Towards Scientific Economics
- 1
- 2 Accounting Department, Cracow University of Economics, Krakow, Poland
Abstract
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.
- 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
- Y. Ijiri, “Segment Statements and Informativeness Measures: Managing Capital vs. Managing Resources,” Accounting Horizons, Vol. 9, No. 3, 1995, pp. 55-67.
- Ch. Bliss, “Capital Theory and the Distribution of Income,” North-Holland Publishing, Oxford, 1975.
- B. Kurek, “A Hypothesis of the Deterministic Risk Premium,” Doctoral Dissertations, No. 10, Wydawnictwo Uniwersytetu Ekonomicznego, Kraków, 2011.
- L. Pacioli, “Everything about Arithmetic, Geometry and Proportion,” 1494.
- 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.
- 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
- A. Smith, “An Inquiry into the Nature and Causes of the Wealth of Nations,” 1776. http://www.econlib.org/library/Smith/smWN2.html.
- C. Bliss, “Capital Theory and the Distribution of Income,” North-Holland Publishing Company, Amsterdam, 1975.
- S. T. Skrzypek, “The Notion of Capital in Literature,” 1939.
- 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.
- Y. Ijiri, “The Foundations of Accounting Measurement,” Scholars Book Co., Houston, 1967.
- F. A. Fetter, “Capital, Interest, and Rent. Essays in the Theory of Distribution,” Sheed Andrews and McMeel, Inc., Kansas, 1977.
- W. Brzezin, “General Accounting Theory,” 1995.
- 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.
- 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
- M. Dobija, “Labour Productivity vs. Minimum Wage Level,” Modern Economy, Vol. 2, No. 5, 2011, pp. 780-787. doi:10.4236/me.2011.25086