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

Yes; this is a science.

Science is the study and application of system within the nature and its existence. A particular system could only be called as science if it is proved thoroughly – such as the law of gravitation, machining operation, etc.

Economics is the scientific approach of dealing with limited resources – what to produce, how to produce, and to whom to produce. More specifically, this is a social science of building theories in which an individual, a firm, and the society as a whole reacts – suppose the utility theory, law of demand, and the relationship between inflation and unemployment. This is called science, since all those approaches could be proved logically.