Thursday, January 30, 2020
Economics Essay Example for Free
Economics Essay Economics is regarded as one of the earliest and arguably most essential of the social sciences. While not exactly a science as the term science is widely known as today, there are similarities that allow for its classification as a social science. One of these similarities lies in the roles that economists play as social advisors vis-a-vis the role of scientists. As a policy advisor, an economist is expected to make reliable predictions and forecasts with regard to the policies to be instituted. Since the expectation is that of reliability, there is a large amount of precision required which is similar to that of the scientific method employed by scientists. The use of the null and test hypothesis as a scientists has an application for policy advisors in coming up with these forecasts. No policy advisor can make any suggestion without any empirical data or figures in the same way that no scientist will present a dissertation without any evidence. While these may make the roles as policy advisors and scientists similar to a certain extent, there are also differences depending on the situation the economist is placed in. As a policy advisor, an economist is expected to present reliable information in order to aid in the formulation and implementation of policies, while these may have a certain amount of scientific evidence (so to speak), there is a certain reality check which takes place that demands that the economist take the most viable option. The most scientifically correct approach may not always be the most viable option and this is what an economist must deal with when taking on the role of a policy advisor as opposed to when an economist takes on the role of a scientist in policy making, which more often than not entails that only the facts be presented in a scholarly manner without particular attention to its viability under different constraints.