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Nature, Scope and Method of Economics

In: Allyn Abbott Young

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  • Ramesh Chandra

Abstract

This chapter focuses on the nature, scope and method of economics. Young regarded economics as the study of wealth-generating and wealth-using activities of man but only in relation to solving communal problems. For him economics was useful if studied in relation to other social sciences and was at least as much an art as a science. He discounted the notion of rational economic man and stated that English political economists always took their data from real life. They appeared abstract on the surface but largely dealt with practical national concerns. Young welcomed the use of mathematics and statistics in economics but cautioned that each new finding had to be woven into the existing system of knowledge.

Suggested Citation

  • Ramesh Chandra, 2020. "Nature, Scope and Method of Economics," Great Thinkers in Economics, in: Allyn Abbott Young, chapter 3, pages 69-94, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-3-030-31981-6_3
    DOI: 10.1007/978-3-030-31981-6_3
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