Towards Scientific Economics

DOI: 10.4236/me.2013.44033   PDF   HTML   XML   3,746 Downloads   6,578 Views   Citations


Economic thought still confronts with new problems arising together with the advancement of civilization. Economic matters are driving forces of human interactions so economics is expected to reveal why people, companies, banks, and governments behave in particular modes. B. Khumalo [1] is the author of a recent article in which he proposes a definition of economics that is adjusted to present times. Our article continues these considerations, since both terms: capital and resources have essentially changed their meaning. Though economics is still the study of a production and a distribution of goods, we recognize that labor of people and assets, which lead to the increase of concentration of capital in products is a driving force of economic activities as well. Essential explanations of a core triad: capital, labor and money accompany the proposed definition of economics.

Share and Cite:

M. Dobija and B. Kurek, "Towards Scientific Economics," Modern Economy, Vol. 4 No. 4, 2013, pp. 293-304. doi: 10.4236/me.2013.44033.

Conflicts of Interest

The authors declare no conflicts of interest.


[1] B. Khumalo, “Defining Economics in the Twenty First Century,” Modern Economy, Vol. 3, No. 5, 2012, pp. 597-607. doi:10.4236/me.2012.35079
[2] Y. Ijiri, “Segment Statements and Informativeness Measures: Managing Capital vs. Managing Resources,” Accounting Horizons, Vol. 9, No. 3, 1995, pp. 55-67.
[3] Ch. Bliss, “Capital Theory and the Distribution of Income,” North-Holland Publishing, Oxford, 1975.
[4] B. Kurek, “A Hypothesis of the Deterministic Risk Premium,” Doctoral Dissertations, No. 10, Wydawnictwo Uniwersytetu Ekonomicznego, Kraków, 2011.
[5] L. Pacioli, “Everything about Arithmetic, Geometry and Proportion,” 1494.
[6] Y. Ijiri, “The Beauty of Double-Entry Bookkeeping and Its Impact on the Nature of Accounting Information,” Economic Notes, Vol. 22, No. 2, 1993, pp. 265-285.
[7] M. Dobija, “Timeless Greatness and Significance of the Double-Entry Accounting,” Management and Business Administration Central Europe, Vol. 4, No. 117, 2012, pp. 3-22. doi:10.7206/mba.ce.2084-3356.19
[8] A. Smith, “An Inquiry into the Nature and Causes of the Wealth of Nations,” 1776.
[9] C. Bliss, “Capital Theory and the Distribution of Income,” North-Holland Publishing Company, Amsterdam, 1975.
[10] S. T. Skrzypek, “The Notion of Capital in Literature,” 1939.
[11] F. A. Fetter, “Reformulation of the Concepts of Capital and Income in Economics and Accounting,” Accounting Review, Vol. 12, No. 1, 1937, pp. 3-12.
[12] Y. Ijiri, “The Foundations of Accounting Measurement,” Scholars Book Co., Houston, 1967.
[13] F. A. Fetter, “Capital, Interest, and Rent. Essays in the Theory of Distribution,” Sheed Andrews and McMeel, Inc., Kansas, 1977.
[14] W. Brzezin, “General Accounting Theory,” 1995.
[15] M. Dobija, “Fair Value as a Criterion of Truth in Economic Theory,” In: W. Adamczyk, Ed., Pursuit of Truth in Economics, Akademia Ekonomiczna w Krakowie, Kraków, 2006, pp. 125-150.
[16] M. Dobija, “Abstract Nature of Money and the Modern Equation of Exchange,” Modern Economy, Vol. 2, No. 2, 2011, pp. 142-152. doi:10.4236/me.2011.22019
[17] M. Dobija, “Labour Productivity vs. Minimum Wage Level,” Modern Economy, Vol. 2, No. 5, 2011, pp. 780-787. doi:10.4236/me.2011.25086
[18] B. Kurek, “An Estimation of the Capital Growth Rate in Business Activities,” Modern Economy, Vol. 3, No. 4, 2011, pp. 364-372. doi:10.4236/me.2012.34047
[19] B. Kurek, “The Risk Premium Estimation on the Basis of Adjusted ROA,” In: I. Górowski, Ed., General Accounting Theory. Evolution and Design for Efficiency, Academic and Professional Press, Warsaw, 2008, pp. 375-392.
[20] N. Schwartz, “Laws of Nature,” 2013.
[21] P. Atkins, “Four Laws that Drive the Universe,” Oxford University Press, New York, 2007.
[22] F. Knight, “Risk, Uncertainty, and Profit,” Houghton Mifflin Company, Boston, 1921.
[23] D. Dalrymple, “The Principle of Least Action,”2012.
[24] E. Burzym, “Measurement and Profitability Evaluation of State-Owned Enterprises,” Państwowe Wydawnictwo Ekonomiczne, Warszawa, 1971.
[25] M. Mazur, “Cybernetics and Character,” PIW, Warszawa 1976.
[26] M. Jedrzejczyk, “Labor Productivity Parity vs. Trend of Exchange Rate,” Modern Economy, Vol. 3, No. 6, 2012, pp. 780-785.
[27] B. Kurek, “Accounting as a Stimulant of Culture’s Development” Theoretical Issues in Accounting, Vol. 24, No. 80, 2004, pp. 38-59.
[28] D. Rushkoff, “Open Source Currency,” In: J. Brockman, Ed., What is Your Dangerous Idea, Wydawnictwo Smak Slowa and Wydawnictwo SWPS Academica, Sopot-Warszawa, 2008, pp. 244-245.
[29] R. Mattessich, “Critique of Accounting, Examination of the Foundations and Normative Structure of an Applied Discipline,” Quorum Books, Westport, 1995.

comments powered by Disqus

Copyright © 2020 by authors and Scientific Research Publishing Inc.

Creative Commons License

This work and the related PDF file are licensed under a Creative Commons Attribution 4.0 International License.