Knowledge is not something which exists and grows in the abstract. It is a function of human organisms and of social organization. Knowledge, that is… - Kenneth E. Boulding

We have defined the main task of economic analysis as the explanation of the magnitudes of economic quantities. The student will find also that the main part of this, as of most other works on the subject, is concerned with the theory of the determination of prices, wages, interest rates, incomes, and the like. He may well inquire, therefore, in the midst of so much mathematics, whether the first task of economics is not the investigation of wealth, or welfare. Some economists have endeavored to restrict the boundaries of the science to the investigation of those quantities which are numerically measurable. Well-being, under such a restriction, would not be part of economics at all.

Adam Smith, who has strong claim to being both the Adam and the Smith of systematic economics, was a professor of moral philosophy and it was at that forge that economics was made. Even when I was a student, economics was still part of the moral sciences tripos at Cambridge University. It can claim to be a moral science, therefore, from its origin, if for no other reason. Nevertheless, for many economists the very term “moral science” will seem like a contradiction. We are strongly imbued today with the view that science should be wertfrei and we believe that science has achieved its triumph precisely because it has escaped the swaddling clothes of moral judgment and has only been able to take off into the vast universe of the “is” by escaping from the treacherous launching pad of the “ought.” Even economics, we learn in the history of thought, only became a science by escaping from the casuistry and moralizing of medieval thought.

Looked at from the perspective of twentieth-century earth, we see three great stages in the dynamic process of the universe. To this whole process, as it spreads out over perhaps ten billion years of time and ten billion light years of space, we give the name evolution, and we see three great patterns within it. The first is physical evolution. This presumably started with the development of the most elementary particles (whatever they may be); then of neutrons, protons, electrons, and radiations; then of elements from hydrogen to uranium and beyond formed by combining protons and electrons; then of chemical compounds; then finally of increasingly complex molecules from amino acids, and proteins to the great watershed of DNA, the beginnings of life.