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Example for the Difference between Doctrine and Science

We shall use many examples to explain the difference between the economic doctrine and the science of economics. The capitalist creed, for example, regulates the economic life upon the basis of the principle of economic freedom; therefore, it regulates the market upon the basis of the sellers’ freedom to determine the price of their goods.

The science of economics does not attempt to bring forth another method for regulating the market; instead, its role is to study the market’s condition in the shade of the capitalist method, researching the fluctuation, fixing, rising or falling of prices in the free market as regulated by the capitalist method.

The doctrine, therefore, finds a method for regulating economics, according to its concept of equity, while the science of economics studies the results of such a method when it is imposed on the society.

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