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Explain Is Economics a Science or an Art?

Here we understand about the Nature of Economics- Its a Science or an Art in detail.

Explain Is Economics a Science or an Art?
This concept has been explained by Professor Robbin's views regarding the nature of economics. We discuss it in detailed as follows-
  1. Is Economics a Science- According to Professor Robbin's, the term 'science' means a systematic body of knowledge which describes the cause and effect relation between different variables. A branch of knowledge becomes systematic of scientific when relevant facts are collected, classified and analysed and laws are established to explain the cause-effect relationship between these facts. We may note that economics is full-fledged science. It has reached the stage where all relevant economic facts are collected, classified and analysed in scientific manner. For eg- the law of demand explains us, other things remaining constant, demand expands with the fall in price and contracts with the rise in price. Economics considered as science because its laws posses universal validity such as the law of diminishing returns, the law of diminishing marginal utility and the law of demand, etc. Economics is a science because of its self-corrective nature. It goes on revising conclusions of new facts based on observations. Economic theories are revised in the fields of macro economics, monetary economics, international economics, etc. According to Professor Robbins, there is no scope for experimentation in economics because economics is a science of human behaviour. It means, exact quantitative predictions are not possible in economics.
  2. Is Economics an Art? - According to Robbins, Art is practical application of scientific theories. Art puts theories to practical use. For eg- to identify and analyse the cause of income inequality falls within the preview of science and to use this knowledge for framing policies aimed to reduction in income inequality is considered as art. According to Luigi Cossa, an Italian economist, has explain the difference between science and art. 'A science is a theoretical body of knowledge, while art is applied knowledge. Art does not explain theorems, it solves general problems. It not concerned with laws, but only with rules that in practice. A science teaches us to know, an art teaches us to do.
According to Luigi Cossa, Economics is both a science and an art. They explained about Applied Economics. Applied Economics is known as Practical Economics, it mainly deals with the description of existing institutions, organisations, etc. A good deal of work has been done for the exploration and description of trade unionism, financial structure of corporations, banking system, taxation, etc. Because of these institutions influence the allocation of resources and cost-price structure in the country.
Is Economics a Science?
Is Economics an Art?
Economics is full fledged science - Adopts scientific methods of observation
Analysis and Investigation
Described as Applied Economics.
Nature of Economics - Is Economics a Science or an Art?
Kinnari
Tech writer at NewsandStory
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