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Is macroeconomic policy more an art than a science?

Economics Dec 14, 2020

Is macroeconomic policy more an art than a science?

Expert Solution

In economics, science refers to the study of nature and behavior of human beings and other factors that influence an economy to work and the information we obtained from them.

Art is something which makes you different from anyone else. It is the creativity which goes on increasing with an increase in the interest. In economics, Art is the creation of new policies or ideas which can positively affect an economy.

Economics is a combination of both arts and science. But when talking about macroeconomics, it is more arts than science.

Sometimes, the macroeconomic scenario fails to meet the facts that define it as a science because many time theories do not work at an aggregate level. One of the most suited examples is the great recession where macroeconomic theories have no control over the situation.

Macroeconomics is an art majorly, as it goes on changing due to the changing scenario. It adds up new things to the earlier made theories and makes it more simplified to understand an economy.

Art is something which can be changed with the change in the situation; whereas, in the case of science, there is always rigidity in the scientific facts.

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