Economics as a science
We no longer ask the question whether economics is a science
or an art. Science is a systematized body of knowledge. Just as physics and
chemistry are sciences, economics is also a science. We observe facts, conduct
experiments and make generalizations in physics and chemistry after testing the
results. The same scientific methods are followed in economics also. Economics,
like all other sciences, studies the relationship between cause and effect.
Sciences may be broadly divided into physical sciences and
social sciences. Physics and chemistry are examples of physical sciences.
Economics is a social science. It studies about a particular aspect of human
behaviour. And human behaviour is full of complexity. It is not easy to study
it. So economic science is not as precise and exact as the physical sciences.
But economics has a greater right to be considered as a
science than other social sciences like politics or history because in
economics we make use of money as a measuring rod of utility. It is true that
it is only a rough measure but still it enables us to give concrete shape to
the laws of economics. Sometimes, what we say in economics may not come true in
real life. But this is the case with many other sciences. For example, we joke
about weather forecasts. The weather report in the newspaper may say that there
will be heavy rainfall on a particular day. But there might not be any rain at
all on that particular day. On account of that, we cannot say that meteorology
(the science of weather) is not a science. Similarly, if some economic laws do
not come true, we cannot say that economics is not a science.