In my view, economics can neither be defined fully as art nor can it be classified as a science. This indicates that it contains both aspects and portrays characteristics depicting it as an art and a science. Economics is a field of study that involves analyzing the production, distribution, and consumption of goods and services in society by focusing on consumer interaction and behavior based on their choices and preference. The field uses specific research experiments to analyze how organizations, like governments, businesses, finance, and healthcare. among others, manage their resources to obtain maximum utility. Economics is a practical field with real actions and actual efforts; hence identify as an art that provides applicable skills to achieve specific economic goals (Dana & Salamzadeh, 2021). It examines the interaction between human beings and the economy and helps them create physical and nonphysical objects. Conversely, as a science, economics is based on hypothetical analysis and develops the correlation-ship between cause and effect. In addition, economic laws are accepted globally based on experiments such as the law of demand and supply. Furthermore, like most sciences, economics has a unit for measurement: money. Therefore, I identify with economics as both an art and a science.
Economic laws differ from other scientific laws, such as the law of gravity, in many ways. First, they are indicative rather than assertive. For example, the laws of demand state that the quantity consumers demand is inversely proportional to the price, provided other factors remain constant. The law does not assert that its mandatory for the demand to fall when the prices increase (Petersmann, 2019). In addition, economic data is dependent on human emotions, preferences, and opinions. Human behavior is researched within the field of economics, which is a social science. These regulations, therefore, emphasize average rather than precision; hence the laws change from time to time. Economic laws are a relative concept and would be relevant in a specific location and historical frame, unlike scientific laws that are appropriate and applicable everywhere.
The laws of economics are different and unique from others in specific manners. Scientists base their laws on control experiments, whereas economic laws are based on observations from experiences and human behavior and are not realistically falsifiable. Another factor causing the economic rules to become more complicated is that it examines human nature based on the assumption that people are rational (TEDx Talks., 2015). Therefore, economic laws are distinct from other scientific laws and are complex since they rely on information relating to human behavior, which is challenging to study. However, it is not factual that all individuals aim to minimize items’ costs as they increase utility. Others are not concerned with being reasonable and hence not reliable in creating general economic laws and their complexity.
Ethics are principles that govern people’s normal lifestyle by defining the rights and wrongs in society. Ethical laws define the codes of conduct for specific professionals and are characterized by generosity, idealism, empathy, and self-discipline, among other significant factors. Idealism is a personal conviction that all moral views are intrinsically wrong or right, All moral judgments are grounded in moral principles, and morally appropriate acts produce the desired outcomes. Economic laws differ from ethical laws or commands due to their dependency on power, while the latter relies on justice. However, the two interact by ensuring that the conclusions from the economic analysis are truthful and dignify human beings.
References
Dana, L. P., & Salamzadeh, A. (2021). Why do artisans and arts entrepreneurs use social media platforms?: Evidence from an emerging economy. Nordic Journal of Media Management, 2(1), 23-35.
Petersmann, E. U. (2019). Constitutional functions and constitutional problems of international economic law. Routledge.
TEDx Talks. (2015). Economics: an art or a science? | Atul Singh | TEDxBITSGoa [Video]. YouTube. Web.