Why economics is not an exact science? One of the primary arguments made against classifying economics as a science is a lack of testable hypotheses. Underlying the difficulty in developing and testing an economic hypothesis are the nearly unlimited and often unseen variables that play a role in any economic trend.
Why is economics not a pure science subject?
Although Economics is a science, it is different from pure sciences like Chemistry, Physics, Biology etc, because; Experiments in Economics are not conducted in a laboratory but in a society. Predictions in Economics may not always come true because they are based on human behavior, which is very unpredictable.
Why is economics considered a science?
The nature of economics
Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations. Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged.
