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Is economics an art or a science or both? |
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Answer» Economics is both a science and an art. As a science, economics is a systematic body of knowledge which makes generalization and theories by adopting scientific approach. As an art, it puts this knowledge into practice. It uses economic theories and laws in formulating various economic policies. Thus, economics is ‘science’ in methodology and ‘art’ in its application. Corsa observed that science requires arts, and arts require science, each being complementary to the other. |
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