--%>
Assignment Help - homework help

Economics as a science

Economics as a science:

We no longer ask the problem whether economics is an art or a science. Science is a systematized body of knowledge. Merely as physics and chemistry are sciences, economics is as well a science. We examine facts, conduct experiments and made generalizations in physics and chemistry subsequent to testing the outcomes. The similar scientific techniques are followed in economics too. Economics, like all other sciences, studies the association among cause and effect.

Sciences might be broadly classified into physical and social sciences. Physics and chemistry are illustrations of physical sciences. Economics is a social science. It studies concerning a particular aspect of human behavior. And human behavior is full of complication. It is not simple to study it. Therefore economic science is not as accurate and exact as the physical science.

However economics contains greater right to be considered as a science than other social sciences such as politics or history since in economics we make utilizations of money as a measuring rod of utility. This is true that it is only a coarse measure however still it enables us to provide concrete shape to the laws of economics. At times, what we say in economics might not come true in real life. However this is the situation with many other sciences. For illustration, we joke about weather forecasts. The weather report in the newspaper might say that there will be heavy rainfall on a specific day. However there might not be any rain at all on that specific day. On account of that, we can’t say that meteorology (i.e., the science of weather) is not a science. Likewise, when some economic laws don’t come true, we can’t say that economics is not a science.

   Related Questions in Business Economics

  • Q : Surpluses in the balance of trade The

    The advocates of laissez-faire policies favor: (i) Govt. control of economy. (ii) Public ownership of all the resources. (iii) Income to be distributed according to requirement. (iv) Surpluses in the balance of trade. (v) Minimal govt. intervention in economy.

  • Q : Distribution of income and wealth in a

    Of the given options, the economist whose theories pivoted least upon the distribution of income and wealth (class conflict) in a capitalist system would have been: (1) Adam Smith. (2) David Ricardo. (3) Karl Marx. (4

    		•
  • Q : David Hume statement regarding money in

    In modern parlance, David Hume statement regarding money which is Tis none of the wheels of trade. And tis the oil, was referring to the notion that money: (i) is relatively costly to produce. (ii) facilitates divisions of labor and specialization and

    		•
  • Q : Self-interested motivation to underpin

    Adam Smith’s perception which self-interested motives underpin even charitable activities through apparently selfless people appeared originally into his primary major book that was entitled: (1) Theory of Moral Sentiments [1755]. (2) Leviathan

    		•
  • Q : Drawbacks of capital budgeting Write

    Write down the drawbacks of capital budgeting?

    		•
  • Q : Are quantities supplied-demanded equal

    In perfectly competitive market, the market demand curve is given by Qd = 10 − Pd, and the market supply curve is given by Qs = 1.5Ps. a) Prove that the market equilibrium price and

    		•
  • Q : Briefly state the pros and cons of

    Briefly state the pros and cons of Corporation?

    		•
  • Q : Define Average cost and Marginal cost

    Briefly explain the term Average cost and Marginal cost?

    		•
  • Q : How can we evaluate cost of capital How

    How can we evaluate cost of capital?

    		•
  • Q : Problem regarding supplies-demands and

    The new supply and demand curves within University City are S0 and D0. But after the county commission imposed a $3 per six-pack excise tax upon beer: (1) demand fell to D1 from the perspectives of beer dealers. (2) co

    		•