What is the True Nature of Commerce : Is it an Art or a Science?
“There is a controversy regarding commerce. It has not been decided upon whether it’s an art or a science. There are certain yardsticks to be applied before finishing off this controversy. ”
There is a controversy regarding commerce. It has not been decided upon whether it’s an art or a science. There are certain yardsticks to be applied before finishing this controversy. The basic difference between art and science is that art implies knowing how of any application, where as science is concerned with knowing the why part of it.Some thinkers believe that commerce is an art. An art is the systematic applications of skills or knowledge in effecting accomplishment of results. It represents the methods or ways of doing specific things and indicates how an objective is to be achieved. The function of an art is to accomplish concrete ends, affect results, and produce situations that would not come about without the deliberate effort to secure them.
Now let’s take the case of commerce. Commerce basically deals with the exchange of goods and services. All the activities between customers and producers have to be performed by various persons. Personal skills of various intermediars play an important role in the success and failure of these activities.
Art is concerned with application of knowledge. A person may have knowledge of various activities but unless otherwise this knowledge is applied there will be no use of that knowledge.
The knowledge of marketing, preparing trade agreements and documents, contracting various facilities is essential in commerce. One will not be successful unless he is able to apply his knowledge. In commerce every activity is result oriented.
People dealing with various activities are given targets to be achieved in a definite time frame. A wholesaler has to sell his stock before the arrival of fresh supplies from the producers. Similarly, marketing manager has to reach his target in time. All business activities are undertaken regularly.
On the other hand some thinkers are of the view that commerce is a science. The word science means knowledge. It is a body of systemized knowledge acquired by mankind through observation and experimentation, which is capable of verification. In commerce the knowledge of trade, banking, transport, insurance, accounting, finance etc. is essential.
All these subjects have there own principals and procedures. In this sense commerce is a science. The modern function of commerce includes production, insurance, accounting, financing, marketing etc. There is a constant observation on the implementation of all these functions.
Author - DeeKay
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