This question, apparently silly, is one that people have been asking themselves throughout time. To decide if economics, as a science, is solid enough to explain/predict  the effects of different actions, we must first know what exactly science is. According to an academic definition, science can be defined as the organized body of knowledge that is derived from observations of natural events and conditions and that can be verified or tested by further investigations. Even if we take into consideration that science is just “the belief in ignorance of experts” one thing is certain: because in large part economics reflects human beliefs we might think that it is not a science in the way that physics, chemistry or mathematics are. 

We all agree with the fact that economics relies on past experiences and that it is based on mathematic theories applied to conditional scenarios. But if economics is a science why can`t economists predict tomorrow`s economy and sometimes they can’t even agree on the present situation?I believe that the answer is simple:people are the reason for a changing economy. We often behave in ways that are unpredictable as a consequence of our emotional reaction to different situations and the decisions we make are not always compatible with an economic behaviour. Furthermore, economics is a complex system with multiple interacting causes and, as a consequence, sometimes, economists have to reduce the number of variables to simplify the situation in order to create a model. But ending up this way might lead to a model relied on unrealistic assumption and the discrepancy between it and reality would be unavoidable. Moreover, there are a lot of situations when causes and effects are no longer related. As a result, this attempt to concretize the abstract  human behaviour may fail and give us the false sensation that economics lies.

To conclude, I believe that economics, although is rather observational than experimental and inevitably limited, is clearly a science which has a great impact on the course of our lives. As Albert Camus said,”Economics is the art of trying to satisfy infinite needs with limited resources.”

Alecsandra Ghiţă