Some arguments in favour of economics as science
Answers
Explanation:
arguments in favour of economics as science
Explanation:
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.
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.
There are following characteristics of any science subject, such as;
(i) It is based on systematic study of knowledge or facts;
(ii) It develops correlation-ship between cause and effect;
(iii) All the laws are universally accepted
(iv) All the laws are tested and based on experiments;
(v) It can make future predictions;
(vi) It has a scale of measurement.
On the basis of all these characteristics, Prof. Robbins, Prof Jordon, Prof. Robertson etc. claimed economics as one of the subject of science like physics, chemistry etc. According to all these economists, ‘economics’ has also several characteristics similar to other science subjects.
(i) Economics is also a systematic study of knowledge and facts. All the theories and facts related with both micro and macro economics are systematically collected, classified and analyzed.
(ii) Economics deals with the correlation-ship between cause and effect. For example, supply is a positive function of price, i.e., change in price is cause but change in supply is effect.
(iii) All the laws in economics are also universally accepted, like, law of demand, law of supply, law of diminishing marginal utility etc.