Definition of Economics in Retrospective: Two Epistemological Tensions That Explain the Change of the Study Object in Economics
Throughout history, schools of economic thought have defined political economy—or economics—and its object of study in multiple ways. This paper reflects on the definitions of economics by schools of economic thought and also proposes the concepts of value and scarcity as key concepts to explain the...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
MDPI AG
2023-12-01
|
| Series: | Philosophies |
| Subjects: | |
| Online Access: | https://www.mdpi.com/2409-9287/9/1/1 |
| _version_ | 1797297241481805824 |
|---|---|
| author | Daniel Durán-Sandoval Francesca Uleri |
| author_facet | Daniel Durán-Sandoval Francesca Uleri |
| author_sort | Daniel Durán-Sandoval |
| collection | DOAJ |
| description | Throughout history, schools of economic thought have defined political economy—or economics—and its object of study in multiple ways. This paper reflects on the definitions of economics by schools of economic thought and also proposes the concepts of value and scarcity as key concepts to explain the differences between them. The most important findings of the paper are: (a) the ontological and epistemological characteristics of the concept of value and scarcity have shaped the definitions of economics; (b) the boundaries of the study object of economics have been expanded since today’s mainstream economics deals with multiple topics as diverse as crime, education, development, health, etc. However, the methodological tools used in mainstream economics have been narrowed since approaches such as the philosophical, ethical, historical, and institutional approaches have been left behind; (c) the part of reality that mainstream economics can grasp have left behind important issues of the contemporary world, such as gender, social, and environmental issues. A clear understanding of the scope and boundaries of economics could help to define more realistic research questions for economic science, and it would help to define new economic paradigms that address the contemporary issues. |
| first_indexed | 2024-03-07T22:17:30Z |
| format | Article |
| id | doaj.art-fc350575c61746d5a5cc21b763f2bd43 |
| institution | Directory Open Access Journal |
| issn | 2409-9287 |
| language | English |
| last_indexed | 2024-03-07T22:17:30Z |
| publishDate | 2023-12-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Philosophies |
| spelling | doaj.art-fc350575c61746d5a5cc21b763f2bd432024-02-23T15:31:27ZengMDPI AGPhilosophies2409-92872023-12-0191110.3390/philosophies9010001Definition of Economics in Retrospective: Two Epistemological Tensions That Explain the Change of the Study Object in EconomicsDaniel Durán-Sandoval0Francesca Uleri1Facultad de Ingeniería y Negocios, Universidad de Las Américas, Sede Santiago Centro, Av. República 71, Santiago 8370040, ChileDipartamento di Culture Politica e Societa, Universita di Torino, 10153 Torino, ItalyThroughout history, schools of economic thought have defined political economy—or economics—and its object of study in multiple ways. This paper reflects on the definitions of economics by schools of economic thought and also proposes the concepts of value and scarcity as key concepts to explain the differences between them. The most important findings of the paper are: (a) the ontological and epistemological characteristics of the concept of value and scarcity have shaped the definitions of economics; (b) the boundaries of the study object of economics have been expanded since today’s mainstream economics deals with multiple topics as diverse as crime, education, development, health, etc. However, the methodological tools used in mainstream economics have been narrowed since approaches such as the philosophical, ethical, historical, and institutional approaches have been left behind; (c) the part of reality that mainstream economics can grasp have left behind important issues of the contemporary world, such as gender, social, and environmental issues. A clear understanding of the scope and boundaries of economics could help to define more realistic research questions for economic science, and it would help to define new economic paradigms that address the contemporary issues.https://www.mdpi.com/2409-9287/9/1/1valuescarcitydefinition of economicshistory of economic thoughtproductiondistribution and consumption |
| spellingShingle | Daniel Durán-Sandoval Francesca Uleri Definition of Economics in Retrospective: Two Epistemological Tensions That Explain the Change of the Study Object in Economics Philosophies value scarcity definition of economics history of economic thought production distribution and consumption |
| title | Definition of Economics in Retrospective: Two Epistemological Tensions That Explain the Change of the Study Object in Economics |
| title_full | Definition of Economics in Retrospective: Two Epistemological Tensions That Explain the Change of the Study Object in Economics |
| title_fullStr | Definition of Economics in Retrospective: Two Epistemological Tensions That Explain the Change of the Study Object in Economics |
| title_full_unstemmed | Definition of Economics in Retrospective: Two Epistemological Tensions That Explain the Change of the Study Object in Economics |
| title_short | Definition of Economics in Retrospective: Two Epistemological Tensions That Explain the Change of the Study Object in Economics |
| title_sort | definition of economics in retrospective two epistemological tensions that explain the change of the study object in economics |
| topic | value scarcity definition of economics history of economic thought production distribution and consumption |
| url | https://www.mdpi.com/2409-9287/9/1/1 |
| work_keys_str_mv | AT danielduransandoval definitionofeconomicsinretrospectivetwoepistemologicaltensionsthatexplainthechangeofthestudyobjectineconomics AT francescauleri definitionofeconomicsinretrospectivetwoepistemologicaltensionsthatexplainthechangeofthestudyobjectineconomics |