NATURE AND SCOPE OF ECONOMICS

Willie discussing the nature and scope of Economics, we may ) the subject-matter of Economics (already discussed above), (h) whether Economics  science or an art (and we think it is uh, since it has both the theoretical and applied a, peers: it is both light-giving and fruit-bearing), (c) whether it is a positive science or nor;palliative science, (d) whether it is a social science and (c) whether it can solve practical problems. In the nature of Economics, we consider (Ill whether it is a science and (h) what is the urchin  f economic NC realizations? We discuss below aspects cc gnomic .

It is further pointed out that since ,endowed with a freedom of will. economic nymphomaniac arc highly coupling. varied and variable. It is difficult, nay impossible, to build up a science on such a slender foundation. The claim of Economics ln be called a science seems therefore to have been completely demolished. The cynics often say, where it is really scientific, it docs not. have much 10 do with economics and what it is economics, it is not scientific.

But it is not so. Whether a particular ranch of learning is entitled to be regarded a science or not. depends on what we consider a science to he. If we expect ‘a science to Ionnuke laws applicable everywhere and to all times. and if we expect it to predict the future course of events. then, frankly speaking. Economics is not a science. But. these requisites of a science do not accord with the modern III sun as to what a science is.

By science we merely undersea d a traumatize body of knowledge. It is not merely a execution of facts, But the facts arc so arranged that ask for themselves. That is. some laws arc e J. which explain and elucidate the facts. n laws have been Insulation docs a branch become a science. In the words of science is built up of facts as a house is. but all accumulation of facts is  a heap of stones is a house.

a science. The economist has collected. The facts have been carefully  under suitable. classification. and general principles governing. these facts have been discovered and enunciated: What more is needed to make Economics a science? Like other sciences, Economics can claim a number of important discoveries that have improved our understanding and our economic performance.

Economic theorists have taught- us that a country can no I become rich merely by multiplying its currency; but later on under the leadership of Keynes. we have been taught that when resources are lying idle, money can be created with great . These arc no mean achievements, no less run those of other scientists, and these arc just a few from among those and others.

It is now fully agreed that Economics is a full-fledged science. In fat. it is in  way less than other sciences. “Economic Laws arc on all fours with the propositions of all other sciences is not only a science but also an art. It i, a science in its methodology and an an in its application. It has a theoretical aspect and is also an applied science in its practical aspects.