Economics Essay Example for Free

Economics EssayEconomics is regarded as hotshot of the earliest and arguably roughly essential of the social apprehensions. While not exactly a science as the term science is widely known as today, in that respect are similarities that allow for its miscell any(prenominal) as a social science. One of these similarities lies in the character references that economists play as social advisors vis-a-vis the role of scientists. As a insurance policy advisor, an economist is expected to make reliable predictions and forecasts with regard to the policies to be instituted. Since the lookout is that of reliability, there is a large amount of precision required which is similar to that of the scientific method utilise by scientists. The use of the null and test hypothesis as a scientists has an application for policy advisors in coming up with these forecasts. No policy advisor can make any suggestion without any empirical data or figures in the same way that no scientist will pr esent a dissertation without any evidence.While these may make the roles as policy advisors and scientists similar to a sure extent, there are also differences depending on the situation the economist is placed in. As a policy advisor, an economist is expected to present reliable information in order to aid in the conceptualization and implementation of policies, while these may have a certain amount of scientific evidence (so to speak), there is a certain reality check which takes place that demands that the economist take the most viable natural selection.The most scientifically correct approach may not always be the most viable option and this is what an economist must deal with when taking on the role of a policy advisor as opposed to when an economist takes on the role of a scientist in policy making, which more often than not entails that only the facts be presented in a scholarly manner without particular attention to its viability under dissimilar constraints.