How is economics like a science

Karima Williams. Reply to author. Report message as abuse. Show original message. Either email addresses are anonymous for this group or you need the view member email addresses permission to view the original message. Economics is like a science because economists use theory and observation to study fiscal matters. Economics is a social science, i. Moreover, economics is the study of decision making by individuals, societies and, specifically, how this decision making determines what we purchase, what we produce, how it affects prices and other economic variables.

Kristen Lawton. I agree with the post above. It is probably more on the sociology and psychology side of science. The conversation closes with a discussion of the role the philosophy of science can play in the evolution of economics…. Subsequent topics include happiness research, the politics and economics of inequality, the role of math in economics, and policy areas where economics has made the greatest contribution….

Henderson on Disagreeable Economists. EconTalk podcast, July 30, Henderson claims that this view is wrong—that there is substantial agreement among economists on many scientific questions—while Roberts wonders whether this consensus is getting a bit frayed around the edges. The conversation highlights the challenges the everyday person faces in trying to know when and what to believe when economists take policy positions based on research.

Is it biased or science? A LearnLiberty video. May 21, Vernon Smith, Professor of Economics at George Mason University and the Nobel Laureate in Economics, talks about experimental economics, markets, risk, behavioral economics and the evolution of his career…. March 12, Emanuel Derman of Columbia University and author of Models.

Badly talks with EconTalk host Russ Roberts about theories and models, and the elusive nature of truth in the sciences and social sciences. Derman, a former physicist and Goldman Sachs quant [quantitative analyst], contrasts the search for truth in the sciences with the search for truth in finance and economics.

He critiques attempts to make finance more scientific and applies those insights to the financial crisis. The conversation closes with a discussion of career advice for those aspiring to work in quantitative finance…. February 27, Weinberger discusses knowledge and how it is attained have changed over time, particularly with the advent of the internet. He argues the internet has dispersed the power of authority and expertise.

Yong on Science, Replication, and Journalism. EconTalk Podcast. Yong was recently entangled in a controversy over the failure of researchers to replicate a highly-cited and influential psychology study.

He discusses the issues behind the failed replication and the problem of replication in general in other fields, arguing that replication is under-appreciated and little rewarded. After a discussion of the incentives facing scientists, the conversation turns to the challenges facing science journalists when work that is peer-reviewed may still not be reliable. Saranya Kapur.

Nor can their econometric models, no matter what the economists claim. Sign up for notifications from Insider! Stay up to date with what you want to know. Loading Something is loading. Email address. Deal icon An icon in the shape of a lightning bolt.