Economics as a Science, Art or a Social Subject

Back to: ECONOMICS SS1

 

Welcome to class! 

In today’s class, we will be talking about Economics as a science, art or a social subject. Enjoy the class!

Economics as a Science, Art or a Social Subject

At the end of the lesson, you should be able to;

• Justify Economics as a Social Science subject;
• Analyse Economics and draw out the career prospects in studying Economics

Note

Like other pure sciences, economics acquires knowledge (data) through systematic observation of facts, classifying the mass of data collected into their different relevant areas, using the facts collected for generalization of law, applying the formulated law to analyze new situations with a strong reliance on a certain assumption to enable the law to hold true at all time. The assumption is, “Ceteris Paribus’’ meaning “All things being equal’’.

Economics is basically a social science subject and not an art or pure science due to the following reasons.

1. In pure sciences, such as Chemistry, Physics, Biology, there are observations, selection and classification of relevant materials in making generalization to formulate laws, but in economics, its fundamental facts are the daily observation.
2. In pure sciences, observation from laboratory experiments are more precise and can be reproduced exactly, but in economics, they are attained from human and cannot be exactly produced.
   

3. In physical sciences, theories are made from logical deductions but in economics, assumptions are made such as “ceteris paribus” meaning “all other things being equal” though they both use the scientific method.
4. Economic laws are based on probabilities while pure sciences have an exact relationship.
5. Economics is a social science subject dealing with the behaviour of human, which cannot be predicted.

Economics, therefore, deserves to be called a science subject because it makes use of scientific methods in its area of studies. That is, it makes use of both deductive and inductive methods.

 Evaluation

1. Economics is a science, explain.
2. Give two reasons why economics is regarded as a social science

Career prospect for studying economics

The study of economics leads to professionalism as it provides an individual with employment opportunities in any field or organization. An economist can fit in very well into any organization as long as resources are involved. The acquisition of knowledge of economics helps an individual to function effectively and efficiently in the following fields.

• Lecturing in higher institution
• Marketing
• Banking
• Managing an organization
• Consultancy

 

Evaluation

1. How is the study of economics relevant to an individual’s career prospect?
2. Itemize the career opportunities that are opened to an economist.

Reading assignment

Amplified and Simplified Economics for SSS by Femi Longe page 11

General evaluation

1. What is behavioural Science?
2. Define Economics according to Adams Smith.
3. List other subjects related to Economics.
4. Define the term Economic rent.
5. Who is the principal economic unit in any system?
6. Write a short note on the career prospect for studying economics
7. Economics is a science, discuss this in two paragraphs.

 

In our next class, we will be talking about the Basic Concept of Economics.  We hope you enjoyed the class.

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