Pure economics does have some basic ‘truth’, albeit a product of its prevailing economic environment and philosophies. Empirical observations could be made, relationships established and deductive analysis may be extended and extrapolations made. However, unlike the natural sciences it cannot be subject to experimental verification. For one thing, they are too many parameters that cannot be controlled. For another, the metrics for parameter variables measurements are subjective and at best can only be measured ordinally. These do not lend themselves easily to mathematical manipulations but mathematical logic could be employed. Nevertheless, several approaches use differential and integral calculus, matrix algebra, game theory and optimization methods in various modeling methods.
What is more importance to us on this site and in the Inequality Book is the subject of Political Economy.
This is the study of economics in relation to wealth accumulation, its distribution, law, government, and resource allocation. It has its origin in moral philosophies.
Links to pages in this category are provided below.