Is ECONOMICS A SCIENCE OR AN ART?

Is ECONOMICS A SCIENCE OR AN ART? 

NATURE AND SCOPE OF ECONOMICS

Definition and scope of economics are very closely interrelated. In fact the scope of economics is the further explanation of the definition. We can easily understand the 'Scope of Economics' with the help of following discussions.

SUBJECT MATTER OF ECONOMICS

Each and every science has its own subject matter. As we know that there are various views about the definition of economics. So the views  about its subject matter are also different. Accroding to the Classical Economists, the study of wealth is the subject matter of economics. Neo-Classical Economists thought that the study of human behavior with respect to material welfare is the subject matter of economics. 

According to Professor Lionel Robbins, the Economic Problem of choice which is the result of scarcity of resources and abundance of wants, is the subject matter of economics. Modern contemporary economists do not agree with the above said views about the subject matter. According to ANATUL MURAD.

"Scope of Economics is the explanation of the nature and behavior of an economy or an economic system and it is a struggle and research to find out the solutions of the problems faced by that economy or an economic system". 

ECONOMICS AS A SCIENCE

In order to understand the scientific position of economics, we must understand the definition of Science. 

"Science is the combination of informations about the realities which have been collected under neutral observations and there is a relationship between reasons and results". 

According to this definition economics is a science because in this subject we collect the realities about the human behavior and also establish the relationship between reasons and results. 

POSITIVE SCIENCE

The neutral study about the realities of a single unit of the universe and the establishment of relationships between reasons and results is called positive science. 

NORMATIVE SCIENCE

The neutral study about the realities of any unit of the universe and the establishment of relationship between reasons and results and also to opine about these relationships that how these relationships should be, is the normative science. According to Professor Robbins Economics is a positive science i.e., Economics does not concern about the goodness or badness of economic behavior of human being. But Professor Marshell calls it a normative science i.e.,Economics must guide the human beings in attaining maximum welfare. So we can say that Professor Marshall widens the scope of economics in this respect. 

Honestly speaking Positive and Normative aspects of economics are both very important especially for the solution of the problems faced by the modern economies. With the help of Positive aspect of economics; economists enable to understand the nature of the problems and with the help of normative aspect of economics, they may be able to suggest the solutions for those problems.

ECONOMICS AS AN ART

In order to understand whether Economics is an Art or not, we must define an Art first. 

"Application of science to attain a particular purpose is called an Art

According to this definition of an art, we can say that economics is also an art. Since in economics there are many principles that provide guidance to human being to solve various problems.

SHARE