Question

Is economics a science or an art? Explain with reasons.​

Answer 1

Economics as an Art:

' According to Pigou, Marshall etc., economics is also considered as an art. In other way, art is the practical application of knowledge for achieving particular goals. Science gives us principles of any discipline however, art turns all these principles into reality.

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Answer 2

Explanation:

Nature of Economics: Economics as a Science and an Art.

1. Economics as an Art.

There is a great controversy among the economists regarding the nature of economics, whether the subject ‘economics’ is considered as science or an art.

If it is a science, then either positive science or normative science.

2. Economics as a Science:

Before we start discussing whether economics is science or not, it becomes necessary to have a clear idea about science. Science is a systematic study of knowledge and fact which develops the correlation-ship between cause and effect. Science is not only the collection of facts, according to Prof. Poincare, in reality, all the facts must be systematically collected, classified and analyzed.

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