Answer to Question #285611 in Macroeconomics for Sheya

Question

What do you think are the defining characteristics of a science? Does the study of the economy have these characteristics? Do you think macroeconomics should be called a science? Why or why not?

Answer 1

Science is based on concrete factual evidence (verifiable evidence) so that other interested parties can as also observe and measure the same phenomena and determine its the accuracy. Similarly, the study of economy is also characterized with same attributes. Thus, macro-economics as branch of economy should be called science since it focuses on data that can be observed, weighed and measured to determine its accuracy.