Is economics a Science?
It is debatable whether economics should actually be defined as being a science. After all, unlike Chemistry or Physics in which you type in some numbers, solve a complex equation and Bob’s your uncle there’s the answer. Economics involves an argument. Whereas science attempts to prove something is irreversibly, permanently, and everlastingly true. Economics will rarely give a simple answer. Ask 5 economists a question and the joke goes-you’ll get 6 different answers.
Because of this economics has provided us with a wide variety of rich and interesting characters and over the next few weeks we hope to introduce you to some of them!
September 14th, 2009 at 9:20 am
Is economics a science- yes, I think so. I’ve recently moved to study an economics degree, after realising medicine wasn’t for me. In most science subjetcs, there are rules in which way things work, down to a precision in most cases. For example, the way in which a virus attacks the bodies immune system, is similar in the sense that a recesion can destroy an economy – and as in the case that anti-viral drugs improve symptoms of a virus, policies, governmental bodies etc are in place to bring an economy back to “health”.
I have yet to mAke my mind up about my economics degree… However my reason for picking it… Is purely because it is all around us!! Most things we do, watch on tv or even debate about… Is related to economics!
Sorry about the spelling in this, phones will never replace a keyboard! Lol
October 11th, 2014 at 1:54 pm
Economics is technically not a science as it is based on policy and not fundamental discoveries. But why do we need it to be a science in the first place?
Putting the word “Science” after Economics will not change how vitally important and complex economics actually is. Everybody who studies economics knows that it forms the cornerstone of how a country is run or should be run. The problem with calling it a science is that there are just to many different point of views regarding economic principles and how they should be applied, where in Chemistry hydrogen is hydrogen and lithium is lithium.
For me there is just no reason for calling it a science. It wont change its importance or my love for the subject matter.
October 11th, 2014 at 10:26 pm
I agree, Economics is a science, a unique science. The economy, like any type of science can be examined and studied to be understood and to try and control.
October 12th, 2014 at 5:14 pm
I believe this is a very debatable question, mainly because economics has both aspects of science as well as a general theory and assumptions. I would debate that it is more of a science since I am studying it at a university here in South Africa where i find that there are are many equations, graphs and definitions in economics which is characteristic of a science which make me see it as a science.
October 12th, 2014 at 10:50 pm
Economics is definitely a science. If you look at the latin meaning of science it translates to “scientia” meaning knowledge, it can then be further explained as a body of knowledge used to foresee or predict and since that is the case with economics it most certainly qualifies as a science . An increase in the repo rate will increase prime rates which will in turn lower Net investment in the economy. As you can see here there certain effects to a an action and thus we can predict a outcome .
October 12th, 2014 at 11:22 pm
You’re point seem valid, because there are fundamental rules governing economics as well as in science. Every action and happening can be explained by simple rules derived from studying the economy as a whole. People can study it and learn it if they would choose to do so and will even be able to predict certain events.
October 13th, 2014 at 3:47 am
The Merriam Webster Dictionary defines science as:
“sci·ence\?s?-?n(t)s\
noun
: knowledge about or study of the natural world based on facts learned through experiments and observation
: a particular area of scientific study (such as biology, physics, or chemistry) : a particular branch of science
: a subject that is formally studied in a college, university, etc.
Full Definition
1 : the state of knowing : knowledge as distinguished from ignorance or misunderstanding
2a : a department of systematized knowledge as an object of study
b : something (as a sport or technique) that may be studied or learned like systematized knowledge
3a : knowledge or a system of knowledge covering general truths or the operation of general laws especially as obtained and tested through scientific method
b : such knowledge or such a system of knowledge concerned with the physical world and its phenomena : natural science
4 : a system or method reconciling practical ends with scientific laws
5 capitalized : christian science
Examples
the science of medicine grew tremendously in the course of the 19th century
Origin: Middle English, from Anglo-French, from Latin scientia, from scient-, sciens having knowledge, from present participle of scire to know; perhaps akin to Sanskrit chyati he cuts off, Latin scindere to split — more at shed.
First use: 14th century
Synonyms: lore, knowledge, wisdom
Thus Economics could be seen as Science. From this definition u can deduce that science is not just about attempting to prove something, it is more about knowledge i.e. “a system of knowledge covering general truths or the operation of general laws” that results into the proof. Economics is also about hypotheses and theories (e.g. public choice theory,the different views of the macro economy i.e. Classical view, Keynesian view,Mainstream view, Monetarist view,Real-business-cycle view, etc.) and proving them is what leads to the arguments that currently exist in Economics.
Things such as the “economic system” and “business cycle” show that Economics is indeed about systematized knowledge, which in turn encourages it to be defined as Science.
The Merriam Webster Dictionary also defines Economics as:
“eco·nom·ics\?e-k?-?nä-miks, ??-k?-\
noun plural but singular or plural in construction
: a science concerned with the process or system by which goods and services are produced, sold, and bought
: the part of something that relates to money
Full Definition
1 a : a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services
b : economic theory, principles, or practices
2 : economic aspect or significance
3 : economic conditions ”
Even the definition says it itself.
October 13th, 2014 at 7:33 am
yes economics is a science because it covers different aspects to why our economy is shaped as it is and also calculates for unforeseen risks also points out ways better our lives on a measurable scale.
October 13th, 2014 at 10:07 am
Is economics a science-yes,Although economics focus more on policy rather than discovery it still remain a science.Remember science is well defined as the intellectual and practical activity encompassing the systematic study of the structure and behavior of the physical and natural world through observation and experiment.Economics seem to meet all this requirements,it studies and discover the truth about scarcity and how economic participants respond to it.Furthermore the is a Novel Price for economics to prove it is really a science.
October 13th, 2014 at 3:04 pm
I feel that economics is not a science as I agree that you can get various answers. When you look at subjects like science and maths the answers are black or white which is why it is a science. In economics you have some answers which are part of the “grey area”. They can be very subject to opinion and debate.
October 14th, 2014 at 8:32 am
Economics is considered as a science,a social science to be precise mainly because it deals with human behaviour.It is a study of the interaction of people with the market and the outcomes of these interactions.Social science as a term is concerned with society and the relationships among individuals within a society,which includes;sociology,political science,psychology and economis.Economics is the social science concerned with individuals,households,businessses and organisations considered as role players in the economy and how they utilize the various scarce resources to satisfy their desired needs.
October 14th, 2014 at 10:51 am
economics is a science because it involves observation and experimentation of people’s actions within a specific period of time. it also includes systematically taking steps towards understanding people’s behavior when certain events occur. Economics makes use of proven measurements when implementing policies.
October 14th, 2014 at 4:51 pm
That is exactly what I love about economics there is not a single format for all concepts, never limited to broaden your horizon! I’d say economics is a science as theories, formulas and statistical analysis(graphs) is required to make a conclusion about unsolved issues/equations. Economics is interesting and challenging even I want to master it!
October 14th, 2014 at 8:07 pm
In my experience I do see economics as a science, everything has a reason for why it happened, and if it happened their is a reaction on it,the reaction is not always the best but it is something you will have to work with.
You can learn alot by the encounters you face in the scienes of economics, and if it teaches you something, it is a science!!
October 16th, 2014 at 6:20 am
Economics regarded as a science is a tough one to say. There are so many intricate details in both facets. The structure of economics and the economic degree can be similar in the fact that you get micro and macro organisms where you get the smaller side of economics and the much larger side(Government). My opinion is that it is tough to decide whether economics is a science or not purely on the basis that science is also vastly undiscovered where as economics has mainly been discovered.
October 16th, 2014 at 7:18 am
Economic thinking is indeed a science in my opinion. Especially economics also has laws though these are based on assumption they are actually true. For example: The law of “Ceterus Paribus” that states that as an economist you always make the assumption that other things are equal. This is why like you mentioned in the blog. We cannot say why exacly an increase in taxes decreases accidents but assuming all other influences are equal. We rationally believe that this will result in a decrease in road accidents.
October 16th, 2014 at 7:42 am
Although economics is more of policy than experiments it still remain a science.Remember science is best defined as the intellectual and practical activity encompassing the systematic study of the structure and behavior of the physical and natural world through observation and experiment.Economics thus meet all this requirements.And besides the is a Novel Prize for economic sciences to prove that is indeed a science.
October 16th, 2014 at 11:39 am
I do not think that economics can be seen as a science. There are no one answer to most of the questions in economics because even the smallest thing can change your answer like your location or age. It is better to leave economics in its own category.
October 29th, 2014 at 8:44 pm
I personally think Economics is a science first if a science is a subject that helps solve a problem, economics also solves problems through policies and some interventions… Maybe if one could say Economics is a service science other than a product science