ECONOMICS AS A SCIENCE, ARTS OR SOCIAL SCIENCE
ECONOMICS AS A SOCIAL SCIENCE Like other pure sciences, economics acquires knowledge (data) through a systematic observation of facts, classifying the mass of data collected into their different relevant areas, using the facts collected for generalization of law, applying the formulated law to analyze new situations with a strong reliance on a certain assumption to enable the law to hold true at all time. The assumption is, “Ceteris Paribus’’ meaning “All things being equal’’. Economics is basically a social science subject and not an art or pure science due to the following reasons. In pure sciences, such as Chemistry, Physics, Biology, there are observations, selection and classification of relevant materials in making generalization to formulate laws, but in economics its fundamental facts are the daily observation. In pure sciences, observation from laboratory experiments are more precise and can be reproduced exactly, but in economics they are attained from human and… Read More »ECONOMICS AS A SCIENCE, ARTS OR SOCIAL SCIENCE
