Economics is Similar to any other Science What we have said...

Economics is Similar to any other Science What we have said, while discussing the function of the science of economics—indicating that it is confined to discovery alone, rather than to evaluation and assessment—is not restricted only to the science of economics. The basic function of all sciences is discovery. There is no difference between the economists and physicists, nuclear scientists, astronomers, psychologists, etc.

except that the first perform their function in man’s economic field while the others perform this one: the discovering of facts, the latter’s interrelations and the laws governing their various fields of external physical nature, or of the human nature. The scientist researches natural physics, for e.g., studying various speeds of light, sound and other such matters, discovering their precise equations.

The scientist deals with the atom, that is to say, the nuclear scientist studies the atom’s structure, the number of its electrons and neutrons, and the laws governing its movement. The astronomer studies the large planets in the cosmos and the laws that regulate their orbiting. The psychologist studies mental vision, its psychological implications and the elements which affect it.

From his own particular angle, the economist discovers the laws of economic phenomena, whether or not they are natural, such as the phenomenon of crop underproduction, or social, such as the phenomenon of the rise or fall of prices in the free market according to the degree of demand. All of these, scientifically speaking, are discoveries, not evaluations.

Difference is in Function, not Label In the light of what has passed, you have come to know the fact that the difference between the science of economics and the economic doctrine stems from their difference in function. The function of the science of economics is to discover the economic phenomena and their interrelations, while the function of the economic doctrine is to find a way to regulate the economic life as it should be according to its own concepts of equity.

Upon such a basis, we realize the error of the attempts that aim at subjectively differentiating between the science of economics and the economic doctrine by simply saying that the science of economics deals with production and its laws and the elements which help its growth, while the economic doctrine deals with distribution, its regulations and the interrelations which rise among the society’s individuals on its basis.