Thursday, November 4, 2010

Ruskin, Thomas, Carlyle and other social reformers belongs to the last decades of eighteenth century; they criticized the classicist' view on following grounds:

  • Economics teaches materialism. That is, "it is the science of bread and butter."
  • Economics degrades man. That is, "it ignores spiritual and moral values like brotherhood, love, friendship, etc".
  • Economics encourages selfishness and greediness.
In the light of above points, economics cam to be  called a:

  • Science of Materialism
  • Pig Philosophy
  • Dismal Science
Similarly, in 1935, Bailey regarded economics as "degrading sordid inquiry".

Criticism made by the Carlyle, Ruskin and Bailey is quite unjustified, because, they do not come to understand the concept of wealth. They were just taking money and gold as a wealth, while in the sense of economics all the goods and services are considered as a wealth. In this way, the concept of wealth in economics is very wide. In economics, wealth is:

  • A resource to remove poverty.
  • A resource to increase the standard of living.
  • A mean to acquire goods and services.
  • A resource to increase the human welfare
  • A resource to increase economic activities.
  • Not a bad means. Its use could be good or bad.
  • etc.

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