What Is Economics? What Role Does the Division of Labour Play in Defining This Subject Matter?
Quoting Michael Yates, “The subject matter of economics is the production and distribution of output…” (Yates, 2003). So what does this say to me? Simplifying, this says to me that Economics is a way of explaining the world. With studies dating as far back as Aristotle’s interest in the various forms of state, how can one ever fully understand the complexities of economic thought and how could one definition ever sum up the entirety of what economists endeavour to understand? (Meikle, Scott, 1995) The study of economics attempts to understand and to explain how and why the wealth of the world is produced, …show more content…
Yates, Michael, 2003: “Naming the System. Inequality and Work in the Global Economy”: p13
Hunk, E.K., & Sherman, H.J., 1986: “Economics: An Introduction to traditional and radical views” (LBST330 Chapter 12, “Keynesian Economics and the Great Depression” p.154
Smith, Adam, 1776: “An Inquiry into the Nature and Causes of The Wealth of Nations” Book 1, Chapter 1
Hunk, E.K., & Sherman, H.J., 1986: “Economics: An Introduction to traditional and