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Would you describe economics as a science?


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Would you describe economics as a science?

... Would you describe economics as a science? Economics is commonly classed as a social science. It is subject which is not comparable to any other. It is very difficult to place economics is one category as its roots lie in several different fields. Most definitions agree that a science must generate models that accurately predict real life outcomes. They also agree that these models must be testable. Nobel prize-winner Maurice Allais stated that the "essential condition of any science is the existence of regularities which can be analysed and forecast". To find out whether economics is a science we must find out if the subject generates such models. Much debate has gone into whether economics generates such testable models. Philosophers such as Popper and Kuhn had different ideas, but neither could convincingly explain how scientific knowledge is obtained. Popper believed scientific knowledge must be testable empirically. He had the Platonic view that

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