Question

Explain why the discipline of economics is often considered the "grey science"? Be specific.

Answer 1

Answer:

The discipline of Economics is a discipline of the social science field. Most of the economists and academicians accept that economics is not a science like chemistry and physics, but it is a science like when it comes to its ability. Economics in recent decades has gone through the major shifts. Now, it has become more reliable in statistics and mathematics. Now, economics has its own set of tools to check its theoretical model using econometrics. Although, it has not been like science because hypothesis made in economics cannot be tested in the laboratory. In real life situation, economists cannot control the variables. Therefore, economists are more reliant on the empirical or historical data. The scarcity of accurate sources of data is also made economics’ findings more debatable and disputable. Data often filled with bias information and errors. Although nowadays we have great tools and the mathematical theory of economics problem, we might not be sure about our findings. Properties like theories of economics can be tested over the period and economist can draw models that are consistent with the empirical data.In economics, a theory can be consistent with specific geographical and cultural location but it may not be consistent for others. Therefore, an answer to same questions may depend on situations. The assumption of “ceteris paribus” is not feasible in a real term to test the causal effect of a single variable. Soft disciplines like history, politics, sociology and common sense make economics less scientific as they affect it in a random manner. So using above discussion, we can conclude that economics is a science in some ways but not others.