Outlines of Economics: A Syllabus for Introductory Study (Classic Reprint) - Softcover

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Excerpt from Outlines of Economics: A Syllabus for Introductory Study

1. Definition, Scope and Scientific Character of Economics.

a. Definitions used at different periods of economic study reveal the change in its character.

Adam Smith, 1776: Inquiry into the Nature and Causes of the wealth of nations.

Nassau Wm. Senior, 1836: "The science which treats of the nature, the production and the distribution of wealth."

Luigi Cossa, 1877: "The science of the social ordering of wealth."

Seager, 1913" "Economics is the social science which treats of that portion of human activity which is concerned with earning a living.'

b. "'Money,' is the center around which economic science clusters because in this world of ours it is the one convenient means of measuring human motive on a large scale."

c. Not all subjects of study are sciences. The characteristics of the sciences are ability to classify facts or phenomena in orderly arrangement; and to establish relations of sequence or cause among them. From these follow some possibility of prediction. Sciences have these characteristics in very different degrees.

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