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In conducting their research, economists face a challenge that not all scientists face
In conducting their research, economists face a challenge that not all scientists face. Which of the following statements best describes this challenge and the way in which economists handle it?
a) Economists cannot use the scientific method because their object of study is the behavior of human beings which is difficult to observe and inherently unpredictable. Thus, economists rely on rules of thumb instead of theories and predictions.
b) It is difficult and sometimes impossible for economists to conduct controlled experiments. Thus, economists abandon the scientific method and use a variety of other methods to obtain knowledge about the world.
c) It is difficult and sometimes impossible for economists to conduct controlled experiments in economics. Therefore, economists often rely on natural experiments to test their theories.
d) Economics can conduct controlled experiments only in the area of macroeconomics. Therefore in microeconomics, economists rely on natural experiments offered by history.
Expert Solution
Option a) Economists cannot use the scientific method because their object of study is the behaviour of human beings which is difficult to observe and inherently unpredictable. Thus, economists rely on rules of thumb instead of theories and predictions is correct.
The sole difference between the scientific and economic experiments is that the subject of study in them are different. In economics, it is humans, whose nature is uncertain and in science it is environment which is quite predictable.
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