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An Essay on the Nature and Significance of Economic Science

It was a long time ago when people did not face economic relationships. Even at the point of time when people did not know about the possibility to control relationships by monetary regulations and did not realize that food production and exchange in the form it used to be back centuries and centuries ago will be now called economic relationships and market, they still were involved in some sort of business relationships. These relationships kept building and structuring with the growth of population and diversification of production on geographical level. The growth and development required more structure and organization and laid foundation to something that we call today economic science.

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Economic science is aimed at analysis and examination of all the processes related to production and distribution of products, independently of whether it is physical good or service. The word “economics” comes from Greek and initially means the way of managing the household. Already the origin of the term tells us a lot about the nature and history of the economic science.

Evolution of economics as a subject is also very interesting and reflects the growth of scale of economic relations. While previously economics was measuring the relationships between households, later business, today it is involved in evaluation and determination of process relationships between nations and countries. Based on that, economics is looking at the market from micro and macro perspective.

Some of the most recent developments in this science are determined by its strong link with marketing and operations science that are targeting the analysis of the channels of distribution and customer preferences as well as try to analyze the processes of economic institutions. This side of economic science is generally looking at strategic development of the businesses in the global economics, – something that scientists in previous centuries did not give a lot of attention to. With the growth of relationships these elements of economic science gain more significance. How the science will evolve further we can only assume.

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