3. DEFINITION
According to Lionel Robbins :-
“ Economics is a science which studies human
behaviour as a relationship between ends and
scare means which have alternative uses.”
Ends-- Human wants
Scare Means -- Resources with which these wants
are fulfilled.
An Essay on the Nature and Significance of
Economic Science” in 1932.
4.
5. ECONOMICS – AS A SCIENCE :
A science is a commonly defined as a
systematized body of knowledge about a
particular branch of the universe. A subject
is considered science if :
it is a systematized body of knowledge
which studies cause and effect relationship.
It is capable of measurement
It has its own methodological apparatus
Has the ability to forecast
6. Economics has all features of science like
It studies cause and effect relationship (law of demand)
Like science it capable of being measured , the
measurement is in the terms of money
it has its own methodology of study (induction and
deduction)
Economics is not a perfect science
Economists do not have uniform opinion about a
particular event
Subject matter of economics is the economic behavior
of man which is highly unpredictable
Money ,which is used to measure outcomes in economics
is itself a dependent variable
It is not possible to make correct predictions about
the behavior of economic variables .
7. Economics is a art :
According to J.M.KEYNES an art is “a system of rules
for the attainment of a given end”. Art is nothing but
practice of knowledge. Whereas science teaches us to
know , art teaches us to do. Unlike science which is
theoretical , art is practical.
Economics is an art which is as follows:
“How to do”
Economics as an art is a process of achieving the desired goals/objectives
and this is more prescriptive in nature.
8. MAIN FEATURES OF ECONOMICS AS A
SCIENCE
Economics is a science which is as follows:
tells us “what to do”
Collection of facts
Measurement
Analysis
Explanation
Interpretation (conclusion)
Verification or Validity of the laws
9. MAIN FEATURES OF ECONOMICS AS AN ART
It should suggests the remedies to solve the
Economic problems.
The knowledge of economics is valuable.
Economic problem are not pure economic in
nature.
Verification of Economic theories.
10. CONCLUSION
Economics is both science and art. It is
science in its methodology and art in its
application.
Study of unemployment is science but
framing suitable policies for reducing the
extent of unemployment is an art.
According to Cossa “Science requires ART,
and Art requires SCIENCE, each being
complementary to the other.”
