Answer to Question #286037 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

Solution:

The defining characteristics of science are; empirical, replicable, provisional, objective, and systematic.

 

The study of the economy does have some scientific characteristics. Economics is a branch of social science. This means that economics has two crucial characteristics. Economics is the study of human activities and constructions in environments with limited resources, and it relies on scientific methods and empirical evidence to build its knowledge base.

 

Yes, microeconomics should be called science. Microeconomics and macroeconomics are both social sciences. Social science is an umbrella term that encompasses several fields of study, including economics, and it helps to explain how a society functions.