The socio-economic policy-makers...

The socio-economic policy-makers, on the other hand, investigate the very rationale of any free or unplanned production, specially the question as to whether or not any production should be undertaken as an aim in itself, or as a part of a socioeconomic plan seeking higher, including moral, aims.

Furthermore, the policy-makers may, before setting any production targets, resolve issues, such as whether or not any distribution needs should be determined on the basis of actual production, or production should be so planned as to serve the distribution requirements, all in the context of bringing about mutually harmonious socioeconomic effects.

Then, it may involve the question as to how can an appropriate distribution of wealth be achieved, so as to have a positive effect on the productivity of the economy, also, if production is assigned primary importance, it will be necessary to provide incentives for capital investment in that sector, as 'well as for commercial loans, in any plan that aims at regulating distribution of wealth and which considers the interests pertaining to capital.

If not, they may formulate a distribution programme in keeping with the needs of socioeconomic justice and determine the nature and extent of production accordingly. All these considerations and qualitative or other evaluations are possible within the framework of an appropriate socioeconomic policy-making, and lie beyond the theoretical scope of pure economists. From the foregoing, we may draw two conclusions involving different guidelines.

Firstly, the pure economists' identification of the actual economic realities, and recognition of the underlying laws and phenomena present in economic life. Secondly, the socioeconomic policy-makers' system of evaluating and regulating socio-economic life based on the concept of justice. Thus, distinguishing between “knowledge of economy” and “method of economy” is made easy for us.

The scientific method recognises the motives and achievements and relationship between them, through the investigation of the realties presented. Therefore, 'knowledge' is analogous to a Pair of glasses to look at the actual economic life of a society.

Just as a person puts on glasses to look at the existing facts not desiring to add something to it or alter in it any way, likewise, the scientific method plays the role of the glasses in economic life, to reflect economic laws and their dependency.