Is Economics a Science?

Obregon Diaz, Carlos Federico (2026): Is Economics a Science?

Abstract

This paper analyzes the epistemological status of economics by distinguishing between ideological content, closed formal systems, and scientific cores within economic theory. It introduces a methodological framework (disentangle) to evaluate the scientific validity of different schools of thought. The analysis demonstrates that economic theories become scientific only when they generate refutable hypotheses, engage with empirical data, and are grounded in real institutional and social belonging structures. The Economics of Belonging is presented as an institutional framework capable of integrating valid insights from different traditions while explaining economic development, crises, and inequality through belonging regimes and middle-class formation.

• Item Type: MPRA Paper
• Language: English
• Keywords: Economics of Belonging Economic methodology Science and ideology Institutional economics Economic epistemology Disentangle method Economic theory Middle class Economic development Global governance Belonging systems Comparative economic systems
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B25 - Historical ; Institutional ; Evolutionary ; Austrian; B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B41 - Economic Methodology; B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B50 - General; D - Microeconomics > D0 - General > D02 - Institutions: Design, Formation, Operations, and Impact; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O10 - General; O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O43 - Institutions and Growth; P - Economic Systems > P1 - Capitalist Systems > P16 - Political Economy

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