Invisible Hand in the Process of Making Economics or on the Method and Scope of Economics


PANOECONOMICUS, vol.57, no.1, pp.61-83, 2010 (SSCI) identifier identifier

  • Publication Type: Article / Article
  • Volume: 57 Issue: 1
  • Publication Date: 2010
  • Doi Number: 10.2298/pan1001061y
  • Journal Name: PANOECONOMICUS
  • Journal Indexes: Social Sciences Citation Index (SSCI), Scopus
  • Page Numbers: pp.61-83
  • Yıldız Technical University Affiliated: Yes


As a social science, economics cannot be reduced to simply an a priori science or an ideology. In addition economics cannot be solely an empirical or a historical science. Economics is a research field which studies only one dimension of human behavior, with the four fields of mathematics, econometrics, ethics and history intersecting one another. The purpose of this paper is to discuss the two parts of the proposition above, in connection with the controversies surrounding the method and the scope of economics: economics as an applied mathematics and economics as a predictive/empirical science.