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Two conceptions of economics

Author

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  • Ricardo F. Crespo

    (IAE (Universidad Austral) and CONICET)

Abstract

As Ronald Coase points out, there are two kinds of conceptions of economics: first, the conception that emphasizes the study of specific kinds of human activities; and, second, the conception that makes economics the study of a specific approach to all human choices. The paper first shortly reviews the two conceptions. Then, it links them to specific conceptions about rationality. An analysis of the terms involved in the discussion shows which conception of economics corresponds most to its ordinary language meaning. The paper then analyzes and develops Coase’s argument for the first and against the second conception, explores the limits of an integration of the two views and assigns them specific roles.

Suggested Citation

  • Ricardo F. Crespo, 2011. "Two conceptions of economics," Journal of Applied Economics, Universidad del CEMA, vol. 14, pages 181-197, November.
    • Handle: RePEc:cem:jaecon:v:14:y:2011:n:2:p:181-197
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    File URL: https://ucema.edu.ar/publicaciones/download/volume14/crespo.pdf
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    Cited by:

    1. Jorge Streb, 2010. "Hume: The power of abduction and simple observation in economics," CEMA Working Papers: Serie Documentos de Trabajo. 417, Universidad del CEMA.

    More about this item

    Keywords

    definition of economics; relation with other social sciences;

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General

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