Is Economics a Science?

There are different opinions of economists in this question. Economist Wootton says, “Whenever six economists are gathered, there are seven points.”

 

Someone seems that economics is a science and someone treats economics as not a science. Anyway, now we see, whether economics is a science or not. Regarding this, first we have to know, what is science?

 

Science has both the theoretical and applied aspect. By science we merely understand a systematized body of knowledge. Science is built up of facts as a house is built up of stones.

 

Actually in science, a scientist collects the facts that are proved by

– Experience

 – Observation

– Testing and analysis

 

By the acquired knowledge, the law is established. Such as, “Every action has its opposite reaction”. Here has a cause and effect. Action is a cause and reaction is an effect.

 

1. In economics, we see,

Economist collects facts by their

– Experience

– Observation and

– Testing

As, if the price of a particular commodity rises, the demand of that product will fall.

 

2. Natural Science deals with the things, which are measurable by unit. But, economics deals with the human activities, which are measured by money. In these sense, economics is a science.

In spite of these, economics is not an exact science. I. Because, we cannot predict the accurate national income of the next year. We can merely assume about the national income of the next year.

 

3. Human behavior is changed over time. That’s why, the demand of goods may be changed.

So economics is not a pure science as physics, chemistry and mathematics. Since the economists follow some procedure to establish laws. It is science in .s methodology and it is arts in its application. So economics is considered as social science,