why economics is considered a social science (or, what’s “ceteris paribus”?)

Economists adore their numbers. For example, demand curves capture a relationship between product price and quantity demanded. However, this isolation comes by exclusion of all other influences upon demand, often resulting in predictive statments like, “they’ll demand this quantity of X if the price is set at Y”. That’s shakier ground compared to predictive statements regarding, say, a relationship between temperature and a volume of water.

Wanna Be

Advertisements

Tags: , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: