The Hindu Business Line : Science or Art?

The article “Science or Art” (Business Line, July 12) argued that “economic laws” and “management principles” indicate only general tendencies and thus cannot satisfy the criterion required to be termed a science.

However, they have all the features, such as a systematised body of knowledge, universal application, cause and effect relationship and possibilities of verifying and predicting the results, that are essential to be categorised as science.

For instance, Law of Demand (economic law) states that “when the price of a commodity falls, demand for it expands”. This statement satisfies all the characteristics of science.

Management and economics are “arts” too. Every manager in an organisation must have the dexterity and intelligence to achieve organisational, social and individual objectives.

In short, management and economics can be considered science as well as art and no debate on this is necessary.

S. Ramakrishnasayee Ranipet

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