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Economics FROM 3

Chapter 1 THE NATURE AND SCOPE OF ECONOMICS

The Differences between Economics and Pure Science

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.
  • Economics is dynamic where as pure science is fairly static. Economics theories are subjected to testing and modifications.
  • Economics studies human behavior in a complex world where so many factors are changing every day and are beyond the control of Economists. That is why we always use, the statements “if other things remain equal” (Citens paribus) but pure scientist in their laboratory are able to isolate other factors.
par Claude Foumtum
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