HERE, THEORIES MUTATE, THEIR NOT REPLACED

LUISA FERNANDA ESCOBAR P.

Now a days many people consider science theories are completely true, it is believed that these theories are the peak of knowledge to the date. Science changes all the time; for better or worse many theories are replaced by new ones every day, ironically in economy matter many notions have been the same during more than a century, and yet they are still the base of our actual system.

When we define economy we will almost always get one same definition: “Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.”; certainly it must be said that economy is not just a science, it’s a social science, and that’s a circumstance we can’t deny, in fact I would believe it’s the most important characteristic of economy.

Economy might be one of the most complicated matters of humanity, it is said that a society is unpredictable, yet I would believe societies are actually very predictable, this, because societies behavior has been the same for more than a century back in time, somehow there have been so many physical changes yet almost none in what human behavior concerns.

If we go a bit back in time and analyze the definition of wealth and the propositions made by the mercantilist and compare them to the ones sustained by the economic theories to the date, things haven’t changed much, I would believe they have only reached a grade of formalization to the point societies have accepted them and have decided they are the truth and nothing else is true, the believe the theories that make our system what it is, are completely reliable and undeniable.

The importance economic theories have to the matter its self is undeniable, these theories have been formulated and re formulated more than one time for them to be able to remain valid, so, economy theories haven’t been replaced, they have just mutated to adapt to the rising societies, it would sound a bit crazy due to the changes and the evolution humanity has had, but then again, people have not changed their ways of conceiving the world, the economy or the society.

Still, after almost three centuries: “Wealth is a multitude of laborious poor.”-B. Mandeville.