Nature of Economics
Economics can be described as all of the following:
- Academic discipline – body of knowledge given to - or received by - a disciple (student); a branch or sphere of knowledge, or field of study, that an individual has chosen to specialise in.
- Field of science – widely-recognized category of specialized expertise within science, and typically embodies its own terminology and nomenclature. Such a field will usually be represented by one or more scientific journals, where peer reviewed research is published. There are many sociology-related scientific journals.
- Social science – field of academic scholarship that explores aspects of human society.
Read more about this topic: Outline Of Economics
Famous quotes containing the words nature and/or economics:
“Put shortly, these are the two views, then. One, that man is intrinsically good, spoilt by circumstance; and the other that he is intrinsically limited, but disciplined by order and tradition to something fairly decent. To the one party man’s nature is like a well, to the other like a bucket. The view which regards him like a well, a reservoir full of possibilities, I call the romantic; the one which regards him as a very finite and fixed creature, I call the classical.”
—Thomas Ernest Hulme (1883–1917)
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)