Is (business) economics a science? (eBook, ePUB)
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Essay from the year 2008 in the subject Business economics - General, Maastricht University, course: Philosophy of Science, language: English, abstract: One of many economic theories claims, that any kind of government intervention in competitive markets prevents the market from reaching its equilibrium and thus causes a smaller economic surplus and an inefficient market (McDowell et al., 2006). But is it really true? Do politicians consider this assumption when making decisions? Actually, they often do not. The point is, that nobody really knows the "truth" about economic theories, because ec...
Essay from the year 2008 in the subject Business economics - General, Maastricht University, course: Philosophy of Science, language: English, abstract: One of many economic theories claims, that any kind of government intervention in competitive markets prevents the market from reaching its equilibrium and thus causes a smaller economic surplus and an inefficient market (McDowell et al., 2006). But is it really true? Do politicians consider this assumption when making decisions? Actually, they often do not. The point is, that nobody really knows the "truth" about economic theories, because economists often disagree in their theories and predict different outcomes, as Klamer (2008) describes. This fact leads many people to claim that (business) economics is not a real science. This paper will debate this statement and find an answer to the problem if economics is a science or not.
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