2006-11-08 18:50:25 · 7 answers · asked by mickzhabi_41 1 in Social Science ➔ Economics
Science is divided into natural sciences and social sciences.
Natural sciences deal with things and well established 'laws' that govern them. By 'laws' I mean their observed and consistent patterns of behavior. For example, water always freezes at 32 degrees Fahrenheit.
Social sciences, (including economics) deal with the well established behavior of people. Although there are exceptions to every rule where the behavior of people is concerned, there is broad belief that people generally behave in a certain predictable way in response to certain things. Thus all social sciences, including economics, deal with the RATIONAL (not irrational) BEHAVIOR of people.
Once rational behavior is assumed, then the economy and its agents can be analyzed in a scientific way. For example, when the price of a commodity increases, people will buy less of that quantity. Conversely, when the price falls, people will buy more. This is the 'law' of demand. There will be exceptions but the assumption is based on rational behavior.
It is this rational behavior that allows this type of 'scientific' analysis and the classification of economics as a science.
2006-11-09 00:52:25 · answer #1 · answered by Einmann 4 · 0⤊ 0⤋
It's really a social science, not a "hard" science lilke physics.
Unfortunately, classical economics simplified its models so much to make their math work, their models proved to be further and further removed from real world economic activity.
There is a new paradigm emerging called complexity economics that attempts to bring economics back into line with real world modelling.
2006-11-09 08:18:30 · answer #2 · answered by ideogenetic 7 · 0⤊ 0⤋
Why is physics considered as science?
2006-11-10 04:15:01 · answer #3 · answered by mekaban 3 · 0⤊ 0⤋
Only economists consider it a science. Everyone else knows it is politics with math.
2006-11-09 03:07:53 · answer #4 · answered by meg 7 · 0⤊ 0⤋
Because
2006-11-09 11:11:29 · answer #5 · answered by Marmeladka 2 · 0⤊ 0⤋
Because you have to be scientific in analysis both micro and macro.
2006-11-09 07:35:13 · answer #6 · answered by marikit _ako 2 · 0⤊ 0⤋
cause math is involved and ever changing equations that concern the government, and world we live in... just like, poli sci. i was wondering too. :-p
2006-11-09 02:57:43 · answer #7 · answered by Legionnaire 1 · 0⤊ 0⤋