Explain economics as a Science or an Art.
Economics as a Science
Economics is a science since its laws
have widespread soundness such as the law of diminishing returns, the law of
diminishing marginal utility, the law of demand etc. It is called as a science
since its self-remedial nature. It goes on amendments in the dawn of new
specifics based on interpretations. Hence, Economics is a science like any other
science that has its own generalisations, theories or laws which
traces out a casual relationship between two or more phenomenas.
Economics as an Art
The practical application of
scientific techniques is the Art of Economics. Some economists consider
economics as a science and art while few others as science and applied science.
It is considered as newest of science and oldest of arts and the queen of all
the social sciences.
Economics as a Science
Economics is a science since its laws have widespread soundness such as the law of diminishing returns, the law of diminishing marginal utility, the law of demand etc. It is called as a science since its self-remedial nature. It goes on amendments in the dawn of new specifics based on interpretations. Hence, Economics is a science like any other science that has its own generalisations, theories or laws which traces out a casual relationship between two or more phenomenas.
Economics as an Art
The practical application of scientific techniques is the Art of Economics. Some economists consider economics as a science and art while few others as science and applied science. It is considered as newest of science and oldest of arts and the queen of all the social sciences.
