Why is Economics a Science?

Why is Economics a Science?

Economics is called a science subject because it uses scientific measures to explain observed phenomena and predict the outcome of future events. This scientific method of observation is generally referred to as inductive method. Economics, like all other science subjects is also called a science as a result of the following reasons:

What Is Science?

According to Oxford Advanced Learners Dictionary of Current English by A.S. Hornby, Science is knowledge arranged in an orderly manner, especially knowledge obtained by observation and testing of facts and the pursuit of such knowledge. Like all other science subjects, Economics is a body of knowledge arranged in orderly manner and this knowledge is obtained by observing human beings, their behaviours and their social environment. The facts obtained from this observation are tested in order to arrive at certain laws like: Laws of demand and supply, law of diminishing returns, law of marginal utility, etc. These laws have been empirically tested within the society and experimented on the production, distribution and consumption of goods and services.

Also read:  What is a Free or Capitalist Economic System?

Economics therefore, possesses those attributes of science, like investigation, observation, arrangement, classification and interpretation of facts, empirical testing of facts, the deductive and inductive methods of theories used to formulate laws and finally, establishing principles, propositions, generalizations, theories and laws used for the analysis, prediction and forecasting of economic problems and solutions. It is as a result of the above reasons that students of Economics of many universities graduate with Bachelor of Science (B.Sc.) degree and not Bachelor of Arts (B.A.) degree. The above evidences serve as empirical proof that Economics like other subjects that possess similar qualities is a science subject. However, Economics is not a natural or pure or physical science, but a social science.

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