it is more of science blended with arts. tq

Economics is generally regarded as a social science around relationships between individuals and societies. It examines how people choose among the alternatives available to them. While some critics argue that economics falls short of the definition of science due to a lack of testable hypotheses and consensus, it still shares the combination of qualitative and quantitative elements common to all social sciences. Let's break it down further:

In summary, in my opinion, economics is a blend of science and social understanding. It explores how economies function and how people make choices within them.

Yes. It is a science. This is not to say that all practitioners follow the constraints of science. Frankly, there is a lot of mumbo jumbo disguised as economics. But this is true of many areas of inquiry. I will post an example of empirical science in the field of economics. There was a question. The authors (we) didn't know the answer. So a test was made. Then, we didn't trust the answer, so we ran the test again on new data. Got the same answer. Article Electric Transmission Lines and Farmland Value. Journal of R...

This is a great question! As a "two-armed" economist, I thought I would summarize two interesting opinions on this question and then provide my own insight.

"Yes, Economics is a Science"

Raj Chetty wrote this article for the New York Times in 2013. In it he describes the work of an economist as akin to someone in medicine or public health. Each of these disciplines contains "big picture" questions. For medical researchers an example is figuring out the mix of lifestyle, diet, and genetics that optimizes someone's health. For economists it is, for example, wondering what components of an economy in a given moment prevent recession. In each of these instances, researchers rely on available data and apply scientific processes to ascertain an answer. As data becomes more available and intricate, it may change the overall answer. A great example in the context of medical research is the idea of how much alcohol is an acceptable amount to consume - the answer to which has changed significantly over the past few decades. Economists who work on these types of questions face similar constraints and therefore changing answers.

I also want to note the pieces also describes experiments that are unequivocally considered science, which are called randomized control trials (RCT, think of an experimental group and a control group in a clinical trial, the idea works in the same way). The findings from these RCTs has important economic and policy implications.

I am leaving the link to opinion piece here in case you want to read more:

https://www.nytimes.com/2013/10/21/opinion/yes-economics-is-a-science.html

"10 reasons why economics is an art, not a science"

Barry Ritholtz wrote this article for the Washington Post in 2013. Although he lists ten reasons, I am going to draw out just a few for your consideration. Economists often try to fit what they find into imperfect frameworks of economic theory. While economic theory itself has evolved, it still makes critical mistakes in describing the way the economy works. Therefore contextualizing data in a way that fits these types of frameworks is too often leading the errors.

He also explains that markets are often ahead of, and out of sync with, the economy. As an example in the 2008 crisis, markets were down 30% by the time there was an announcement of a recession. This indicates that the quantitative aspects of economics is too limited, the data and analysis do not leave enough time and ability to make appropriate decisions in crisis situations, like a recession.

Link here for the full opinion:

https://www.washingtonpost.com/business/10-reasons-why-economics-is-an-art-not-a-science/2013/08/08/7c501020-ffb5-11e2-9711-3708310f6f4d_story.html

My take

Many disciplines requires the "art" of asking the right question and the "science" of using particular methodologies to ascertain an answer. Regardless of if it is perceived as a science, social science, discipline, art, all or none of those things, economics is a way to study markets and their components (people, resources, goods, services, decisions, prices, value, and much more). Integral in that study is concepts like "optimization" which has quantitative solutions.

That said, what economists try to optimize often leads to questions outside of the scope of the mathematical and statistical tools that economists rely on to answer their questions. Great economists, just like great professionals of other disciplines, understand the questions they study and the methods of study have their uses and limitations. On many questions, interdisciplinary work provides a fuller and more realistic picture. For that reason, one of the benefits of economics is that economists often work with people in other disciplines to answer many questions.

Yes, economics is considered a social science that applies scientific methods to study human behavior, markets, and societal decision-making related to the allocation of resources.

economics is considered a social science. It uses scientific methods to study how resources are allocated, how markets function, and how economic policies impact individuals and societies. It relies on data analysis, empirical testing, and theoretical modeling to understand and predict economic phenomena.

Yes, economics is a social science. It uses the scientific method in studying the economic behavior of individuals, institutions, and governments. Economics has theories, tools, and modern research methods that make it an integrated science.