Pragmatic function of terminology and the dual nature of economic concepts

Abstract

The paper presents a new way of considering the pragmatic function of economic terms based on the understanding of the concepts rendered by them as having dual – descriptive and simultaneously prescriptive character, prescription being linguistically realized as a pragmatic function. With this in mind a brief survey of philosophical works giving axiological analysis of scientific definitions characteristic of economics as a social science is made. It is shown that a set of economic terms specific for a particular school of thought or a socio-economic situation do not only or sometimes even so much reflect actual economic reality as give the latter a direction through the pragmatic function they are meant to fulfill. The pragmatic aspect of the terms’ meaning is realized at different levels having linguistic relevance, its exponents being incorporated into an intricate system of interrelations and associations. Thus the paper offers an approach along the lines of which – if applied to further investigations - there may be gained a deeper insight into the idiosyncratic processes underlying the cognitive and regulatory functions of the terminology belonging to the sphere of economics.