Question

Is economics a science? Why, or why not? As part of your response and explanation, include the definitions of “science” and “economics” as you understand them.

Answer 1

Economics: The study of unlimited wants of human with the use of sacred resources. It studies how government, individual and business use this resource to satisfy their unlimited wants.

Science: Study or examining of different things and finds answer for those questions.

Yes economics is a science which is called as social science as it has all the qualitative and quantitative elements to become a social science.

Science delas with study of things like air, planets , water etc. Where as economy studies the human wants and how they were met. In science we use data to and experimental results to come to a conclusion where as in economics we use past data to come to conclusions and forecast on those trends.

Economics always fall short of science as it is more complicated than science. In science if our experiments get succed it shows us results which are accurate but in economics even our estimation goes wrong as it is dependent on so many factors like political policy, people, resources , behaviour of people etc.