Working Paper: NBER ID: w7300
Authors: Edward P. Lazear
Abstract: 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.
Keywords: No keywords provided
JEL Codes: No JEL codes provided
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| application of economic tools and methodologies (O22) | new insights into social phenomena (Z13) |
| economic imperialism (F54) | influence of economic analyses on other disciplines (A12) |
| rigorous language and methodologies of economics (B41) | adoption of economic frameworks in analyses by political scientists, lawyers, and sociologists (D78) |