Economics: Science or Art?

Economics is a social science in that it focuses on the study of society and the social relationships that individuals have within it. Like other sciences, economics relies on the scientific method of forming a hypothesis and testing situations and developing models in order to support or refute the hypothesis. After studies are conducted, then theories and generalizations can be made. While an important part of the field is deriving theories and principles from information arranged in cause and effect order, these conclusions will not always hold true for every participant in the economy. Generalizations can be made about the tendencies of the typical consumer or firm, but there will always be a few who do not fall perfectly in line with economists' conclusions. This being said, however, economics is still a crucial science and helps explain real-world situations. It can be used to aid: politicians and governments in making policies; consumers in attaining maximum satisfaction of their wants; and businesses to reach full efficiency so no asset is under-utilized. Because economics is such an important field in explaining the way society works to fulfill the wants and needs of people, its achievements deserve to be recognized through the Nobel Prize foundation.