Many people debate the question about whether economics is more like science or philosophy. In my own opinion, science and philosophy deal with different types of questions. Science deals with questions in which there is a systematic method of answering those questions. Philosophy on the other hand deals with questions in which there is not a systemic method for answering those questions. On this view, much of economics is a science because it provides a systematic way of answering many questions about the world. But, there are also parts of economics that are perhaps closer to being philosophy.
Recently, a Harvard economics professor, Raj Chetty wrote the article, "Yes economics is a science" in the New York Times. Chetty argues that economics is a science even though many economists disagree with each other. Chetty writes,
It is true that the answers to many “big picture” macroeconomic questions — like the causes of recessions or the determinants of growth — remain elusive. But in this respect, the challenges faced by economists are no different from those encountered in medicine and public health. Health researchers have worked for more than a century to understand the “big picture” questions of how diet and lifestyle affect health and aging, yet they still do not have a full scientific understanding of these connections. Some studies tell us to consume more coffee, wine and chocolate; others recommend the opposite. But few people would argue that medicine should not be approached as a science or that doctors should not make decisions based on the best available evidence.
Chetty gave several examples of how economics provides a scientific picture of reality. But he also jumped to policy recommendations as if the economic studies naturally lead to those policy recommendations. When Chetty was explaining the scientific observations from economics, I was in agreement with him, but when Chetty jumped to making policy suggestions, I became more skeptical. The economics was science, but the policy suggestions based on the economics was more like philosophy.
As I was thinking about this article and randomly surfing the internet, I found this excellent criticism of Chetty's NY Times article by the "Anonymous Commentator".
The Anonymous Commentator basically agreed that economics is a science and agreed with the scientific conclusions of the economic studies referenced in Chetty's article. But he showed how one can easily arrive at opposite policy recommendations from Chetty. According to the Anonymous Commentator,
Economics certainly can be seen as a science when it comes to making observations about the world, but when it comes to recommending certain policies, economics is only as scientific as the biases of the economists allow it to be.
One who makes policy recommendations based on economic conclusions are often— though not always—engaging in philosophy. Philosophy is not inferior to science. It just focuses on different questions—questions like "What is the good society?" or "How should we conduct ourselves in society?" for example. We need to make more room for honest debate about those questions even though there may be less room for debating the facts of economics.