One can distinguish economics from other scientific inquiries either by specifying some set of causal factors or by specifying some range of phenomena. The phenomena with which economists are concerned are production, consumption, distribution and exchangeparticu- larly via markets. However, to the extent that many different causal factors are relevant to economic phenomena, including the laws of thermodynamics, metallurgy, geography and social norms, even the laws governing digestion, economics cannot be distinguished from other inquiries only by the phenomena it studies. Discuss how, if at all, Mercantilist and Physiocratic economic thought distinguish economic inquiry from other scientific inquiries? (3 paragraphs)
Physiocrats created the first scientific system of economics according to whom wealth of nations was
solely derived from land agriculture or land development, it is regarded as first scientific school of economics.
Mercantilism is an economic policy designed to maximize exports of nation.
One can distinguish economics from other scientific inquiries either by specifying some set of causal factors...