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Economics and Political Theory
The Differentiation of Economics from Political Theory
For the most part, early social theory was confined, for its subject matter, to what we now regard as the special province of political theory or political science. It is true that Aristotle composed a book which is sometimes designated as "Economics," though it seems doubtful whether he gave it that title; and it is also true that there are, in the Politics, a few scattered passages relating to topics that we now conceive as the province of the economist. On the other hand, it is quite certain that Aristotle regarded his so-called "Economics" as a work in the field of "practical wisdom" and not a contribution to science at all; and it was in this spirit that economic questions were dealt with, almost exclusively, for two thousand years. When what we now think of as the topics and problems of economics first received some separate, systematic, and reflective attention, they were thought of as special problems of politics and government, a conception reflected in the name that the new science presently came to have--"political economy." The same point of view is indicated by the title of Adam Smith great book The Wealth of Nations.
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