Tuesday, March 07, 2006

Oikos Nomikos

In a 1997 article titled " How did Economics get that way and what way did it get? ", Robert M. Solow concludes by saying:

" Oscar Wilde described a fox hunt as the unspeakable in pursuit of the inedible. Perhaps here we have the overeducated in pursuit of the unknowable. But it sure beats the alternatives. "

The article describes how the study of Economics has evolved over the past few decades into its current model-centric form. It suggests that the shifting of the centre of gravity of research in Economics from Britain to the United States could be one possible explanation. It also involves interesting comparisons of Economics with other sciences, mainly Physics and Biology.

The process of learning Economics has served in showing how wide-spread and fascinating its applications are. It is almost seems like there is nothing that falls outside the scope of Economics, that the scope of this science that started out as the science of household management, is infinite!