Is Economics a Science?

Some economists like to think of economics as a physical or hard science, with immutable laws. Indeed, there is such a thing as econophysics, which applies the methods and theories of physics to economics! However, unlike hard sciences, economic theories are not subject to rigorous testing in controlled lab experiments. Even though some economists have developed the field of experimental economics, it cannot come close to the experiments in hard science. Economics is really a social science, and we should therefore be very careful in drawing parallels between the physical sciences and economics. Click here to read an article which highlights the dangers associated with the myth that economics is a science with fixed and accepted axioms (hat tip - Chris Colvin).



Popular Posts