Firms in Competitive Markets Monopoly Monopolistic Competition The Markets for the Factors of Production Earnings and Discrimination One of the Best Works of Thomas Sowell. Please note that the characters, names or techniques listed in Basic Economics is a work of fiction and is meant for entertainment purposes only, except for biography and other cases.
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Samuelson however argues that the resources are not static and they can be made to grow over time through exploration, exploitation and development. According to Samuelson the growth of resources is necessary since not only the present wants of human beings should be considered but also the increasing wants of increasing number of people should be taken in to consideration.
Like Robbins Samuelson includes all activities in economics whether they can be measured in terms of money or not or whether they lead to material welfare or not. Best General Definition of Economics: -It is the study of Individual and social choice in the face of scarcity.
Economics as a science: Economics is a science because it uses scientific methods in its researches and investigations. As every science economics also has a unit of measurement that is money; the economist can measure the individual and business motives with the use of this measuring rod of money. Though the economics has an inability to predict the future course of events as accurately as accurately as the laws of the physical sciences like physics and chemistry can.
But for this reason the scientific nature of economics can not be denied. The reason for this lack of accuracy is that economics deals with highly complex and variable forces. It deals with men who have freedom of will and there is no guarantee that they will act in a preconceived manner. Economics as an art: Economics is an art too.
Economics as a science make laws, rules and doctrines and as an art it tell how to use these laws rules and doctrines for the maximum satisfaction of human beings.
Economics- Positive Science or Normative Science The old English Classical School of Economics held that Economics was purely a positive science while the Historical School of Germany held the contrary view that the economics is a normative science.
Economics as a positive science: Economics as a positive science is concerned with the criteria of, what is? And not to the criteria of what ought to be? Economics must study things as they are.
Economics must be neutral between ends. Economics does not discuss the moral rightness or wrongness of the thing.
An economist should not give value judgments or ethical advices. Economics as a normative science: Economics as a normative science is concerned with the criteria of what ought to be? It has no objection to discussing the moral rightness or wrongness of the thing. An economist is also a human and lives in the same society and knows that the rules framed by him are used for this society so he can not abstain himself from giving value judgments.
Conclusion: -Economics is both positive as well as normative science. Methods of Economic Study Since Economics is a science, it also adopts certain methods for the discovery and formulation of its laws and principles. There are two methods 1. Deductive Method: - The deductive method is also known as the analytical, abstract, and a priori method. This method descends from general to particular. Under deductive method conclusions are drawn on the basis of certain fundamental truths.
Law of demand and law of supply are based on deduction. Steps or stages of Deduction: 1. Perception of problem. Making assumptions. Formulating hypothesis. Testing or verifying the hypothesis. Inductive Method: - The inductive method is also known as historical, empirical or posteriori method. This method mounts from particular to general. Induction is a process in which facts are collected, arranged and then general conclusions are drawn.
Steps or stages of Induction: 1. Perception of the problem. Collection, classification and analysis of data using appropriate statistical technique. Finding out the reason of relationship existing. Setting up rules and general laws. These terms were first used by Prof.
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