April 8, 2021

Occasional Tweets: The definition of economics



The history of economic thought is the history of scientific failure.

Paradigm Shift
  • Old definition, subjective-behavioral, microfoundations: "Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses." (Robbins)
  • New definition, objective-systemic, macrofoundations: Economics is the science that studies how the monetary economy works.

For more about systems science see AXECquery.
For more about Paradigm Shift see AXECquery.