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