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Economics: Art or Science?

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Economics: Art or Science?

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Theophilus posted on Sat, Feb 13 2010 12:05 AM

Please share your opinions and insight.

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Answered (Verified) Jon Irenicus replied on Sat, Feb 13 2010 11:01 AM
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Its theories are a science, being a body of systematically formulated knowledge. Whether or not a particular theory is applicable is a matter of interpretation (hermeneutic) and more of an art.

Freedom of markets is positively correlated with the degree of evolution in any society...

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Caley McKibbin replied on Sat, Feb 13 2010 12:22 AM

It sure is not art.  That would be venturing terribly far from the meaning of the word.

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Smiling Dave replied on Sat, Feb 13 2010 4:50 AM

Theophilus:

Please share your opinions and insight.

Austrian Economics [as I understand it] asserts that there are certain general principles that are provable, which means it's a science.

Applying the principles correctly in a particular complicated situation, such as the US economy at any given time, is a great art. Thus in 2005 some Austrian economists said the econmy might be doing just fine, they weren't sure, while others said it's clearly headed off a cliff.

 

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It's easy to refute an argument if you first misrepresent it. William Keizer

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Answered (Verified) Jon Irenicus replied on Sat, Feb 13 2010 11:01 AM
Verified by nirgrahamUK

Its theories are a science, being a body of systematically formulated knowledge. Whether or not a particular theory is applicable is a matter of interpretation (hermeneutic) and more of an art.

Freedom of markets is positively correlated with the degree of evolution in any society...

  • | Post Points: 25
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