An Essay on the Nature and Significance of Economic Science

An Essay on the Nature and Significance of Economic Science

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This book by Lionel Robbins first appeared in 1932 as an outstanding English-language statement of the Misesian view of economic method, namely that economics is a social science and must advance its propositions by means of deductive reasoning and not through the methods used in the natural sciences. The case is argued here with patience and attention to scholarly details. The unfortunate second edition of this book, which is more available today, introduces confusions by departing from Austrian microeconomic theory. Thus does the Mises Institute celebrate the 75th anniversary of the first edition with this reprint. qReading Robbins, q writes Samuel Bostaph of the University of Dallas, qis an excellent way of contrasting his explanation of the basic nature of economics with that of the Austrian School, as found in the work of Mises as an extension of Carl Mengers's foundations. Such a reading wonderfully clarifies onea€™s understanding of the basic conception of economics as a science of human action, rather than one of mere 'economizing.' qFrom my house equally as from my valet or the services of the opera singer, I derive an income which aquot;perishes in the moment of its productionaquot;. But, if this is so, is it not misleading to go on describing Economics as the study of the causes ofanbsp;...

Title:An Essay on the Nature and Significance of Economic Science
Author:Lionel Robbins
Publisher:Ludwig von Mises Institute - 2007


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