Friday, January 23, 2009

Economics as an Art

Science is a theoretical aspect whereas Art is a practical aspect. In economics we study consumption, production, public finance etc. which provide practical solutions to our daily economic problems. Study of cause and effect of inflation or deflation falls within the purview of science but framing appropriate and suitable monetary and fiscal policies to control inflation and deflation is an art.

Lionel Robbins used the word science for Economics. He says Economics is a science, which studies human behavior as a relationship between ends and scarce means which have alternative uses. According to Keynes study of fiscal & monetary measures and their application to solve problems of unemployment, depression, and inflation etc for promoting welfare of human being makes economics an Art.

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