Nature and Scope of Economics
Dive into the world of economics with Dr. Pooja Singh, an Assistant Professor at Chhatrapati Shahu Ji Maharaj University in Kanpur. Explore the dual identity of economics as both a science and an art, categorized into normative science and positive science. Understand the systematic nature of economic study through the analysis of cause and effect relationships. Delve into the realms of normative science, which aims to prescribe actions to achieve social welfare, and positive science, focusing on factual analysis without value judgments.
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Economics- Nature and Scope -Dr. Pooja Singh Asst. Prof., Department of economics, School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
Economics- Nature and Scope Nature of Economics Economics is considered as both a science as well as an art. Science Arts -Dr. Pooja Singh, Asst. Prof., Department of Economics, School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
Economics- Nature and Scope Normative Science Positive Science -Dr. Pooja Singh, Asst. Prof., Department of Economics ,School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
Economics- Nature and Scope Science implies the following- A systematic body of knowledge which trace the relationship between cause and effects Observation of certain facts, systematic collection and classification and analysis of facts. Making generalization on the basis of relevant facts and formulating law theory there by after following certain assumption. -Dr. Pooja Singh, Asst. Prof., Department of Economics, School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
Economics- Nature and Scope Positive Science- It may not indulge in value judgement The analysis is confined to cause and effect relationship It states what is and not what ought to be -Dr. Pooja Singh, Asst. Prof., Department of Economics ,School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
Economics- Nature and Scope Normative Science Normative science relates to finding out and prescribing certain course of action to achieve certain social goals. It focuses on the welfare of the people and how best it can be achieved It also focuses on what ought to be in future context. -Dr. Pooja Singh, Asst. Prof., Department of Economics, School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
Economics- Nature and Scope Normative Positive Why It deals with the things as they are. It tells us what things ought to be. It tells us method of realizing economic idea. Economics study the evil effects of society and suggestion for removal of them. Economics history is the study of economics phenomenon over successive period. Economics is the study of welfare. It requires that economy should maximize human satisfaction from the available resources -Dr. Pooja Singh, Asst. Prof., Department of Economics, School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
Economics- Nature and Scope Arts Implies The Following Art tells us how to do the thing i.e. to achieve a objective According to . . Mehta, Knowledge is science, action is art. Art is the practical application of theoretical knowledge It also focuses on what ought to be in future context. -Dr. Pooja Singh, Asst. Prof., Department of Economics, School of Arts Humanities And Social Science,, Chhatrapati Shahu Ji Maharaj University, Kanpur
Economics- Nature and Scope Economic Theory Scope Applied Economics Descriptive Economics -Dr. Pooja Singh, Asst. Prof., Department of Economics, School of Arts Humanities And Social Science,, Chhatrapati Shahu Ji Maharaj University, Kanpur
Economics- Nature and Scope Economics Cover Wide Area And Serve Different Purpose Stonier & Hague have divided the subject matter of Economics into three categories as discussed below: 1)Economic Theory- It is theoretical part of economics. It contains economic theories and economic tools. It is divided into static and dynamic economics. It is also known as economic analysis. 2)Applied Economics- It attempts to apply the results of economic analysis to descriptive economics. Industrial economics, Managerial economics and Agricultural economics are some examples of applied economics. 3)Descriptive Economics- In descriptive economics, relevant facts about a particular economic subject or topic are collected for the purpose of study the subjects. IndianEconomics is the example of descriptive economics. -Dr. Pooja Singh, Asst. Prof., Department of Economics, School of Arts Humanities And Social Science,Chhatrapati Shahu Ji Maharaj University, Kanpur
Economics- Nature and Scope As regards the Scope of Economics, no uniformity of views exists among various authors. However, the following aspects are said to generally fall under Economics. Demand Analysis & Forecasting Elasticity of Demand Production & Cost Analysis Capital Management Profit Management -Dr. Pooja Singh, Asst. Prof., Department of Economics ,School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
Economics- Nature and Scope Economics helps the business managers to analyses the external environment of business. However, economics does not furnish a body of set principles or readymade solutions to various problems which can be applied on ones understanding of economic logic, finding the solution to various economic problem should not be difficult. -Dr. Pooja Singh, Asst. Prof., Department of Economics, School of Arts Humanities And Social Science,, Chhatrapati Shahu Ji Maharaj University, Kanpur
Economics- Nature and Scope REFRENCES Koutsoyiannis, A Modem Microeconomics, 2nd Edition, Macmillan Publication, Landon. Landsberg, Steven E. Price Theory and Application. The Dryden Press, Landon. Salvatore, S., Managerial Economics, Mc Graw Hill Publications. -Dr. Pooja Singh, Asst. Prof., Department of Economics, School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
Economics- Nature and Scope -Dr. Pooja Singh, Asst. Prof., Department of Economics, School of Arts Humanities And Social Science, Chhatrapati Shahu Ji Maharaj University, Kanpur
