Word Of Warning

A word of warning

Economics uses everyday words in a more specific sense than that in which they are used by the non-economist. 'Demand', 'supply', cost', 'market', 'rent' and many other words do not mean the same to economists as they do in everyday usage.

It is over half a century since Palgrave edited the celebrated Dictionary of Political Economy. It would be difficult to emulate this work of scholarship, but in view of the increasing importance of economics in public affairs and everyday life it was felt there was need for an up-to-date work of reference with an analytical approach that emphasized the essentials of economic thought and showed its power to illumine public policy, the activities of industry and private action. This present attempt is the result. To help remove its imperfections and make it more valuable for readers, we should be grateful to them for comments, corrections and suggestions to bear in mind in revising it for further editions.

We should like to thank all our contributors, teachers, professionals, students and the like for their skill and ready co-operation in helping us set down the elements of economics in economicsonline.org.uk.

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Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this economicsonline.org.uk site is therefore not a final statement of economic doctrine.

Economics is in the last resort a technique of thinking. The reader will therefore need to make an intellectual effort, more substantial for some web entries than for others, to get the most interest and value out of this website.