3. Economics Merely a Science and Arts too?

Economics as Science & Art.

The term Sciences "has been defined by Keynes as a systematized body of knowledge " which traces the relationships between causes and effects. Applying to this definition to Economics we find that it is that branch of knowledge where in the various relevant facts have been systematically collected, classified and analysed.

According to J.N Keynes " An art is a system of rules for the attainment of a given end. " Applying this definition of art, Economics may be considered an art as well. There are several branches of Economics which provide practical guidance in the solution of economics problems. It would therefore be fair to say that Economics is both a science and art simultaneously. 

Cossa said,

" Science requires art and art requires science, Both are complementary to each other".

2.Definition of Economics According to Different Economists?

1. Economics as has been defined by Adam Smith.

Adam Smith the forefather of the economists, regarded Economics as a science which studies the process of production, Consumption, distribution and exchange of wealth. According to him, Economics inquires into the factors those determine wealth of a country and its growth.

The definition of Economics as science of Wealth cased a great deal of confusion and misunderstanding in 17th & 18th centuries. Actually at that time religion and ethics had a strong hold. wealthy and riches were looked upon as sordid and mean objects. Since science of Economics was defined as a science of wealth, therefore it was several criticized by men of letters of the 19th century, like Ruskin, Carlyle and Mathew Arnold.

2.Economics as has been defined by Prof. Marshall.

"Economics is the study of mankind in the ordinary business of life. It examines that part of individual an social action which is not most closely connected with the attainment and use of material requisites of well being."

Main Features

Firstly, it is a study of ordinary person living in a society. It does not study of isolated individual.

Secondly, It studies only the economic aspect of human being and does not have any concern with any other aspect like religious, social and political. Strictly speaking, it relates to how the man earns his income and how he spends it.

Thirdly,it studies only material requisites of well-being or causes of material welfare.

Fourthly,it does not regard wealth as the be-all and the end-all of economics activities.Wealth is sought only for promoting human welfare.

3.Economics as defined by Robbins.

"Economics is the science of Human Behavior as relationship between ends and ascarce means which have alternative uses."

This definition is based on the following four basic propositions, i.e

• Human wants are unlimited.
• Means ( Resources) are limited to fulfill them. 
• Wants are not equally important.
• Means have alternative uses.

1.What is Economics About?

Economics is mainly concerned with the use of limited resources to satisfy unlimited human wants.It studies how the man  manages his limited productive resources to produce goods and services to satisfy his unlimited wants like food, shelter and clothes and many other things.He want all these things for his welfare, his progress and even his very existence. His wants are unlimited but his resources to satisfy them are limited. Thus, the abundance of wants but scarcity of means to fulfill them drive the man to engage in economics activities; the activities which help him to earn his living. That is why, everywhere, we see people engaged in a number of occupations. They all work because they have to earn their living. Thus the Economics is the science of economics activities  it studies how the man manages to satisfy his unlimited economics wants with the help of available limited resources.

The word Economics is derived from Greek Word Oikos ( a house) and Nemein (to manage) which in effect means, managing a household using the limited available funds in the most economical manner possible.In the beginning the term Economics was used to a frugal use of one's limited resources for the maximum production of desired goods and services. 

Study of Economics tells us that why food costs rise when gas prices spike? why U.S. politicians worry when other countries talk of going bankrupt? why you can’t get a good interest rate on your savings account? All of these phenomena can be explained through economics.