Economics as a social science
INTRODUCTION TO ECONOMICS
SCIENCE
The word science is derived from the Latin word “Scientia” meaning knowledge. It is the intellectual and practical activity that circumscribe the systemic study of the physical and natural world through observation and experiment. Broadly science is divided into three major groups
- NATURAL SCIENCES OR PURE SCIENCE
It is that branch of science that explains the rules to govern the natural world by applying the scientific method.
TYPES
- BIOLOGY
- CHEMISTRY
- PHYSICS
- EARTH SCIENCE
- MATERIALS SCIENCE
FORMAL SCIENCE
This science is concerned with formal systems such as logic, mathematics, statistics, etc.
- SOCIAL SCIENCES
This branch of science studies the behavior of society.
- ANTHROPOLOGY
- ECONOMICS
- GEOGRAPHY
- HISTORY
- LAW
- POLITICAL SCIENCE
- PSYCHOLOGY
- SOCIOLOGY
Although there are different parts and sub-parts of science, our concern is to study “ECONOMICS” which is a sub-part of social sciences.
But the main difference between natural and social science is that natural science is that if you repeat the same steps then you will achieve the same results like whenever we react carbon (C) and oxygen (O2) this will give carbon dioxide (CO2), the law of gravitation, law of motion, etc.
In contrast, social sciences can often be interpretive, which means it provides the same results in two different cases and vice-versa. This statement tells that social science is not rigid as natural science.
ECONOMICS:
It is a social science that is mostly concerned with the analysis of the production, distribution, and consumption of goods and services. It focuses on the behavior and interactions of economic agents and (firms, households, government) and how economics work.
The term “economics” is derived from the Greek word ‘Oikonomia’. The prefix of the word oikonomia oikos means household and the suffix nomos meaning management, law, or principle. Thus oikonomos, the original form of economics, meant the management of the earth and home.