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.
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..
The appeal to authority cannot be permitted in economics any more than in chemistry, physics or astronomy.
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.
Economics is unlike many other sciences in the fact that its claim to recognition must be based upon its practical utility, on its relevance to the actual life of the economic world, on its ability to unravel the social and economic difficulties of each generation, and to contribute to the progress of nations.
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.
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 ?
There are few if any conceptions in economics which cannot be expressed in it without depleting the ordinary vocabulary.
At present the language of economics is for the ordinary Englishman like a foreign language of exceptional difficulty, because he is constantly meeting with words which suggest to his mind a whole world of associations quite different form those with which economic theory has clothed them.
But in a subject like economics obscurity and an awkward terminology are not marks of scientific merit.
TREATIES; TRUSTS; MONEY; FINANCE; &c. The bibliography of economics as a whole would include a history of all the writers on the subject, and .is beyond our scope here; see the numerous articles on economic subjects throughout this work.
There are two excellent secondary accounts: Samuel P. Orth, The Centralization of Administration in Ohio, in the Columbia University Studies in History, Economics and Public Law, xvi.
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....