The term science has been defined as the systematized body of knowledge, which traces the relationship between cause & effect. Applying this definition to economics we find that economics is that branch of knowledge where the various facts relevant to it have been systematically collected, classified and analyzed.
An art is a system of rules for the achievement of a given end. An art is application of knowledge and practical application. Economic has all these features of being an art.
May 04, 2017