An Essay on the Nature and Significance of Economic Science
Encyclopedia
Lionel Robbins
' Essay (1932, 1935, 2nd ed., 158 pp.) sought to define more precisely economics as a science and to derive substantive implications. Analysis is relative to "accepted solutions of particular problems" based on best modern practice as referenced, especially including the works of Philip Wicksteed
, Ludwig von Mises
, and other Continental European economists. Robbins disclaims originality but expresses hope to have given expository force on a very few points to some principles "not always clearly stated." (1935, pp. xiv-xvi)
Robbins proposes and defends that economics as science is:
is not uncommon in textbooks today with variations that reflect his usage. His Essay is one of the most cited works on the methodology
and philosophy
of economics for the period 1932-1960. Key distinctions therein have been widely accepted, at least as a point of departure for subsequent analysis (Corry, 1987, p.207).
Lionel Robbins
Lionel Charles Robbins, Baron Robbins, FBA was a British economist and head of the economics department at the London School of Economics...
' Essay (1932, 1935, 2nd ed., 158 pp.) sought to define more precisely economics as a science and to derive substantive implications. Analysis is relative to "accepted solutions of particular problems" based on best modern practice as referenced, especially including the works of Philip Wicksteed
Philip Wicksteed
Philip Henry Wicksteed is known primarily as an economist. He was also an English Unitarian theologian , classicist, medievalist, and literary critic....
, Ludwig von Mises
Ludwig von Mises
Ludwig Heinrich Edler von Mises was an Austrian economist, philosopher, and classical liberal who had a significant influence on the modern Libertarian movement and the "Austrian School" of economic thought.-Biography:-Early life:...
, and other Continental European economists. Robbins disclaims originality but expresses hope to have given expository force on a very few points to some principles "not always clearly stated." (1935, pp. xiv-xvi)
Major propositions
Robbins proposes and defends that economics as science is:
- the study of "human behavior as a relationship between ends and scarce means" with alternative uses (1935, p. 16)
- about an aspect of behavior (based on scarcity), not about certain kinds of behavior (p. 17)
- neutral between ends but relevant to any end dependent on scarce means (p. 24)
- incapable of determining by observation or introspection that the Law of Diminishing Marginal Utility for any individual implies that a redistrbution of income from rich to poor would increase total utility (p. 137), thus excluding the interpersonal comparability of utilitySocial welfare functionIn economics, a social welfare function is a real-valued function that ranks conceivable social states from lowest to highest. Inputs of the function include any variables considered to affect the economic welfare of a society...
from the realm of science. - distinct from value judgments (p. 148).
Influence
Robbins' definition of economicsEconomics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
is not uncommon in textbooks today with variations that reflect his usage. His Essay is one of the most cited works on the methodology
Economic methodology
Economic methodology is the study of methods, especially the scientific method, in relation to economics, including principles underlying economic reasoning...
and philosophy
Philosophy of economics
Philosophy and economics may refer to the branch of philosophy that studies issues relating to economics or, alternatively, to the branch of economics that studies its own foundations and status as a moral science....
of economics for the period 1932-1960. Key distinctions therein have been widely accepted, at least as a point of departure for subsequent analysis (Corry, 1987, p.207).
See also
- Economic methodologyEconomic methodologyEconomic methodology is the study of methods, especially the scientific method, in relation to economics, including principles underlying economic reasoning...
- Economic welfareEconomic welfareEconomic welfare broadly refers to the level of prosperity and living standards in an individual or group of persons. In the field of economics, it specifically refers to utility gained through the achievement of material goods and services...
- Normative economicsNormative economicsNormative economics is that part of economics that expresses value judgments about economic fairness or what the economy ought to be like or what goals of public policy ought to be....
- Positive economicsPositive economicsPositive economics is the branch of economics that concerns the description and explanation of economic phenomena. It focuses on facts and cause-and-effect behavioral relationships and includes the development and testing of economics theories...
- ScarcityScarcityScarcity is the fundamental economic problem of having humans who have unlimited wants and needs in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. Alternatively, scarcity implies that not all of society's goals can be...
- Social welfare functionSocial welfare functionIn economics, a social welfare function is a real-valued function that ranks conceivable social states from lowest to highest. Inputs of the function include any variables considered to affect the economic welfare of a society...
- Welfare definition of economicsWelfare definition of economicsThe welfare definition of economics is an attempt by Alfred Marshall, a pioneer neoclassical economist, to redefine his field of study. This definition expands the field of economic science to a larger study of humanity. Specifically, Marshall's view is that economics studies all the actions that...