We formulate certain principles through Science and through art we achieve our goals by giving them practical form. Is economics science or art?
There has been a lot of disagreement among economists on this issue whether economics has only a theoretical side (means only study of Asset, Capital, Cost, and Accounting) or a practical side as well. That is, as a science, it only establishes the relationship between cause and effect of facts. Or it also presents his plan of action and suggestions for solving the problems in a practical manner.
According to my knowledge, economics is both Science and Art. I try to prove this in this post. Before giving a final opinion on this issue, I want to tell you what are the meanings of Science and Art.
Science
Science refers to a systematic collection of internal and external conditions and events related to a sector of the universe, which has been compiled after impartial observation and study and used to establish a relationship between causes and results. For example, in the form of physics, chemistry, and biology, formal collections have become available to us. These sciences are based on the following observations.
All causes and effects related to every human being and natural facts in the universe are compiled after regular observation and study.
Laws are formed in the light of the facts and events obtained while being neutral. In the light of these observations, scientists formulate the laws of natural sciences such as chemistry, physics, biology, etc. For example, when two parts of hydrogen and one part of oxygen are mixed, water is always formed and the result of establishing a specific ratio between these two gases remains unchanged in all situations and everywhere. This law of chemistry fulfills the conditions of all three observations mentioned above.
In this sense, if we examine economics, the laws of economics also set their laws by fulfilling the higher scientific conditions.
In the same way, economists, like scientific studies, compile human behaviors after regular observation and study and then formulate their laws by establishing cause and effect relationship between them.
I present an example to you. We know that people generally buy more at lower prices and less at higher prices. This phenomenon establishes a relationship between causes (changes in price) and effects (changes in demand) which we call the law of demand. As if in this sense economics is right to be called science.
Art
Art refers to the struggle that takes place to achieve specific goals. As if art is said to be the struggle of man to achieve the determined results and the determined results are obtained by following the measures that are suggested to improve the results. As if the practical use of knowledge is called art. Thus, through Science, we formulate certain principles, and through art, we achieve our goals by giving them practical form.
To prove that Economics is a Science or an Art, we compare an economics student with a medical student. A student of medicine, a student of medicine as knowledge, studies the principles of medicine by reading books related to medicine and becomes a doctor and treats the patient in the light of his studied knowledge. In this way, the student of economics first examines the principles of economics in the light of economic principles and theories and then gives suggestions for solving economic problems as an art.
If economics is judged in the light of the definitions of science and economics, then economics is both science and art.
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