Economics – Science of Choice

That economics is in some sense a science of choice seems to be true. Any practical science is about man’s doing something which involves as human action choosing. This means materially speaking, economics is a science of choice, but so is politics, ethics, metallurgy, fishing and any other practical science.

What I am trying to work out is what is the object of economics. What people frequently look at Aristotle’s economics as the science of wealth-getting. The object of this science is wealth, which itself must be worked out and defined, and the choice and doing is the getting of that wealth.

The sense that I get from the talk of economics as a science of choice is mostly that economics is reduced to the subjective. This seems to be true in the way that economics talk about areas such as the time value of money or risk premia or what have you. The time value of money is with respect to how much present and future money is preferred by people or how much of a return an investor must be compensated for taking risk. This all abstracts from the actual reality of the wealth they are making choices about other than it is the object of their preferences and desires.

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