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Nature of Economics: Economics is a Science or an Art

There are various concepts among different economists regarding the nature of economics. Some argued that economics is directly analogous to science while others are of the view that it is an art.

Any subject would be a science if it is objective; the subject matters are universally accepted and if there exist a relationship between cause and effect of a fact. In economics, there are various laws, such as, law of demand, law of supply, law of variable proportion etc., which successfully establish cause and effect relationship. In this sense, economics may be classified as a science.

Any subject would be an art if it is related to the practical application of knowledge for achieving definite objectives. Economics helps us to prescribe ways and enables us to make policies in order to achieve certain desired goals, such as poverty alleviation, higher economic growth, economic stability, etc. In this view, economics is an art.

Economics, on the one hand helps us to collect and analyze the relevant facts and on the other, it helps us by prescribing devices for achieving definite goals. Hence economics is both science and art. It is science in its methodology and art in its application.

Economics is a Social Science

Economics is a social science, as it aims to explain how human beings interact with one another. Economics does not study man as an isolated individual. It studies about men who live in society, affecting society by their actions and themselves exposed to social influences. The process of satisfying human wants is a social process. In addition, most of the economic laws and rules are based on human behavior that tends to change along with the time and condition of society. Hence, economics is the study of social behavior i.e., the behavior of men in group.


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