From what we have been told, what makes science science is the ability to perform controlled experiments to verify or reject hypotheses. However due to the nature of economics and the fact that there are far too many factors like sociology and psychology to control for, it’s impossible to do controlled experiments in the economy. Why is it considered a branch of science?
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For whatever reason, science has been dumbed down to the “informed philosophy” definition. History, psychology (to an extent), literature, etc are conducted sciences because they’ve been analyzed and built upon with a scientific measure. We have looked at things, broke them down to understand them, and can predict future results with them.
Economics is just another form of history, just focused on wealth. It’s also not as “refined” as economists or the media likes to suggest. Every time economists figure out how to solve a problem, everybody else learns how to work around that solution to make more money. Or they pay governments to remove those regulations that fixed the problem.
So, while economics is a very useful tool for understanding what happened and how an economy crashed, it if not very useful at fixing or preventing it from hairbrush again, and is actually more of a social science because of that.
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