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- Title
SOME REFLECTIONS ON "THE NATURE AND SIGNIFICANCE OF ECONOMICS"
- Authors
Parsons, Talcott
- Abstract
This article focuses on the nature and significance of economics as a branch of learning. Since its origin, economic science has been concerned with the relations of means and ends. The article attempts to use the methodology of physical science as a standard for the measurement of the rationality of human action. The time element can be eliminated from the theory of economic action. This can be done as the people fail to distinguish between true "ends" and mere "tendencies." And, there is general emphasis on the "observable" facts in the restricted behavioristic sense. This concept is the basis of the charge that the neo-Austrian theory is "static." Hence a set of "equilibrium" curves which are useful in analyzing all the fundamental elements of a complex of actions, must refer to a period, not to an instant. Demand plays an important role of an effective factor in economic action, whereas the independent reality of the scale of valuations reflected in demand, is dependent on the reality of ends in action.
- Subjects
ECONOMICS education; ECONOMIC demand; MARKET potential; PRODUCTION (Economic theory); DEBT-to-equity ratio; METHODOLOGY; HUMAN behavior; ENDS &; means; SUPPLY &; demand
- Publication
Quarterly Journal of Economics, 1934, Vol 48, Issue 3, p511
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1882825