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Predictions, Prophecies and Economics: The Ontological Foundation of the Discipline of Economics

Leonard Pluta (St Francis Xavier University, Antigonish, Nova Scotia, Canada)

Humanomics

ISSN: 0828-8666

Article publication date: 1 January 1991

Abstract

Introduction Economics has been defined and re‐defined several times in the past, and even within the dominant scientific orientation of the discipline, there are currently a number of alternative definitions. One of the definitions, which has been gaining increasing popularity in recent years is “economics as the science of choices.” This definition focuses on the fundamental objective of the discipline as currently formulated, namely, the optimum allocation of resources through appropriate choices, or in other words, the development of economic engineering based on science. We will use the concept of choices as the convenient point of entry into the exploration of the nature of economic reality, or its ontology.

Citation

Pluta, L. (1991), "Predictions, Prophecies and Economics: The Ontological Foundation of the Discipline of Economics", Humanomics, Vol. 7 No. 1, pp. 19-48. https://doi.org/10.1108/eb006111

Publisher

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MCB UP Ltd

Copyright © 1991, MCB UP Limited