Monday, April 25, 2016

"Ivory Tower" Knowledge Question

To what extent does emotion diminish validity in the human sciences?

Is economics a science?

Economics is one of the few disciplines that lands in the cross hairs of quantitative data and qualitative information. The study of economics is systematic, somewhat  repeatable (the methodology of the experiments are anyway, maybe not the conditions that they take place in), and the conclusions that economists reach are substantiated by the qualitative and quantitative data they collect.

Economics is a study of the physical world and human sciences. Money is a major part of our world and society, and the study of it affects not only our physical world, but a number of disciplines in the human sciences. The frequent use of observing how a part of the physical world functions and drawing conclusions from one's observations makes economics a science.

The study of economics begins to diverge from the traditional scientific method when we take its reliance on human behavior into account. The changing opinions and preferences of millions (or billions) of people is virtually unpredictable. It is impossible to account for a million different, specific lifestyles. While economics fulfills the prerequisites of a scientific discipline, its predictions are almost always inaccurate because it must take into account some of the biggest variables in existence.