Pippa Corbett answered
Economics is described as a financial 'science' in many textbooks.
This is because the field of economics requires analysis and factual observation in much the same way that science does.
However, economics also involves a certain amount of creative thinking, and not all the elements of economics are tangible - which leads to certain people viewing economics as more of an art form.
Is economics science or art? To determine whether economics is an art or a science, you first need to decide exactly what economics is - although this question is something that even the brightest minds haven't fully decided upon.
On one hand, economics is concerned with human behavior and the way this influences financial markets. This can be represented through mathematical analysis and strategic thinking - so, in this sense, economics can be seen as more of a science.
On the other hand, straightforward mathematics doesn't always give accurate answers. To correctly forecast and predict the choices of real-life human beings and companies (something that economics is based on), then numbers can't do the job alone.
Humans are unpredictable and irrational beings, and economics is the attempt to understand and contextualize this 'wildcard' element.
Equations aren't able to penetrate the human psyche, and therefore economists rely on a more profound and almost artistic approach.
So, in my opinion, the answer is that economics is both a science AND an art!
This is because the field of economics requires analysis and factual observation in much the same way that science does.
However, economics also involves a certain amount of creative thinking, and not all the elements of economics are tangible - which leads to certain people viewing economics as more of an art form.
Is economics science or art? To determine whether economics is an art or a science, you first need to decide exactly what economics is - although this question is something that even the brightest minds haven't fully decided upon.
On one hand, economics is concerned with human behavior and the way this influences financial markets. This can be represented through mathematical analysis and strategic thinking - so, in this sense, economics can be seen as more of a science.
On the other hand, straightforward mathematics doesn't always give accurate answers. To correctly forecast and predict the choices of real-life human beings and companies (something that economics is based on), then numbers can't do the job alone.
Humans are unpredictable and irrational beings, and economics is the attempt to understand and contextualize this 'wildcard' element.
Equations aren't able to penetrate the human psyche, and therefore economists rely on a more profound and almost artistic approach.
So, in my opinion, the answer is that economics is both a science AND an art!
