10 reasons why economics is an art, not a science. All these above statements are known as positive statements. Economics is an art that requires an understanding of power, psychology, philosophy, history and society. Hence, economics is a normative science. * (iv) To call economics an art … Hence, Economics is a science like any other science that has its own generalisations, theories or laws which traces out a casual relationship between two or more phenomenas. The SSE Art Initiative is at the vanguard of the arts and economics crossover, striving to establish transboundary knowledge exchange, production and transfers through art and the humanities. There is a great controversy among the economists regarding the nature of economics, whether the subject ‘economics’ is considered as science or an art. We no longer ask the question whether economics is a science or an art. The organized application of scientific principles is an art. Therefore, from all the above discussions we can conclude that economics is neither a science nor an art only. It is prescriptive in nature and describes ‘what ought to be’ or ‘what should be the things’. On the contrary, normative science deals with what ought to be? Art is a branch of study that deals with expressing or applying the creative skills and imagination of humans to perform a certain activity. Art is the practical application of theoretical knowledge Like Art, Economics also practices its theoretical laws. Unlike science which is theoretical, art is practical. The predictions made on the basis of economic laws can easily go wrong. It is not for economists to pass value judgments and make pronouncements on the goodness or otherwise of human decisions. Economics is a Science and Art! Also Read: Difference Between Micro and Macro Economics. The debate is as alive today as it was in the early twentieth century. According to Cossa, science and art are complementary to each other. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. Economics is an art because: Economists suggest policies along with their implementation procedures to solve the economic problem. Models are evaluated on their ability to predict and not on the realism of assumptions. Economics as a Science. While economics increasingly uses scientific and mathematical methods to track and predict trends, conflicting models, theories and results … For example, illiteracy is a curse for Indian economy. Economics delivers solutions for several of the complications. Economics is also used for achieving a variety of goals. It is capable of measurable and based on facts. Economics should be neutral between ends. Like science, it has a cause and effect relationship between. The backwardness of Indian economy is due to ‘population explosion’. According to most economists, economics is merely positive science rather than normative science. are of opinion that economics is a normative science. Forty-five participants came together for three days of camaraderie, networking, and learning. Thus, Public Administration can be regarded as both science and art. The statements dealing with these suggestions are coming under normative statements. Before publishing your Articles on this site, please read the following pages: 1. Economics is a system science and all Human Nature/behavior issues belong to psychology, sociology, anthropology and so on. A rational human being has not only logical view but also has sentimental attachments and emotional views regarding any activity. to achieve an objective. It decides its course of action by keeping in mind the end to be achieved and the situation faced by it. We know that in practice, economics is used for achieving a variety of goals. (iv) Theories and laws of economics are based on experiments, like, mixed economy to is an experimental outcome between capitalist and socialist economies. Critics of “economic sciences” sometimes refer to the development of a “pseudoscience” of economics, arguing that it uses the trappings of science, like dense mathematics, but only for show. Hitherto we have spoken of economics as a science, which it is; yet like all other sciences it has an art side, which, in the minds of many, is by far the most important. The following statements can ensure economics as a normative science, such as. Topics covered:- 1. Also, because we are dealing with human behavior, we cannot accurately predict how all individuals will respond. Economics is a science of human welfare, All the economic forwarded their theories for the development of human standard of living Hence, all the economic statements have their respective normative views. 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