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Economics art or science?

ironslippers
Posts: 509
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6/21/2015 2:30:50 PM
Posted: 1 year ago
I know this seems to be the baseline of contention in economics. Though many would respond that it is both, and I prefer to take a centric view wherever possible, the two thoughts seem not reconcile. If economics is both doesn't that make it interpretive, resigning in favor of it being an art.

If this question should be irrelevant, why?
Everyone stands on their own dung hill and speaks out about someone else's - Nathan Krusemark
Its easier to criticize and hate than it is to support and create - I Ron Slippers
Contra
Posts: 3,941
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6/21/2015 6:06:09 PM
Posted: 1 year ago
Economics is a science that attempts to answer the underlying fundamental issue of scarcity that plagues all human societies. Economics isn't necessarily an art because empirical evidence is utilized, and theories are discarded and refined over time. Comparative advantage and trade liberalization have supplanted mercantilism, for example.
"The solution [for Republicans] is to admit that Bush was a bad president, stop this racist homophobic stuff, stop trying to give most of the tax cuts to the rich, propose a real alternative to Obamacare that actually works, and propose smart free market solutions to our economic problems." - Distraff

"Americans are better off in a dynamic, free-enterprise-based economy that fosters economic growth, opportunity and upward mobility." - Paul Ryan
ironslippers
Posts: 509
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6/21/2015 6:34:04 PM
Posted: 1 year ago
At 6/21/2015 6:06:09 PM, Contra wrote:
Economics is a science that attempts to answer the underlying fundamental issue of scarcity that plagues all human societies. Economics isn't necessarily an art because empirical evidence is utilized, and theories are discarded and refined over time. Comparative advantage and trade liberalization have supplanted mercantilism, for example.

In the single week that I have been reading (or trying to) posts in this forum Ive been converted to the idea that economics is a science. I've changed my percepton after 30yrs of beleaving economics an art
Everyone stands on their own dung hill and speaks out about someone else's - Nathan Krusemark
Its easier to criticize and hate than it is to support and create - I Ron Slippers
Contra
Posts: 3,941
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6/22/2015 11:23:55 AM
Posted: 1 year ago
At 6/21/2015 6:34:04 PM, ironslippers wrote:
At 6/21/2015 6:06:09 PM, Contra wrote:
Economics is a science that attempts to answer the underlying fundamental issue of scarcity that plagues all human societies. Economics isn't necessarily an art because empirical evidence is utilized, and theories are discarded and refined over time. Comparative advantage and trade liberalization have supplanted mercantilism, for example.

In the single week that I have been reading (or trying to) posts in this forum Ive been converted to the idea that economics is a science. I've changed my percepton after 30yrs of beleaving economics an art

At a first glance economics may appear to be an art. "Economists don't agree on anything!" is a common misconception. This isn't really true though. Microeconomics is pretty much universally agreed upon, with differences being minor.

Macroeconomics isn't as debated as many would think. Almost all economists believe in the importance of free trade, property rights, rule of law, etc. The economists like Paul Krugman who support higher marginal tax rates on the wealthy (up to 70%) never think that effective rates should be this high... they acknowledge that high taxes can choke off growth. Everyone believes in infrastructure funding, the source of financing it is another issue. Almost all economists believe that the government should intervene in the economy (save the Austrians), because business cycles take nearly a decade to correct themselves.

It goes on an on... but I can understand why some people think economics is an art, because it is a social science, the latter of which heavily utilizes qualitative evidence in several fields.
"The solution [for Republicans] is to admit that Bush was a bad president, stop this racist homophobic stuff, stop trying to give most of the tax cuts to the rich, propose a real alternative to Obamacare that actually works, and propose smart free market solutions to our economic problems." - Distraff

"Americans are better off in a dynamic, free-enterprise-based economy that fosters economic growth, opportunity and upward mobility." - Paul Ryan