Economics is an intellectual tradition which analyzes the allocation of scarce resources which have alternative uses. This analysis is descriptive (and sometimes predictive) but not prescriptive and therefore there is no such thing as 'economic values' in the sense of a moral or political position on the dilemmas of life.

Economics is an intellectual tradition which analyzes the allocation of scarce resources which have alternative uses. This analysis is descriptive (and sometimes predictive) but not prescriptive and therefore there is no such thing as 'economic values' in the sense of a moral or political position on the dilemmas of life.