Economics is a social science, not a physical science.

Summary

This quote emphasizes that economics is a discipline that studies human behavior in relation to how individuals, groups, and societies manage scarce resources. Unlike physical sciences that focus on studying the natural world, economics delves into analyzing the production, distribution, and consumption of goods and services within a social context. By recognizing the fundamentally social aspects of economics, this quote asserts that understanding economic phenomena necessitates considering the intricacies of human interactions, cultural norms, and institutions, shaping economic decisions and outcomes.

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