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.
The appeal to authority cannot be permitted in economics any more than in chemistry, physics or astronomy.
In modern economics "fertility" has no very definite meaning.
There is in existence a vast store of accumulated knowledge, and few, if any, departments of economics have been left quite unilluminated by the researches of former generations.
Economics, therefore, under modern conditions, is not only a subject which may usefully occupy the attention of a leisured class of scientific men.
That they must be studied closely by every one who wishes to follow the history of economics goes without saying.
How can such a huge mass of general propositions as are necessarily included in a system of economics ever be thoroughly tested by an appeal to facts?
The scientific study of the economics of local administration is, however, in its infancy, and requires to be taken up in earnest by economists.
There is no method of investigation which is peculiarly economic or of which economics has the monopoly.
But the big question is whether these same economics would apply in a world one hundred times richer than we are right now.
Medieval economics was little more than a casuistical system of elaborate and somewhat artificial rules of conduct.
The historical relations between philosophy and economics are of great importance in tracing the development of the latter, and have done much to determine its present form.
Experimental psychology may in course of time have an important bearing on economics, but the older science cannot be said to be of much significance except in its historical aspects.
But apart from the applied science, there is an aspect of pure geography which concerns the theory of the relation of economics to the surface of the earth.
Where the newer methods were assimilated, the position of economics was strengthened and its practical utility increased.
In a subject like economics it must always be very difficult to decide how far a departure from the traditional form and.
Economics is therefore, on the whole, an intensely conservative science, in which new truths are cautiously admitted or incorporated merely as extensions or qualifications of those enunciated by previous writers.
There are few if any conceptions in economics which cannot be expressed in it without depleting the ordinary vocabulary.