ECONOMICS

Economists and scholars are divided on the issue of whether economics is a science or an art. However, a conclusion can be drawn about it by considering the meaning of science and art and what economics actually does. Science is defined as a systematic and comprehensive body of knowledge. It seeks to establish cause and affect relationship .generally, scientific 1. Studies are a systematic body of knowledge 2. Studies establish cause and effect relationship, laws with universal application ,and 3. laws are derived from experiments On the other hand, art is concerned with the solution to practical problems it teacher to solve practical problems on the basic of the above discussion ,it can be said the some theories of economics are scientific laws, establish cause and effect relationship .for example, the law of demand states that the quantity demanded of a commodity varies inversely with its price .A change is market prices leads to change in quantity demanded ,Here, a change in price is the cause and the change in quantity demanded is the effect. We can observe them through practical experiment. Similarly, the law of diminishing marginal Utility, law of supply, the law of returns to scale is based on cause and effect relationship. These laws are universally accepted and they are derived from experiments .considered thus, economic is a science as any other science .the economic laws as other scientific laws are hypothetical and conditional .They are always stated in it. It means ,if the assumptions hold then certain result will follow .the controversy as the to whether economics is a science or an art ended with Marshall’s saying that economic laws are merely statements of tendencies .
They are highly conditional .all the conditions and qualifications are covered by the phrase ceteris paribus or ‘ other thing remaining the same ‘ Therefore , economics is not only a science ,but also an art pious and other economists accepted economics an art . Art means creation of new thing from human mind. Basically, creation, of new plans, policies and programs is highly essential in analyzing the issues of economics such as poverty alleviation, inequality reduction, and population correction over regional imbalance and so on. Problems related to poverty, inequality, population growth can be solved not by scientific Formula but by preparation and effective implementation of plants and policy related of those issues. The success of much economic plants and policies rests upon skills, experience, knowledge and efficiency which are known as the subjects of arts .Therefore, economics is regarded as science as well as art.