Economics how is it a social science?

Question

Economics why so complicted?

Answer 1

Economics depends on Ceteris Paribus, meaning it has to assume that everything stays constant. In a real science, for example Chemistry, when you mix two hydrogen molecules with an oxygen molecule you always end up with water. This is not the case with Economics, what is good and what is bad is dictated by outside factors.

Answer 2

Economics is considered to be a social science because it is a study of human behavior. There are a number of reasons why the study of economics seems complicated. First, many students of economics at the high school or college level have never before been enrolled in an economics course. This is unlike English, math, or history courses which students have studied throughout most of their academic careers. So, for them, the study of economics represents a radical, new way of thinking about things. Second, the mathematical and graphical treatment of the subject tends to make economic concepts more difficult for many students to grasp. Third, the terminology used by economists can be confusing. For example, the word "capital" to an accounting student often means money. However, when economists refer to capital as a factor of production, capital CAN NOT be money. Also, when referring to the factors of production, the term "land" includes all natural resources--not just a plot of earth. Hence, in economics could be entirely accurate to say that WATER is land! Fourth, economics isn't an exact science. Much of economics involves "normative" analysis. Two people, both well trained in the area of economics, can study a problem and recommend two completely different solutions. When President Kennedy took office he inherited a mild recession from the previous administration. At that time there was a federal surplus. Some advisors felt that the best action to take in order to speed up the economy was to have a tax cut. This would put money back into the hands of the public thereby increasing aggregate demand. Other advisors felt the best use of this surplus would be for the funding of federal programs such as poverty programs. This, also, would increase total demand. So, much of economics is imprecise. This complicates the study of economics.

Answer 3

Econ is a "social" science because it is a study of how people behave and interact. Everything in economics is rooted in people and their behavior -- as opposed to physical sciences like physics or chemistry, which study materials or the world or the universe. If there were no people, there would be no economy or Economics; whereas there would still be chemical reactions and laws of physics.

It's complicated because there are lots of people. When you analyze the needs, behaviors, and interactions of lots of people, there are so many combinations, permutations, competing interests, influences, etc that understanding what's happening and why becomes extraordinarily complex -- and attempts to analyze these things necessarily involve complicated math and statistics, data collection, and theory.

Answer 4

Economics relies on some mathematical analysis of things like supply and demand; But demand is governed by a variety of forces, most of which have nothing to do with the basic human needs of food, clothing and shelter. Evaluating the demand side of economics is largely a study of human nature and the behavior patterns of populations.