Q.Why is economics called both a science and an art?

Economics is unusual among subjects because it is described with both labels at once.

Economics is called a science because it studies economic phenomena in a systematic, logical way — forming hypotheses about relationships between variables (such as price and quantity demanded), and, especially in modern economics, testing them using statistical and mathematical methods. In this sense it behaves like any other social science, seeking general, testable cause-and-effect laws (for example, the Law of Demand, covered in a later chapter). At the same time, economics is called an art because its theoretical principles are put to practical use to solve real problems: a government applies economic theory when it designs a budget or a monetary policy, a business applies it when deciding how to price a product or how much to produce, and a household applies it when planning a budget with limited income. A subject that both discovers general principles (science) and shows how to apply …