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Author Topic: Economics is a natural science?  (Read 5947 times)
MarkusBaumeister
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« on: March 09, 2007, 03:10:16 PM »

I just saw that the Economics Workgroup is arranged as a "Natural Science" on http://pilot.citizendium.org/wiki/Citizendium_Pilot:Discipline_Workgroups . Is that intentional?
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Janos Abel
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« Reply #1 on: April 20, 2007, 08:59:03 AM »

This has now been corrected, it seems.
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Paul Derry
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« Reply #2 on: April 20, 2007, 09:49:50 AM »

Economics in its most abstract representation should still be considered a natural science. Even in non-human systems the law of supply and demand still exists.

Example:

There's an ecosystem with wombats and money trees. Originally the money tree is in very great supply, but as time goes on the wombats consume more of the money trees than are replacing the ones that have been consumed. So the wombats have to search harder for money trees.

The wombats might all die out. The end.  Cry

As supply decreases the value of the supply increases.

I really think that economics still belongs under natural sciences because the ramifications of economic science can be seen everywhere, even in wombats and the elusive money tree.

-Paul Derry
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Martin Baldwin-Edwards
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« Reply #3 on: April 24, 2007, 09:50:19 AM »

A natural science, in my vocabulary, is the systematic study of laws and relations which pertain regardless of humans' moral or social choices. Economics is clearly a social science, since it is concerned with resource allocation in all of its complexity in the modern world. The mere existence of simple arithmetical supply-demand relations in a 1-good 1-species universe is irrelevant, I am sorry to say.
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Janos Abel
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« Reply #4 on: June 11, 2007, 08:14:42 AM »

Economics is a social science for another (philosophical?) reason. It studies an aspect of reality that includes "thinking participants" who may change behaviour as the result of hearing the outcome of an investigation. This is well argued by George Soros in his book Open Society -- Reforming Global Capitalism.
Changing the name from "Political Economy" to "Economics" was part of the failed attempt to recast a social science in the mould of a natural science.
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