--%>
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 : Banking crisis on checkable deposits

    Question: Some developing countries have suffered banking crises in which depositors lost part or all of their deposits (in some countries there is no deposit insurance). This type of crisis decreases depositors' confidence in the banking syst

    		•
  • Q : Average Revenue and Marginal Revenue

    When the market price is $25, then the average revenue of selling five units is: w) $5. x) $12.50. y) $25. z) $125. Please guys help me to solve out this type of problem regarding profit in a perfectly competitive market

    		•
  • Q : Illustrate how Macroeconomics examines

    Illustrate how Macroeconomics examines the economy as a whole?

    		•
  • Q : Elucidate The General Agreement of

    Elucidate The General Agreement of Tariffs and Trade (GATT)?

    		•
  • Q : Market Apparent program For the

    For the question below, utilize the given information. The market for gizmos is competitive, with an increasing sloping supply curve and a downward sloping demand curve. With no govt. intervention, the equilibrium price is $25 and the equilibrium quantity is 10,000 gi

    		•
  • Q : Micro economics and macro economics

    Micro economics and macro economics:Economic theory can be widely divided into micro and macroeconomics. The word micro means small and macro means big.In microeconomics, we deal

    		•
  • Q : What happens in the product markets

    What happens in the product markets?

    		•
  • Q : Explain how the Circular Flow Model for

    Explain how the Circular Flow Model for a Market-Oriented System?

    		•
  • 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 : U.S. exports create a demand for

    True or false? “U.S. exports create a demand for foreign currencies; foreign imports of U.S. goods generate supplies of foreign currencies.”  Explain.

    		•