--%>
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 : Business Strategies Cingular and Alltel

    Cingular and Alltel involve in aggressive and expensive advertising for cell-phones. A reason for this advertising may be: (1) attempts to increase market share. (2) predatorily drive other firms by the market. (3) to increase the use of cell phones.

    		•
  • Q : Government policies with respect to the

    Can you explain how different government policies with respect to the recycling of aluminum and paper might account for these different market outcomes?

    		•
  • Q : The economies of Japan and US Question:

    Question: What can we learn from the Japanese experience? Is the US headed for a 'lost decade? Answer: There was

    		•
  • Q : Importance of Earnings per share Write

    Write down the importance of Earnings per share?

    		•
  • Q : Explain the volume and pattern of U.S.

    Explain the volume and pattern of U.S. and World Trade?

    		•
  • Q : Characteristic of an oligopolistic

    Which of the given is a quality of an oligopolistic market structure? w) There are only some dominant sellers. x) every firm sells a unique product. y) this is easy for new firms to enter the industry. z) Each firm require not react to the actions of

    		•
  • Q : Determine relative price when two

    When the prices for doughnuts and croissants are $.50 and $1 correspondingly: (w) the opportunity cost for one doughnut is two croissants. (x) this is better to buy two doughnuts than one croissant. (y) one croissant will make Pierre twice as happy as one doughnut. (z

    		•
  • Q : Explain a refutation of the doctrines

    Adam Smith wrote his Wealth of Nations within part like a refutation of the doctrines: (1) classical liberalism. (2) utilitarianism. (3) mercantilism. (4) physiocracy. (5) laissez faire capitalism.

  • Q : Illustrate and clarify the economizing

    Illustrate and clarify the economizing problem?

    		•
  • Q : How do you account for the dominant

    How do you account for the dominant role of corporations in the U.S. economy?

    		•