Question

Read the following passage and make notes or write a summary.

Economics has become one of the important branches of social sciences.

It is of great practical value in our daily life. In pure sciences, we study the

subject to arrive at the truth. But an economist is a social scientist. He studies

the subject not only to know the truth of its own sake, but to find out a way for

many economic and social problems of the society. “Knowledge for

knowledge’s sake” is not the goal of an economist. Economics must be fruit

bearing. Of course, an economist has no readymade answer for immediate

problems. But he can help the government in making broad economic policies.

According to J. M. Keynes, “the theory of economics does not furnish a body

of settled conclusions immediately applicable to policy. It is a method rather

than a doctrine, an apparatus of the mind, a technique of which helps its

possessor to draw correct conclusions.” ​

Answer 1

Explanation:

title: study of economics

1. importance of economics

1.1 great practical value

1.2 arrive at truth

1.3 fruit bearing

2. economist as social scientist

2.1 study a subject not only know the truth for its shake

2.2 knlg. for knowledge's sake

2.3 has no ready made answer for the immediate problem

3. thought of j m Keynes

3.1 economics does not frsh. a body

3.2 imdt. applicable to policy

3.3 posr to draw correct conclusion

key to abbreviations

1.knlg. knowledge

2.posr. possessor

3. frsh. furnish

4. imdt. immediately

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