2000/02/01 by Edward P. Lazear · 3 citations
Economics, Econometrics and Finance · Social Sciences · #Economic Theory and Institutions #Culture, Economy, and Development Studies #Economic theories and models
paper · doi:10.1162/003355300554683
openalex publication_date 2000/02/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/29
Economics is not only a social science, it is a genuine science. Like the physical sciences, economics uses a methodology that produces refutable implications and tests these implications using solid statistical techniques. In particular, economics stresses three factors that distinguish it from other social sciences. Economists use the construct of rational individuals who engage in maximizing behavior. Economic models adhere strictly to the importance of equilibrium as part of any theory. Finally, a focus on efficiency leads economists to ask questions that other social sciences ignore. These ingredients have allowed economics to invade intellectual territory that was previously deemed to be outside the discipline's realm.