Why is economics as science?

Answer 1

Economics is considered a science because it systematically studies the production, distribution, and consumption of goods and services using empirical data and analytical methods. It employs theories and models to understand complex human behaviors and societal interactions, allowing economists to make predictions and policy recommendations. Like other sciences, economics relies on observation, experimentation, and statistical analysis to validate its concepts and theories. This scientific approach helps to inform decision-making and improve societal welfare.