Wednesday, 11 September 2013

Is Economics a Science? The Postwar Peace, Prosperity and Freedom

By J. Patrick Gunning

Before answering this question, one must define science. If one defines science as the study of subjects that help humans cope with their material environment, then the answer is yes. Economic science can be traced to the discoveries of the classical economists like David Hume, Adam Smith, and David Ricardo. They discovered the great principle that when human beings trade and specialize, they benefit from the higher productivity of the division of labor according to Ricardo's principle of comparative advantage. I call this principle the DIVISION OF LABOR LAW.

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