Question

Economics is a waste of time and does not offer any practical solutions to real world situations. Agree or Disagree? Explain why

Help please , I'm very new to Econ

Answer 1

Eco is beautiful :)

Answer 2

Agree and Disagree.

Economics help us understand the world and how markets behave. If we didn't know how the economy worked (like basic supply and demand) then businesses would never be as productive as they could be.

However, the major Achilles heel in economics is that the subject is based around an idealized situation. That is, everything you learn in economics is true if and only if certain conditions are met. In the real world, we never find these conditions because, lets face it, the world is constantly changing and there are just too many variables for economists to take into consideration.

So economics does its best to describe market behavior, but it always comes short because it only works if the market is static and unchanging and structured a very specific way. Because economics can't account for all the change and variables in markets, it can never have the predictive power like the other sciences (ie: physics, chemistry, biology).