Abstract
The article provides methodological analysis of applied economic knowledge and its relationships with theoretical knowledge. Stages in the history of these relationships are identified. The article considers in detail methodological ideas of J. S. Mill and J. N. Keynes (who proposed the "art of economics" as a part of economic science). The paper also analyzes epistemological features of applied economics. The author states that economic science was from the beginning tightly connected with practice. In the analysis of applied economics the author emphasizes the art of economics as the faculty to select and combine scientific knowledge to solve concrete problems. This specific field of knowledge, according to the author, should play an important role not only within modern academic discourse in Russia, but also within the system of higher education.
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