Critical Reflection on Selected Issues Connected with Economic Terminology

Abstract

Clear and unambiguous categories and concepts defined in accordance with generally accepted epistemological principles are some of the cornerstones of each scientific discipline. The objective of this paper is to critically highlight selected problems related to the creation and use of categories and concepts and their symbols in economics. The paper describes in examples the inconsistent use of symbols (the income example), the unsystematic use of concepts (the labour force example) and, in particular, the creation and use of ambiguously defined categories or concepts in a situation where economic science already has an established concept for the reality concerned (the rent example). Adequate methods are chosen for an article of this type. The initial method is desk research, followed by analysis, deduction, induction and exploration. In addition to the actual critical description of the problems, an appropriate solution is proposed to the problem presented in each example. However, the paper also makes references to links with other economic disciplines and the current socio-economic reality. The purpose of the presented critical reflection on selected issues related to economic terminology is, on the one hand, to achieve greater understanding in scientific communication and, on the other hand, to facilitate educational impact, but also to find a common ground between academics and practitioners to the extent that social practice is intertwined with economic theory.