Why study Economics- it's the "Dismal Science"?

Question

Wouldn't it be better to study something like philosophy and Science and take classes in mathematics and statistics.

Wouldn't that be better than the vague untrue theories of economics?

Answer 1

So that during an economic recession when you are standing in the unemployment line at least you'll understand why you're there.

Answer 2

I barely made it through one semester of economics. Later, however, I became acquainted with a woman and only later found out she had been a teacher of economics. I asked her how in the world she had gotten into economics.

She said her father had insisted that she take at least one college class about economics. She did it to comply with her father's wishes, found out she really liked it, took more courses, and became an economics teacher. Had a great career.

Answer 3

As my economics teacher says, "The great thing about being an economist is that you can be wrong all the time and still find a job!" I think economics is useful to the extent that is helps provide us with a  interpretation (albeit rather one dimension) of how the economy functions (e.g. how can we effectively combat inflation, or address capacity constraint issues?)

The impression that economic theory is 'vague' is perhaps correct to a certain extent, because economics cannot take into account all countervailing influences within the economy. Furthermore, it relies heavily on assumptions regarding consumer and business behavior. Thus, the theories proposed (e.g. how interest rates can influence the level of aggregate demand) will never by wholly practical. The reason that subjects such as philosophy appears more 'credible' is perhaps due to the fact that philosophical beliefs cannot be disproved. While you can disagree with certain philosophical viewpoints, you may not necessarily be able to disprove them; however, with economics, often real-world economic occurrences may seem to invalidate the  theories. I believe the theories may have erred in assumptions on consumer or business behavior, or else they did not take into account enough factors (but then again, it is impossible to take into account all the factors). In essence, I think economic forecasts are a little like predicting the weather, or guessing at the future; you can't be right all the time.

When it comes down to it, I think the important thing is that the subject interests the student. And who knows, with better mathematical models, perhaps economics theories will be developed and become less nebulous and 'untrue'.

Answer 4

I can't tell if your trying to be sarcastic or serious...

Answer 5

If you study economics as a science that deals with nature, composition, laws, properties and classification of wealth economics becomes a material science and would be fun to study. If you study only application of wealth as is being done now, you will land up in boring social science that economics is made out to be.