile fields of knowledge....