There are following characteristics of any science subject, such as; (i) It is based on systematic study of knowledge or facts; (ii) It develops correlation-ship between cause and effect; (iii) All the laws are universally accepted. Science is a systematized body of knowledge. Thus, a majority of economic laws are of this type and therefore, economics as a science. 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. Economics as an Art. Everyone recognizes that physics is a science. It reflects human buying behavior. Definition, Meaning, Assumptions, Scope, Nature, Business Environment Notes, PDF, Syllabus, Book | MCOM 2021, International Marketing Notes PDF | Syllabus, Book MBA 2021, Strategic Management Notes, PDF, Syllabus | MCOM 2021, What is Oral Communication? Also, because we are dealing with human behavior, we cannot accurately predict how all individuals will respond. All the theories and facts related with both micro and macro economics are systematically collected, classified and analyzed. Is economics a science? Labour law is an important topic of economics. Just as physics and chemistry are sciences, economics is also a science. Economics is an art because: Economists suggest policies along with their implementation procedures to solve the economic problem. Economics has theories, which describes cause and effect relationship eg. Privacy Policy3. 2. A rational human being has not only logical view but also has sentimental attachments and emotional views regarding any activity. Hence, economics is coming under normative science. From the above discussion about the nature of managerial economics, we can say that, economics as a science, economics as an art as well as economics as a social science. 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. Life Is Improv: How Art, Culture, and the Free Market Make the World Beautiful, held at Agnes Scott College in Decatur, Georgia, focused on the intersection of art and economics. This is because of the exchange of goods takes place within the society and among different societies to satisfy the needs and wants of people. According to most economists, economics is merely positive science rather than normative science. Normative science offers suggestions to the problems. 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. The backwardness of Indian economy is due to ‘population explosion’. Economics involves developing policies and implementing those policies, which is an art in itself Science is the relationship between causes and effects. However, according to Prof. A.K. Economics is both a science as well as an art. This is no different than large questions faced by the medical field, such as the pursuit to cure cancer. The following statements can ensure economics as a normative science, such as. Topics covered:- 1. And that makes economics an art. It is not for economists to pass value judgments and make pronouncements on the goodness or otherwise of human decisions. Some economists consider economics as a science, or economics as a social science while others have a believe economics as an art. to achieve an objective. Therefore, considering the activities in economics, it can claimed as an art also, because it gives guidance to the solutions of all the economic problems. As art, it deals with individuals so their is change in human behavior. Economics as an Art: According to Т.К. In this case, economics is not concerned with facts rather it is concerned with how things should be. I hope you will like this video. Economics is both science and art. Economics as a Art. Every individual economic unit has an economic goal to achieve. This article reviews some of the key arguments in the discussion and provides a helpful backdrop against which to rethink the purpose of economics today. The scientific mission of Home Economics is to make the case for a sustainable, responsible requirement-orientated everyday culture of solidarity of the genders and generations. Should it be? Also Read: Difference Between Micro and Macro Economics. claimed economics as one of the subject of science like physics, chemistry etc. If you define art as “the expression or application of human creative skill and imagination” then you can find it anywhere. 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