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Is macro-economics considered a science? Why or why not?

Economics Dec 14, 2020

Is macro-economics considered a science? Why or why not?

Expert Solution

Macroeconomics entails studies in the organization, decision-making and performance of independent economies. Macroeconomics tracks changes in economic sectors, focusing on aggregate effects rather than isolated incidences.

Unfortunately, macroeconomics' social science is not considered a science by learning institutions and most practicing professionals. Unlike other sciences, macroeconomics is marred with empirical doubt. Economists are often unable to predict financial crises reliably, and macroeconomic hypotheses are often impossible to approve or disapprove.

Social sciences are the objective studies detailing how societies form, coexist, and compete for dominance and resources. They also depict the relationships among societal members. Like most social sciences, macroeconomics relies on subjective human traits to speculate knowledge, while real sciences rely on empirical data to prove or disprove hypotheses.

Sadly, economists can barely study economic trends under controlled experiments. Unlike sciences, macroeconomics presents challenges in verifying data as too many underlying factors change during observations.

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