IS ECONOMICS SCIENCE OR ART?
In order to decide that whether economics is a science or an art we must have an idea about science and art.
SCIENCE.
It is a subject in which the desired results are obtained by applying prescribed rules and regulations, which are accepted and practiced universally. Science may be
i) POSITIVE SCIENCE: It only explains what is i.e. the nature of the problem or the area of consideration.
ii) NORMATIVE SCIENCE: It tells us what ought to be i.e. right or wrong of a thing.
ART.
Art is a subject in which personal judgments and own skills are used to derive some results.
ECONOMICS IS A SCIENCE AS WELL AS AN ART.
Economics is not only a science but also an art. It is science in its methodology and art in its application. It is a social science in theoretical aspect and applied science in practical aspect.
In other word we can say the economics is a social science as well as applied science, which studies the human behaviour towards the achievement as well with the proper use and allocation of resources for the achievement and maintenance of growth and stability in the economy.
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