Similarly...

Similarly, in regard to our socioeconomic life, we may ask “What would be the best way to conduct our economic life?” Alternatively, we may ask "How is our economic life functioning at the moment?" From the viewpoint of Socioeconomic Policy, one may answer the first question by saying: "The best way to conduct our economic life is to so regulate it as to conform to our ideology and values ... ".

On the other hand, the second question can be answered on the basis of pure economics and the economic facts as they exist. Thus, socioeconomic policy ought to take into consideration the quality of economic life, and 'pure economics confines itself to an academic investigation of the actual economic phenomenon and identifies the results in quantitative terms only. Previous…