Economics Economics is a scientific study in the sense that economists try to build up economic laws of general validity by analysing data and by formulating and testing theories about the relationships between various phenomena of social life. This distinguishes it from disciplines such as literary criticism, whose chief aim is the cultivation of sensitivity and judgment in particular kinds of human experience. Economics has so far produced only a small body of scientific knowledge compared with that of the physical sciences. There are regularities in economic phenomena but also irregularities, since human beings can respond in different ways to the same stimuli by learning from experience and thus trying to alter the stimuli themselves. Analysing the regularities is difficult because controlled experiment is impossible. Some economists think there ought to be more use of statistical materials and methods of analysis, others that the scope for such methods is limited because they are too rigid and run on 'tramlines'.

Economics is valuable because, first, it builds up a number of economic laws; secondly, it has developed terms which make possible classifications of economic events that assist discussion on economic policy by eliminating the vagueness and resulting won sequiturs of ordinary usage; thirdly, it may also, like literary or other 'non-scientific' studies, inculcate judgment and practical wisdom.

More International Economic - International Economic

Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this site is therefore not a final statement of economic doctrine.

Economics is in the last resort a technique of thinking. The reader will therefore need to make an intellectual effort, more substantial for some web entries than for others, to get the most interest and value out of this website.