POPULAR SERVICES
- Do my math homework
- Do my Statistics homework
- Academic writing help
- Do my Accounting homework
- Take my online class
- Biology homework help
- Physics homework help
- College homework help
- Assignment help
- Chemistry homework help
- Finance homework help
- English homework help
- Buy term paper
- Programming homework help
- Homework help
RELATED content
- Comparative advantage vs Absolute advantage
- Branches of Economics
- What can you do with a economics degree?
- Difference between Micro and Macroeconomics
- Everything about the midpoint formula
- Ten Principles of Economics
- What is quantitative economics
- What is comparative advantage
- What is economics?
- Why you should study economics
The field of economics is very diverse; it touches on almost all aspects of human life. Generally, economics is considered a social science although there are critics who believe that it does not meet the threshold of being a science. The detractors argue that economics lack testable hypotheses and consensus and that there's a lot of political influence in the decisions taken by economists.
However, irrespective of these arguments, economics is partly a study of human behavior, and it shares the same quantitative and qualitative attributes as other social sciences.
Due to its close relation with other social sciences, the subject is offered as a course combined with law, psychology, pedagogy, and anthropology among others.
Social Sciences and Economics
Social sciences deal with societies, the relationships between one person and the other and the development of societies. Unlike natural sciences such as physics and chemistry, economics as a social science leans more towards qualitative research methodologies and interpretation of data.
However, there is still the use of quantitative tools in social sciences in a bid to understand trends. For instance, in econometrics, economists apply statistics and mathematical theories to forecast trends. Economics lack testable hypotheses as may be seen in natural sciences because the research methodologies used are not rigid, but surveys whose aim is to determine trends and forecast on expected future practices.
The use of mathematical models in economics began in the late nineteenth century and has continued into the twentieth and twenty-first centuries. Both the classical and the new economics theories assume that rational decisions made by individuals and businesses make it hard for economists to build economic models based on science alone.
Economics Uncertainty
In any economic trend, countless variables are playing a role. This makes it challenging for economists to develop testable hypotheses. With so many immeasurable variables at play, economists are sometimes forced to create competing and contradicting theories that must all coexist without nullifying each other. Due to this uncertainty, some observers may not see how economics qualifies as a science.
In macroeconomics, several factors/variables determine the outcome of economic research and the direction a trend takes. On the other hand, scientific methods are strictly applied by economists in microeconomics where factors are limited. In Microeconomics, economists can use quantitative research and analytical methodologies in the real world to produce verifiable and testable results.
With advancements in computing power and the emergence of better data processing software, economists can create testable theories from a wide array of variables.
While economists continue to use scientific and mathematical methods in their research analysis to track and forecast trends, through economics homework answers, you can tell that there are conflicting models and theories at a macroeconomic level that make it a challenge for economists to provide empirical data as would be expected of a science.
It is these conflicts and discrepancies that make critics doubt economics as a science. However, these conflicts are inherent in all social sciences. As long as economics applies qualitative and quantitative methodologies familiar with all social sciences, it will remain a social science.
Social Sciences are Still Young
Social sciences are younger than natural sciences, and many social science principles are still under development. Most of the policies remain debatable. Natural science principles can be traced back to 1500s, from the time of Galileo; these principles have been thoroughly tested and have been around for longer. Economics can be traced back to 1700s with Adam Smith while psychology can be traced back to 1800s with Sigmund Freud. With these limited periods, social sciences might be lacking in one or more of the natural science principles.
Differences between Social and Physical Sciences
It is easy for a chemist to test a hypothesis in a matter of hours in a controlled lab experiment. On the other hand, economists do not have the privilege of controlling variables; an economist might have to wait for years before the right combination of events occurs to test a hypothesis.
Unlike chemicals in a lab, human behavior can change when under study. Consumers will change their behavior or even give inaccurate information when asked about buying habits. Such awareness among human beings will positively affect the results of a study. There is no way to verify the data collected; social sciences such as economics are disadvantaged.
Social sciences are often used as a basis to achieve political or social goals. However, there are lots of social scientists who are interested in understanding and improving the world just like physical scientists. Due to the subjective nature of social sciences and especially economics, what might seem like a thorough scientific study might be a dubious attempt to get political credit.
Even in physical sciences, there are instances where experiments and studies cannot be controlled. For example, astronomers cannot control the movement of stars. Again, physical sciences are also affected by debates on the existence of a supreme being, on which some of the theories are built. This makes economics more of a science.