It is a very common belief. It is not clear HOW and WHY people acquire this unjustified belief. As a tentative scientific discipline, it is probably better than astrology but hardly compares to theoretical physics.
This may result from incomplete knowledge regarding the possibility of practical use of economic knowledge in various aspects of a citizen's functioning in society in the context of socio-economic relations (in a microeconomic perspective), and in shaping and implementing specific socio-economic policy in the context of the economic and financial functioning of the entire economy ( in macroeconomic terms).
Greetings,
Dariusz Prokopowicz
Many years ago, John Maynard Keynes said: "I believe that economics is a moral science ... deals with introspection and values ... deals with motives, expectations and psychological uncertainties." In these words, John Maynard Keynes suggested a high level of significance of economic knowledge and the possibilities of its application. The significance of this statement emphasizes the special role of the concept of Keynsism as one of the important trends in defining and determining the possibilities of implementing state interventionism consisting mainly in creating new jobs in various sectors of the national economy in a situation where the economy is in a deep economic crisis, a strong recession, a large rising unemployment, declining incomes, decreasing citizens' standard of living and creating formulas on how to counteract these processes. Many years have passed since John Maynard Keynes said these words. The circumstances have changed significantly. The global economic crisis has emerged again, including the recession of the global economy. Is the above quote still fully valid? In my opinion, whether this quote will be valid only depends on people, business entities, decision makers planning and implementing a specific socio-economic policy, whether they will act in accordance with the principles of social responsibility, ethics, sustainable development, etc. The epochs change, systems change economic, various concepts and trends regarding effective socio-economic policy in the history of economic thought are formulated, various solutions on how quickly and efficiently the economy or enterprise should emerge from the financial, economic, currency, etc. crisis, but the role of learning economics remains important and thus economic knowledge is constantly expanding and increasing.
Regards,
Dariusz Prokopowicz
Dariusz Prokopowicz Clearly, it is not a value-free science. Yet people continue to think so. That is the puzzle. Why do people systematically make this mistake?
People still behave irrationally during the quarantine and still nobody learn from behavioural economics. The value of science see only those who are using science findings in their daily life. Nobody thinks about vaccine if there is no pandemic.
Jaroslav Dvorak The rationality of humans is definitely over-rated, and our stupidity is underestimated. Sad but true.
Isam Alkhalifawi So what? Do you believe what he says? What is the evidence? Just because he says so does not mean it is so.
Isam Alkhalifawi Remember, there is no one-handed economist. On the one hand, economics is a value-free science; on the other hand, it is not a value-free science. The best and always correct answer is "it depends". What should we assume?
Economics grew out of political economy, which in turn has its foundation in moral philosophy. In the past, there was always a clear distinction between positive economics and normative economics. For some strange reason, this distinction has become extinct. It is a huge loss, from the perspective of the history of intellectual thought.
I agree with Jaroslav Dvorak .
Thanking of vaccine is only because of this pandemic. The humans' lucidity is unquestionably puffed up.
Because many think that economics is only about quantitative methods and calculation - and they do not see the qualitative and content side of the matter.
Take, for example, in some Central and Eastern European countries, as Lithuania or Bulgaria, the functioning of Free market institutes - people first of all fall into the trap of diminishing taxes, etc., but they do not notice how they appear as the best friends of neoliberal ideology.
Arvydas Guogis But if you tell them that economics is not only about numbers, they should believe you because it is OBVIOUSLY true. Suppose i say, look, the sky is blue and it is not red. people should quickly realize their mistakes. but it is not the case with economics. i want to understand why people PERSIST in their mistaken beliefs. only if we can identify the reasons WHY people do so, do we have any change of changing their behaviors and beliefs.
Jaroslav Dvorak As you have rightly referred to in behavioral economics research, the fascinating thing is that human beings are so "stupid" that they continue to behave in the wrong ways and have the wrong beliefs even when they agree that they are wrong, and know that they are wrong. how do we explain this paradox. if we cannot understand and explain this paradox, we have no hope of changing people's behaviors.
Abiola Olawale Ilori Yes, you are right. Clearly lots of people believed what the economists said. The more interesting question is WHY. Why were the economists persuasive? Did they deceive the people in some way? Were the people willing believers? That is the issue that I wish to understand.
https://understandingsociety.blogspot.com/2012/03/value-free-economics.html
Scientists said the same way, although with evidences, that the Planet is flattened at the poles and bulges at the Equator.
Abdelkader Mohamed Elsayed Dear Professor Elsayed, may i humbly request you to write a few key points.
It would be most helpful for the followers of this discussion group. just posting links is not as useful. What do YOU think? What is your opinion? Then we can have some discussions. We are not discussing with the authors of the posts that you have provided.
Shukran.
Economics is a very important science, complicated, much needed. This is very valuable science. I am full of respect for economists who understand market mechanisms. This is a difficult field of science.
A world without economy would not exist. Economics is based on mathematics. Economics is also business, trade and international cooperation.
Waldemar Łasica Two issues. We can debate whether economics is or is not a science. Furthermore, we can also discuss whether economics is value-free. Both of these propositions are not obvious and self-evident.
World production, sales and international trade are based on economics.
Economics rules the world. A world without economy would not exist.
Waldemar Łasica The questions remain: is it a scientific discipline? maybe. is it value-free? i am not so sure. if we could bring some data or evidence, then we might be able to progress on giving answers to these two questions.
Mohammad Hamad Al-khresheh please kindly explain why you think economics is a scientific discipline. And the next issue is whether economics is value-free. This is a more much important question.
Economics may have some of the characteristics of a science but it is a less than perfect science. The focus here is on the value-free part. Is it reasonable to assume that economics is value-free. For me, it is obviously not value-free. Please present arguments that support the hypothesis (conjecture) or proposition that economics is value-free.
Let me briefly mention two philosophical issues that may cast doubt on whether economics is a science or not.
First, it is widely recognized that welfare (utility) is an ordinal concept; however, in practice, we use a cardinal numeraire to measure welfare. This is clearly inconsistent, from philosophical and conceptual points of view.
Second, is it possible to make inter-personal comparisons of utility? This is an open unsettled question that is subject to debate and controversy.
@Joseph Tham
The planet is governed by economy. There will not be one world without an economy.
Abrar Hossain Tasin I am not questioning the importance of economics. It is EXTREMELY important. I am asking two related questions. First, is it a scientific discipline. Second, is it value-free? Please respond to these two issues. Thank you.
Economics is the only science to which the following saying applies
"Those who know do and those who do not know teach"
Regards
Mourad Aty Thank you for your post. i am not sure that economics is a science. people often think that economics is useful for business and making money. this may be partly true. but when economists try and teach practical businessmen on making money, it is almost like trying to teach birds how to fly.....
The academic disciplines in the world are not divided into only two categories: science or non-science. i think there is a spectrum, a continuum a whole range.
maybe fifty shades of science. What is the shade of science? that is the question. where does it lie on that continuum, from a perfect science to a perfect non-science.
Economics is a study of human behavior, which involves values and social interaction. There are certain aspects like optimization that can be classified as science in terms of setting the objective function and constraints. Other than this, social goals and priority in ranking are very much socially determined.
In itself, economics is a science. So considering economics outside of science does not seem feasible to me. At this time, as the world is facing a pandemic, medical science and economic science must work together.
An example of the importance of economics is the following manuscript
Article Economy or Health, Constant Dilemma in Times of Pandemic: Th...
...SCIENCE MUST BE "VALUE FREE"... Heilbroner, R. L. (1973). Economics as a" value-free" science. Social Research, 129-143.
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