--- title: "Meaning & Key Takeaway of: Economics is a theoretical science and as…" description: "\"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..." image: "https://sms4smile.com/quotes/i/a04/ludwig-von-mises-364_aim_economics-is-a-theoretical-science-and-a_2637432.png" --- # 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…” quote by Ludwig von Mises](https://sms4smile.com/quotes/i/a04/ludwig-von-mises-364_aim_economics-is-a-theoretical-science-and-a_2637432.png) [Download](https://sms4smile.com/quotes/i/a04/ludwig-von-mises-364_aim_economics-is-a-theoretical-science-and-a_2637432.png) [Open image](https://sms4smile.com/quotes/i/a04/ludwig-von-mises-364_aim_economics-is-a-theoretical-science-and-a_2637432.png) > “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.” [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) ## 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. ★ ★ ★ ★ ★ No ratings yet [Decision](https://sms4smile.com/quotes/about/decision/) [Economics](https://sms4smile.com/quotes/about/economics/) [Judgement](https://sms4smile.com/quotes/about/judgement/) [Men](https://sms4smile.com/quotes/about/men/) [People](https://sms4smile.com/quotes/about/people/) [Science](https://sms4smile.com/quotes/about/science/) [Scope](https://sms4smile.com/quotes/about/scope/) [Valuation](https://sms4smile.com/quotes/about/valuation/) [Values](https://sms4smile.com/quotes/about/values/) ## Related quotes > [Existing economics is a theoretical system which floats in the air and which bears little relation to what happens in the real world.](https://sms4smile.com/quotes/ronald-coase/existing-economics-is-a-theoretical-system-which-floats-in-the-air/) [Ronald Coase](https://sms4smile.com/quotes/author/ronald-coase/) > [“The basis for comprehension is theory, and the language of theoretical science is mathematics.”](https://sms4smile.com/quotes/d-c-rapaport/the-basis-for-comprehension-is-theory-and-the-language-of-theoretical/) D.C. Rapaport > [Practical sciences proceed by building up; theoretical science by resolving into components.](https://sms4smile.com/quotes/thomas-aquinas/practical-sciences-proceed-by-building-up-theoretical-science-by/) [Thomas Aquinas](https://sms4smile.com/quotes/author/thomas-aquinas/) > [So far I have been speaking of theoretical science, which is an attempt to understand the world. Practical science, which is an attempt to…](https://sms4smile.com/quotes/bertrand-russell/so-far-i-have-been-speaking-of-theoretical-science-which-is-an/) [Bertrand Russell](https://sms4smile.com/quotes/author/bertrand-russell/) > [All varieties of interference with the market phenomena not only fail to achieve the ends aimed at by their authors and supporters, but bring…](https://sms4smile.com/quotes/ludwig-von-mises/all-varieties-of-interference-with-the-market-phenomena-not-only-fail/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [He who acts under an emotional impulse also acts. What distinguishes an emotional action from other actions is the valuation of input and output.…](https://sms4smile.com/quotes/ludwig-von-mises/he-who-acts-under-an-emotional-impulse-also-acts-what-distinguishes/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [Intelligence makes clear to us the interrelationship of means and ends. But mere thinking cannot give us a sense of the ultimate and fundamental…](https://sms4smile.com/quotes/albert-einstein/intelligence-makes-clear-to-us-the-interrelationship-of-means-and/) [Albert Einstein](https://sms4smile.com/quotes/author/albert-einstein/) > [But these dear boys and girls--there is, something to be made out of them. If now they yield themselves to Christ they may have…](https://sms4smile.com/quotes/charles-spurgeon/but-these-dear-boys-and-girls-there-is-something-to-be-made-out-of/) [Charles Spurgeon](https://sms4smile.com/quotes/author/charles-spurgeon/) > [Asset values and earning power are the dominant factors affecting the valuation of a controlling interest in a business. Market price, which governs valuation…](https://sms4smile.com/quotes/warren-buffett/asset-values-and-earning-power-are-the-dominant-factors-affecting-the/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [Nothing turns off an investor more than when an entrepreneur comes in with a ridiculous valuation.](https://sms4smile.com/quotes/kevin-harrington/nothing-turns-off-an-investor-more-than-when-an-entrepreneur-comes-in/) [Kevin Harrington](https://sms4smile.com/quotes/author/kevin-harrington/) > [Valuations are always much-debated. I try to center on what is the value to us. Is it solving a problems for us? If it…](https://sms4smile.com/quotes/peggy-johnson/valuations-are-always-much-debated-i-try-to-center-on-what-is-the/) [Peggy Johnson](https://sms4smile.com/quotes/author/peggy-johnson/) > [I don't think I have ever in my managerial time really given my valuation its proper consideration.](https://sms4smile.com/quotes/martin-o-neill/i-don-t-think-i-have-ever-in-my-managerial-time-really-given-my/) [Martin O'Neill](https://sms4smile.com/quotes/author/martin-o-neill/) > [I do not believe that a moral philosophy can ever be founded on a scientific basis. … The valuation of life and all its…](https://sms4smile.com/quotes/albert-einstein/i-do-not-believe-that-a-moral-philosophy-can-ever-be-founded-on-a/) [Albert Einstein](https://sms4smile.com/quotes/author/albert-einstein/) > [This sentiment of self-contempt is a frequent one in young people of both sexes. Their valuation of themselves varies as much as the barometer,…](https://sms4smile.com/quotes/humphry-davy/this-sentiment-of-self-contempt-is-a-frequent-one-in-young-people-of/) [Humphry Davy](https://sms4smile.com/quotes/author/humphry-davy/) > [When a new idea comes our way, we must put it on our mental scales and weigh it carefully before deciding its value.](https://sms4smile.com/quotes/jim-rohn/when-a-new-idea-comes-our-way-we-must-put-it-on-our-mental-scales-and/) [Jim Rohn](https://sms4smile.com/quotes/author/jim-rohn/) ## More by Ludwig von Mises > [If the members of parliament no longer consider themselves mandatories of the taxpayers but deputies of those receiving salaries, wages, subsidies, doles, and other…](https://sms4smile.com/quotes/ludwig-von-mises/if-the-members-of-parliament-no-longer-consider-themselves/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [Changes in human conditions are brought about by the pioneering of the cleverest and most energetic men. They take the lead and the rest…](https://sms4smile.com/quotes/ludwig-von-mises/changes-in-human-conditions-are-brought-about-by-the-pioneering-of/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [During the 2300 years since Plato, very little opposition has been registered to his ideas.](https://sms4smile.com/quotes/ludwig-von-mises/during-the-2300-years-since-plato-very-little-opposition-has-been/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [“How little one is justified in speaking in this connection of "optimism" and "pessimism" and how much the characterization of liberalism as "optimistic" aims…](https://sms4smile.com/quotes/ludwig-von-mises/how-little-one-is-justified-in-speaking-in-this-connection-of/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [Every step by which an individual substitutes concerted action for isolated action results in an immediate and recognizable improvement in his conditions. The advantages…](https://sms4smile.com/quotes/ludwig-von-mises/every-step-by-which-an-individual-substitutes-concerted-action-for/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [The capitalistic social order, therefore, is an economic democracy in the strictest sense of the word. In the last analysis, all decisions are dependent…](https://sms4smile.com/quotes/ludwig-von-mises/the-capitalistic-social-order-therefore-is-an-economic-democracy-in/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [Without calculation, economic activity is impossible. Since under Socialism economic calculation is impossible, under Socialism there can be no economic activity in our sense…](https://sms4smile.com/quotes/ludwig-von-mises/without-calculation-economic-activity-is-impossible-since-under/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [There is no kind of freedom and liberty other than the kind which the market economy brings about.](https://sms4smile.com/quotes/ludwig-von-mises/there-is-no-kind-of-freedom-and-liberty-other-than-the-kind-which-the/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [Peace and not war is the father of all things.](https://sms4smile.com/quotes/ludwig-von-mises/peace-and-not-war-is-the-father-of-all-things/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [What counts alone is the innovator, the dissenter, the harbinger of things unheard of, the man who rejects the traditional standards and aims at…](https://sms4smile.com/quotes/ludwig-von-mises/what-counts-alone-is-the-innovator-the-dissenter-the-harbinger-of/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [In reality no food is valued solely for its nutritive power and no garment or house solely for the protection it affords against cold…](https://sms4smile.com/quotes/ludwig-von-mises/in-reality-no-food-is-valued-solely-for-its-nutritive-power-and-no/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [All this talk: the state should do this or that, ultimately means: the police should force consumers to behave otherwise than they would behave…](https://sms4smile.com/quotes/ludwig-von-mises/all-this-talk-the-state-should-do-this-or-that-ultimately-means-the/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [The most successful businessmen were often uneducated when measured by the scholastic standards of the teaching profession. But they were equal to their social…](https://sms4smile.com/quotes/ludwig-von-mises/the-most-successful-businessmen-were-often-uneducated-when-measured/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [Two hundred years ago, before the advent of capitalism, a man's social status was fixed from the beginning to the end of his life;…](https://sms4smile.com/quotes/ludwig-von-mises/two-hundred-years-ago-before-the-advent-of-capitalism-a-man-s-social/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) > [Facts per se can neither prove nor refute anything. Everything is decided by the interpretation and explanation of the facts, by the ideas and…](https://sms4smile.com/quotes/ludwig-von-mises/facts-per-se-can-neither-prove-nor-refute-anything-everything-is/) [Ludwig von Mises](https://sms4smile.com/quotes/author/ludwig-von-mises/) [Explore all 637 Ludwig von Mises quotes ](https://sms4smile.com/quotes/author/ludwig-von-mises/) ## More Aim quotes > [If you aim at nothing, you will hit it every time.](https://sms4smile.com/quotes/zig-ziglar/if-you-aim-at-nothing-you-will-hit-it-every-time/) [Zig Ziglar](https://sms4smile.com/quotes/author/zig-ziglar/) > [A good aim surveys the present state of experience of pupils, and forming a tentative plan of treatment, keeps the plan constantly in view…](https://sms4smile.com/quotes/john-dewey/a-good-aim-surveys-the-present-state-of-experience-of-pupils-and/) [John Dewey](https://sms4smile.com/quotes/author/john-dewey/) > [The Christian man must aim at that complete obedience to God in which life finds its highest happiness, its greatest good, its perfect consummation,…](https://sms4smile.com/quotes/william-barclay/the-christian-man-must-aim-at-that-complete-obedience-to-god-in-which/) [William Barclay](https://sms4smile.com/quotes/author/william-barclay/) > [ He \[an earnest young reporter\] seemed to share the view of many intelligent, well-educated, well-meaning people that, while adult literature may aim to be… ](https://sms4smile.com/quotes/katherine-paterson/he-an-earnest-young-reporter-seemed-to-share-the-view-of-many/) [Katherine Paterson](https://sms4smile.com/quotes/author/katherine-paterson/) > [In Bosnia, little children shot in the head by a guy who thinks it's okay to aim his gun at a child.](https://sms4smile.com/quotes/christiane-amanpour/in-bosnia-little-children-shot-in-the-head-by-a-guy-who-thinks-it-s/) [Christiane Amanpour](https://sms4smile.com/quotes/author/christiane-amanpour/) > [Design certainly has a cosmetic, aesthetic aim. It always aims at making things beautiful. But relevance is just as important. I often say, 'If…](https://sms4smile.com/quotes/yves-behar/design-certainly-has-a-cosmetic-aesthetic-aim-it-always-aims-at/) [Yves Behar](https://sms4smile.com/quotes/author/yves-behar/) > [My aim was to make money for the bank. You lose track of the amounts involved when you are engaged in this kind of…](https://sms4smile.com/quotes/jerome-kerviel/my-aim-was-to-make-money-for-the-bank-you-lose-track-of-the-amounts/) [Jerome Kerviel](https://sms4smile.com/quotes/author/jerome-kerviel/) > [My only aim is to clock a time that everyone remembers.](https://sms4smile.com/quotes/hima-das/my-only-aim-is-to-clock-a-time-that-everyone-remembers/) [Hima Das](https://sms4smile.com/quotes/author/hima-das/) > [My main aim has always been to do good quality films with roles that have some substance. With Power and Beauty there were loads…](https://sms4smile.com/quotes/natasha-henstridge/my-main-aim-has-always-been-to-do-good-quality-films-with-roles-that/) [Natasha Henstridge](https://sms4smile.com/quotes/author/natasha-henstridge/) > [ I really enjoyed it - being involved in watching rushes and playback \[in "The Invisible Woman"\]. Ralph \[Fiennes\] was very open to my input,… ](https://sms4smile.com/quotes/felicity-jones/i-really-enjoyed-it-being-involved-in-watching-rushes-and-playback-in/) [Felicity Jones](https://sms4smile.com/quotes/author/felicity-jones/) > [My aim is to be counted among the top players.](https://sms4smile.com/quotes/babar-azam/my-aim-is-to-be-counted-among-the-top-players/) [Babar Azam](https://sms4smile.com/quotes/author/babar-azam/) > [The single aim of my life is that every child is: free to be a child, free to grow and develop, free to eat,…](https://sms4smile.com/quotes/kailash-satyarthi/the-single-aim-of-my-life-is-that-every-child-is-free-to-be-a-child/) [Kailash Satyarthi](https://sms4smile.com/quotes/author/kailash-satyarthi/) > [The aim of good prose words is to mean what they say. The aim of good poetical words is to mean what they do…](https://sms4smile.com/quotes/gilbert-k-chesterton/the-aim-of-good-prose-words-is-to-mean-what-they-say-the-aim-of-good/) [Gilbert K. Chesterton](https://sms4smile.com/quotes/author/gilbert-k-chesterton/) > [Prescribing hard work for the soft, or easy work for the hardy, is generally nonsense. What is always needed in any aim is right…](https://sms4smile.com/quotes/idries-shah/prescribing-hard-work-for-the-soft-or-easy-work-for-the-hardy-is/) [Idries Shah](https://sms4smile.com/quotes/author/idries-shah/) > [To be normal is the ultimate aim of the unsuccessful.](https://sms4smile.com/quotes/carl-jung/to-be-normal-is-the-ultimate-aim-of-the-unsuccessful/) [Carl Jung](https://sms4smile.com/quotes/author/carl-jung/) Browse all 3,047 Aim quotes ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "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. 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