# economics Summary:: # Notes Economics a Study of [[Market Exchange]] (not [[Managing Limited Resources|management of scarce resources]].) --- # References A theoretical science which provides a comprehension of the meaning and relevance of purposive (conscious) human actions. It is not about things and material objects; it is about the meanings and actions of men. Economics is a science of the means men must select if they are to attain their humanly attainable ends which they have chosen in accordance with their value judgments. However, the valuation and selection of ends are beyond the scope of economics and every other science. Economics enables men to predict the "qualitative" effects to be expected from the adoption of specific measures or economic policies, but such predictions cannot be "quantitative" as there are no constant relations in the valuations which determine, guide and alter human actions. For [Mises'](https://www.freemarketcenter.com/lexicon/index.html#Ludwig%20von%20Mises) comments "On Some Popular Errors Concerning the Scope and Method of Economics," including Macroeconomics, see Chapter 5 of The Ultimate Foundation of Economic Science. [[Human Action - Mises (HA)]] 1-3,6-10,64-69,92-93,647-48,651,653-54; [[Theory and History (TH)]] 203; [[Ultimate Foundation of Economic Science (UF)]] 67-69, 73; also [[Understanding the Dollar Crisis (PLG.)]] 1-20, 23. Posted::[[Systems Thinking in Economics]]