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Clarify Prof. Mehta’s ideas about pure and applied economics. |
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Answer» Professor Mehta has presented economics as a purely practical science. In Mehta’s words, it would be appropriate to say that under pure science we study the general principles and under practical science, we study the appropriate principles in the framework provided. Since the subject matter in economics is the study of human behaviour, pure economics studies the principles governed by this behaviour. This topic of economics manages the study of human behaviour under the definite perspective of ‘sources are limited’. In practical economics, we see how these principles are applied in a particular area of human activities. According to Mehta, under pure economics, we are more in the field of welfare, whereas under practical economics we are in the material field of world. Thus, it can be said that the brain plays a more important role under special economics. The study of practical economics is the ultimate goal and should be achieved. It uses common principles and sees how to work under certain practical fields. Prof. Mehta has called the ultimate goal to be the achievement of wantlessness. Explaining the difference between pure and practical economics of Professor Mehta, it is said that the principles can be incorporated under pure economics, while rules are included under practical economics. |
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