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What Is Economics? |
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Robinson and Eatwell define economics as consisting of ‘Economics has three aspects or functions to try to understand how an economy operates; to make proposals for improving it; and to justify the criteria by which improvement is judged’ Sceptics of economics have included George Bernard Shaw who wrote ‘If all economists were laid end to end, they would not reach a conclusion’ The basic premise of economics through time, has been the identification of how wealth is generated and maintained within a production system. The early writers concentrated on looking merely at the supply side of things. There was a poor assumption that you simply kept producing goods to attain wealth, and that there would always be demand for a product. The early writers were pre-industrial era where the focus was on kept on agricultural products. The later writers developed their logic both on supply and demand side issues, to explain and analyse the problems. Back To Economics Through Time Main Menu 'An Introduction Modern Economics’ by Joan Robinson & John Eatwell, Published by Mcgraw-Hill (1973) |
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