ABSTRACT
Economic theory has concerned itself with the sources and consequences of conduct, and has sought in the field what can be conceived as rational, what can be expressed as proportion, and what belongs within bounds defined by the notion of exchange in an inclusive sense. Proportion also lends itself to the construction of a highly austere and abstract axiomatic system, and to the enunciation of tests of success. Exchange as the focus of its interest gives it a highly definite and distinct criterion and delimiting principle, and marks it off readily from other aspects of conduct and policy. Economics is the study of the operation of exchange and its implications. Exchange is the means of giving operational meaning to the notion of economic value. Macro-economics, the profile of the economy, gives valuable knowledge. Macro-economics has contracted to a study of the mechanics of growth.
