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"Positive economics" became the term created to describe certain trends and "laws" of economics that could be objectively observed and described in a value-free way, separate from "normative economic" evaluations and judgments. Paul Samuelson (1915–2009) wrote the best selling economics texts.
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Whereas the mercantilist school of economics held that value in the products of society was created at the point of sale, [4] by the seller exchanging his products for more money than the products had "previously" been worth, the physiocratic school of economics was the first to see labor as the sole source of value.
History is a broad discipline encompassing many branches. Some focus on specific time periods, such as ancient history, while others concentrate on particular geographic regions, such as the history of Africa. Thematic categorizations include political history, social history, and economic history.
The conceptual criticism concerns the concept of value itself. For Marx, economic value in capitalist society was an objectified social characteristic of labour-products, exchanged in an economic community, given the physical reality that products took a definite amount of society's labour-time to produce, for a given demand.
The Economics (Ancient Greek: Οἰκονομικά; Latin: Oeconomica) is a work ascribed to Aristotle. Most modern scholars attribute it to a student of Aristotle or of his successor Theophrastus .
In the philosophy of economics, economics is often divided into positive (or descriptive) and normative (or prescriptive) economics.Positive economics focuses on the description, quantification and explanation of economic phenomena, [1] while normative economics discusses prescriptions for what actions individuals or societies should or should not take.