Wednesday, March 7, 2012

Role of values in economic development


Economics is a social science. It is concerned with human beings and the social system by which they organize their activities to satisfy their basic needs (e.g. education, knowledge, spiritual fulfillment). Because they are social scientists, economists face somewhat unusual situation in which their object of the studies and their own activities are rooted in the same social context.
As mentioned earlier, in economics there can only be tendencies, and even these are subject to great variation in different countries and culture and in different times. Many so-called general economic models are in fact based on the set of implicit assumption about human behavior and economic relationship that may have little or no connection with the realities of the developing economics.
It is necessary, therefore, to recognize from the outset that ethical or normative value premises about what is or is not desairable are central feature of the economic discipline in general and of development economics in particular.

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