The Principles of Economics, with Applications to Practical ProblemsFetter, Frank A. (Frank Albert)
General
The Principles of Economics, with Applications to Practical Problems
Fetter, Frank A. (Frank Albert)
Economics
1. _Political economy, as one of the social sciences, may be contrasted
with the natural sciences, which deal with material things and their
mutual relations, while it deals with one aspect of men's life in
society, namely, the earning of a living, or the use of wealth._ It is
true that political economy also has to do with plants and animals and
the earth--in fact, with all of those things which are the
subject-matter of the natural sciences; but it has to do with them only
in so far as they are related to man's welfare and affect his estimate
of the value of things; only in so far as they are related to the one
central subject of economic interest, the earning of a living.
[Sidenote: Character of the social sciences]
2. _The social sciences deal with men and their relations with each
other._ The word "social" comes from the Latin socius, meaning a fellow,
comrade, companion, associate. As men living together have to do with
each other in a great many different ways, and enter into a great many
different relations, there arise a great many different social problems.
Each of the social sciences attempts to study man in some one important
aspect--that is, to view these relations from some one standpoint.
Man's acts, his life, and his motives are so complex that it is not
surprising that there has been less definiteness in the thought of the
social sciences, and that they have advanced less rapidly toward
exactness in their conclusions, than have the natural sciences. This
complexity also explains the discouragement of the beginner in the early
lessons in this subject. Usually the greatest difficulties appear in the
first few weeks of its study. The thought is more abstract than in
natural science; it requires a different, I will not say higher, kind of
ability than does mathematics. But little by little the strangeness of
the language and ideas disappears; the bare definitions become clothed
with the facts of observation and recalled experiences; and soon the
"economic" acts and relations of men in society come to be as real and
as interesting to the student as are the materials in the natural world
about him--often, indeed, more interesting.
[Sidenote: Economics, politics, law, and ethics]
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