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- W103510947 abstract "This is an essay in political economy rather than economics per se for unlike economics it attempts to examine the validity of the claim of economics to the title of science. In doing so the writings of three famous economists Smith, Jevons and Marshall will be examined and these three chapters form the bulk of the essay. It is shown that over the period since Smith's Wealth of Nations was published the discipline's basic assumptions method and conclusion have remained virtually unaltered. Whilst economists and especially of its more prominent practitioners such as Friedman proclaim the discipline to be value-free and a positive science, this thesis argues precisely the opposite. The literature applying the philosophy of science methodology to the history of economic thought is rejected because it implicitly accepts the notion that economics is a science. The conclusion of this thesis is that economics presupposes a specific teleology of man and is therefore incompatible with science itself. The philosophy of individualistic hedonism which comprises the philosophic core of economics. The end which is served by economic science, namely universal wealth can only come about under a specific institutional framework of society, namely market capitalism. Alternative institutional settings may aim for goals such as national independence (Albania) or human equality (China during the Cultural Revolution). To be a true science, economic laws must be applicable at all times, and places, and all institutional settings. Instead of supply and demand being natural law it is more accurate to say that when no government intervention is felt necessary the market price of a commodity may in the long run come to reflect the ratio between supply and demand." @default.
- W103510947 created "2016-06-24" @default.
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- W103510947 date "1982-01-01" @default.
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- W103510947 title "Is economics a science" @default.
- W103510947 hasPublicationYear "1982" @default.
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