Is economics a science or social science?

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2026-07-21 12:00

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All Social Sciences, including economics, involve elements of science (the ability to predict) and elements of non-science. Economics is "scientific" to the extent that it involves elements -- such as the theory of supply and demand -- that predict actual, empirical, events pretty well. But the complexity of human life in society and the difficulty of studying the economy from the inside make it difficult for economists to develop completely predictive theory for all aspects of the economy. Thus, it is common for normative (or ethical) elements to creep into standard economics, as with the faith that "free markets" are the best solution to almost all human problems -- or the contrasting technocratic vision.

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