The nometic nature of the science of Economics

Abstract

The article discusses the nomothetic nature of the science of economics. This means that it is a science that discovers and formulates economic laws in order to build theories on this basis. The pioneering approach in such research was presented by mercantilists during the Renaissance, along with the discovery and description of the law of money circulation by M. Copernicus and the Englishman T. Grasham. In turn, in the era of the Enlightenment A. Turgot (in the 18th century), a representative of the physiocrats, described the law of diminishing returns from the land. With the rise of capitalism, the science of political economy was born in Britain (A. Smith). With its development, historically two currents of views on the economy emerge-classical and neoclassical economics, making a huge contribution to nomothetic economics. Modern economy is developing dynamically thanks to outstanding economists, including winners of the A. Nobel from 1969. The last part of the article presents a description of the laws operating in the economy, governing the economic process, broken down into the laws of production and distribution, as well as exchange and consumption (market laws).