Economics – Physics of Social Sciences or Art?

Abstract

Some questions about the nature of economics are raised, e.g., the one whether economics can give us universal laws describing the workings of the market. The discussion here presented refers also to the debate on the state of the economic theory in the wake of the recent global financial crises. The paper concludes that economics is unable to give us such explanations of real economic processes that do not need further investigations. Also, the author claims that due to the extensive use of metaphors and economists’ creativity in modeling economic phenomena economics is close to art, and thus one can even talk about the beauty of the science of Adam Smith.