Economics is a theoretical science and as such abstains…
“Economics is a theoretical science and as such abstains from any judgement of value. It is not its task to tell people what ends they should aim at. It is a science of the means to be applied for attainment of ends chosen, not, to be sure, a science of the choosing of ends. Ultimate decisions, the valuations and the choosing of ends, are beyond the scope of any science. Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Economics describes how to achieve chosen goals, not which goals are desirable.
In simple terms: Economics guides means, not ends.
Key Takeaway
Separate means from values.
Themes
economics
ethics
policy
decisionmaking
Mood
analytical
neutral
thoughtful
Type
philosophical
educational
informative
When to use this quote
- business strategy
- public policy
- personal finance
- education planning
- resource allocation
Key Concepts
methodology
value theory
normative vs positive
Questions to Reflect On
- What goals are you pursuing?
- How do you decide which ends are worth pursuing?
A Different Perspective
It may overlook moral complexities of goal selection.