Banking is about money; and no other familiar commodity
arouses such excesses of passion and dislike. Nor is here any other about which
more nonsense is talked. The type of thing that comes to mind is not what is
normally called economics, which is inexact rather than nonsensical, and only in
the same way as all sciences are at the point where they try to predict people’s
behavior and its consequences. Indeed most social sciences and, for example,
medicine could probably be described in the same way. However,
it is common to hear assertions of the kind "if you were left alone on a desert
island a few seed potatoes would be more useful to you than a million pounds" as
though this proved something important about money except the undeniable fact
that it would not be much use to anyone in a situation where very few of us are
at all likely to find ourselves. Money in fact is a token or symbolic object,
exchangeable on demand by its holders for goods and services. Its use for
these purposes is universal except within a small number of primitive
agricultural communities. Money and the price mechanism, i. e.,
the changes in prices expressed in money terms of different goods and services,
are the means by which all modern societies regulate demand and supply for these
things. Especially important are the relative changes in price of different
goods and services compared with each other. To take random examples: the price
of house-building has over the past five years risen a good deal faster than
that of domestic appliances like refrigerators, but slower than that of motor
insurance or French Impressionist paintings. This fact has complex implications
for students of the industry, trade unionism, town planning, insurance
companies, fine-art auctions, and politics. Unpacking these implications is what
economics is about, but their implications for bankers are quite
different. In general, in modern industrialized societies,
prices of services or goods produced in a context requiring a high
service-content (e. g. a meal in a restaurant) are likely to rise in price more
rapidly than goods capable of mass-production on a large scale. It is also a
characteristic of highly developed economies that the number of workers employed
in service industries tends to rise and that of workers employed in
manufacturing to fall. The discomfort this truth causes has been an important
source of tension in western political life for many years and is likely to
remain so for many more. According to the passage, economics is ______.
A. similar to other social sciences because a lot of nonsense is talked
about it
B. different from social sciences which try to forecast the way people
behave
C. similar to other social sciences because it can foretell the
tomorrow
D. different from sciences such as medicine