Friday, October 17, 2014

Is Economics a Science?

According to Raj Chettym in his article "Yes, Economics is a Science," discusses how several people believe that economics should not be considered a science, considering that people have conflicting opinions as to how things work. All sciences contain arguments of how certain things function at some point, and this is what helps each of these sciences grow. 

According to Merriam-Webster.com, the definition of science is, "knowledge or a system of knowledge covering general truths or the operation of general laws especially as obtained and tested through the scientific method and concerned with the physical world and its phenomena."

I agree with the author of this article, because according to this dictionary definition, economics is a science. A social science. It involves the knowledge of the "operation of general laws" of the world. Economics studies the workings of the economy and how certain events effect things such as the Gross Domestic Product, Aggregate Demand, and Supply. 

http://www.nytimes.com/2013/10/21/opinion/yes-economics-is-a-science.html?src=xps&_r=3&

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