Scope of Economics
As regarding to the scope of Economics, three questions have been asked and by answering these three questions, we can determine those limits under which different problems can be discussed in Economics. These three questions are the following;
1. Is Economics the study of man as an individual or as a member of society?
2. Is Economics science or an Art?
3. How is Economics related with other social sciences?
As regards the first question, the Economics is the study of a man as a member of society and not as an individual, because in economics, we study how people co-operate with each other in order to satisfy their basic wants.
There may be two kinds of Science, positive and Normative sciences. Positive science is that science in which we describe how the circumstances occur. Normative science is that science in which it is stated how the circumstances should occur. Art means to utilize the facts of science for practical purposes.
When we analyze the problems of economics, we can easily conclude that economics is a science as well as an art. It is positive science as well as normative science. Being a science, economics is the sum of all those facts which are found correct after experience regarding the allocation of scarce means to unlimited ends e.g Law of Demand, Law of Diminishing Utility etc. Economics is also a positive science because in Economics, it is described how the economic facts occur When we say that there is unemployment in any country or rate of growth of population of a country is too high, it is a positive aspect. In economics when it is stated how Economic circumstances should occur then economics become normative science. When certain definite measures are adopted to remove unemployment or to check the increase in population then economics becomes an Art.
Economics is most closely connected with the other social sciences like Political science, history, sociology, ethics etc. The problems of these sciences affect the economic conditions of any country. The economic factors also affect the political, social and historical situations and moral values of any country.
Anganifelix answered the question on December 8, 2018 at 11:34
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