True Nature of Economics

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True Nature of Economics

It is however. necessary to understand the true nature of Economics. The paradox of economical is that it is a science and yet it cannot predict future course  as the natural sciences like Itchy,and Chemistry can. Man is endowed with a condom of will. Prediction in human behavior is. therefore, difficult. To quote Durban. Certainty will always escape us, and prediction miss the mark .Just because men can learn from experience they can learn from Economics itself. and .so the subject destroys its own conclusions by its own discoveries  economics thus presents a continually changing body or doctrine. But this docs not prevent Economics from taking its due place among the well established sciences.

Handicapped in a number of ways: (II) Economic realities arc complex and not easy to grasp. Just think of millions of purchasers and sellers, hundreds of thousands of commodities bought and sold. Who can advise.

Moreover, we cannot fully understand people’s present ad ions nor appraise their future intentions. Hence. sudden trends or change in fashions and tastes upset economists calculations.

Conclusion. In view of  this. nothing i certain. 111 Economics, anything is possible and everything depends on everything else.  nuder  that the economists cannot agree on a certain IX int. But it is well to remember that the economy agree on many things. Fur instance, there I substantial agreement on the pol icy to be Purcell  during recession and development policies for under developed economics or on time economic policies. The disagreement is only at the frontier r knowledge, We may, however, take comfort in  thought that absolute certainty is vouchsafed  science and that complete conviction in this w rel can come only from ignorance. Hence. we  safely conclude that Economics is a Science  it has its own limitations.

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True Nature of Economics