• ISSN: 2155-7950
  • Journal of Business and Economics

Economics  Is a Science Field About Effective Use of Limited Resources?

Yadulla Mehriban Yadulla Gizi, Hasanova Pari A., G. Q. Huseynova
(Baku State University, Azerbaijan)

Abstract: The article discusses three stages divided in the development of the subject of economic theory: the research about long-term historical development related to economy, political economy and economics and justification of typical features of their emergence. The methodology of the research — systematic approach and comparative analysis methods. The results of the research — Setting forth offers that fit in the background of innovative scientific-theoretical justifications based on the works and the researches by classical political economists. Limitations of the research — more extensive investigations are required in terms of scientific-theoretical grounds. Practical significance of the research — public production process must stand in the focal point of political economy, not wealth. Then price theory won’t drive out value theory, theory of production won’t drive out labor theory, and analysis of specific situations won’t drive out abstraction theory. Originality and scientific innovation of the research — presented as one of the initial scientific-research justifications varied with its specificity for the investigation of classical political economists’ ideas.

Key words: political economy; chremastics; mercantilist; value theory; labor theory; orthodox Marxist political economy

        JEL codes: F

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