The term science has been defined as the systematized body of knowledge, which traces the relationship between cause & effect.Â Applying this definition to economics we find that economics is that branch of knowledge where the various facts relevant to it have been systematically collected, classified and analyzed.Â Â
An art is a system of rules for the achievement of a given end. An art is application of knowledge and practical application. Economic has all these features of being an art.
May 04, 2017