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Question

Economics as a Science or an Art? Give reasons for your answer.

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Solution

science refers to a systematic study of certain behavior. to analyze that behavior scientists first collect data or facts, then systematically analyze and test to understand the behavior or pattern of that data set. finally scientists on the basis of the tested results formulate theories, principles or laws.

if we analyze economics on the above Definition of science then we will find that it is not always true in economics but the thinking of economics always works in the above scientific pattern but outcome or results are not same for each experiment as in natural science.Now the scientific study has been categorized in two branches on the above defined logic
a)Social Science
b) natural science.

Economics is a study of social science, therefore it is in category of social science.

in social science there are two types 1: positive and 2: normative science.
positive science means which is true and testable like laws are testable. MICRO ECONOMICS consist a large part of laws or positive statements, therefore economics is like positive science.
Normative science: opinions regarding the desirability of various actions are called normative statements. MACRO Economics and economic planing which are branches of economics are mostly normative because the answers may turn to be wrong or may bedeniedd.

Hence we can take economics as a science.

Now economics as an art:
Art is concerned with the application of a scienecetific theory. for example according to the robbins defination, individuals have to choose the best possible alternative that depends on the past experince of the individuals so when we apply a scientific theory then some partical problems may araise, and to tackle them by the learned skills is an art.

Economis is such kind of a subject that has both tests at the same time, a science and an art.


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