Economics: theory or science?
As we have seen before, there has been some debate within the economic community about what exactly the definition of economics is. However, that has not been the only debate on this field.
One of the strongest debates in recent years revolves around whether economics should be considered a science , a social science, or no science. The debate has raged for years, but seemed to peak in 2013 after the Nobel Prize in Economic Sciences was awarded to three economists: Eugene F. Fama, Lars Peter Hansen and Robert J. Shiller. The argument some had was that two of the economists in question, Robert Shiller and Eugene Fama, seemed to have opposing ideas.
The debate has continued over the years, with some arguing that economics cannot be a natural science, like biology, chemistry, or physics, because economic experiments cannot be conducted under the same controlled conditions. This is often because many economic tests are intended to examine human behavior, which, as we know, can sometimes be irrational and unpredictable.
As a result, many have decided to consider economics as a social science that belongs to fields such as psychology, politics, or law.
Although it can be difficult to justify considering economics as a natural science, this does not diminish its importance as a subject, nor does it discredit economic theories that use mathematical or statistical elements to create an argument in favor of economic trends or human behavior.
The economy is often everywhere, from the news headlines to how we fundamentally interact with each other, so as a subject, its importance remains indisputable. Economics: theory or science?
