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Posted on May 18, 2008 by Sammy Beanard | Posted under Politics
The Complexity of Economics - Why it is Difficult to Study
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In part, because of this complexity, careful work in the social sciences has made it increasingly necessary for scholars to interest themselves in minutiae. Monographs of scholarly merit but of limited social significance have characterized the literature. In economics, especially, there appears to be need for a convenient means of synthesis. While social relationships have become more complex, the rate at which they are changing has accelerated. The world at large appears to be in a state of rapid transition, and economic institutions are no exception to this sweeping movement. No one can hope to understand the significance of change in its entirety; but intelligent minds aspire to see large situations as a whole and in relation to each other. The increasing specialization in the social sciences has been accompanied by greater ignorance as well as by greater knowledge. This handicap has been especially felt because the rapidity of social change in recent years has made it difficult for branches of knowledge in the social sciences to remain within the bounds prescribed under earlier situations. Furthermore, with the rise of the modern emphasis on social research, it has been found that many problems lie in several different fields and that their solution demands methods from the various social sciences. The increasing specialization also is part of the great accumulation process in social knowledge. This accumulation process is so great that it has become exceedingly difficult for any one individual to become well oriented in the general field of the social sciences. The concept of convertibility was the very cornerstone of our monetary thinking. Both fact and legislation had provided us with monetary security, according to the criteria of the period. In monetary affairs legislation as well as formal doctrine commonly lag behind the changes of economic society. The elaborate emphasis on, and provision for, the convertibility of currency into gold coin are in contrast with a relative lack of emphasis on, or provision for, the convertibility of the bank deposit into currency. In fact, prior to the enactment of the Federal Reserve Act in 1913, no formal legal provision had been made. In the original Federal Reserve legislation, provision was indeed made for the convertibility of bank deposits into currency but it was then regarded more as a seasonal or local contingency than a primary monetary problem. One can explain this on the theory that the bank deposit as a common form of money, or as the largest form of money, was so recent that legislation was but partially aware of the problem of convertibility that it had created. About The Author: Sammy Beanard has researched and written about social security and other pressing issues. To see more of his writing, visit his article about social security index searches, as well as his opinions on social security number search. |
Tags: ECONOMICS, SOCIETY, MONEY, CULTURE
