--%>
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 : An Inquiry in the Nature and Causes The

    The first comprehensive work upon economics written within English was authored through Adam Smith in 1776 year and entitled that “An Inquiry within the Nature and Causes of: (1) Laws of Supply and Demand.” (2) Wealth of Nations.” (3

    		•
  • Q : Illustrations of opportunity costs

    Illustrations of opportunity costs which you might or will have incurred would comprise: (i) severe injuries suffered within an accident since you failed to buckle up. (ii) the income you could earn when you were not in school. (iii) time spent studyi

    		•
  • Q : Assertion to increase in the minimum

    Use the circular flow model to confirm this assertion for a $1 per hour increase in the minimum wage?

    		•
  • Q : What does high or low operating

    What does high or low operating leverage specify?

    		•
  • Q : Explain Unemployment Explain

    Explain Unemployment, Growth, and the Future?

    		•
  • Q : Competition is the essential despot of

    Evaluate and explain the statements: “Competition is the essential despot of the market economy”.

    		•
  • Q : Illustrate the advantage and

    Illustrate the advantage and disadvantage of Corporations?

    		•
  • Q : Gains from Exchange- Practice and

    When a world famous concert pianist is as well the world's fastest short order cook, he would most likely gain the most financially through devoting: (i) Full time to frying burgers (ii) Full time to piano practice and concerts. (iii) Half-time cooking and half-time p

    		•
  • Q : Introduction of the term Operating

    Give a brief introduction of the term Operating Leverage?

    		•
  • Q : Explain about the principle of

    Economic efficiency needs that, relative to the other goods which different individuals might consume, the people who value exact goods relatively the most should own and/or use all goods. Such principle is termed as: (i) economic equity. (ii) allocat

    		•