While the science of economics basically deals with material matters, the modern mistake is to reduce it only to these matters through formulas and statistics.
Actually, economic thought must deal with all aspects of material resources and goods and especially the underlying ideas that regulate their acquisition, consumption, supply and distribution.
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Author Diana Wood notes that, “In the course of these processes, economic relationships are formed, and these are regulated by the society in which they occur and reflect its morality.” (Diana Wood, Medieval Economic Thought, Cambridge University Press, 2002, p. 2.)
In the final analysis, economics must concern itself with moral decisions and the relationships that surround how material resources are produced, consumed and allocated.
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