What is Economics?

What do you think Economics is? Is it a hard science used by bankers to make money?
Like alchemists who conjure gold? Is it about politics and accounting? Though its ancient
etymology defines it as the science of wealth its meaning has expanded over time, and it
is now a social science of the factors influencing well-being as formally described by the
Quality Assurance Agency For Higher Education.
How is economics different from other social sciences?

Economics borrows from multiple sciences e.g. sociology or law, to explain why and how
people act to improve their well-being and wealth, e.g. behavioural economics borrows from
psychology and history to analyse how past experiences may shape expectations about the
future. This may lead to bad decisions.

Economist typically solve problems by:

1. Abstraction: breaking down a problem into its various components, as any one
thing has various factors influencing it, e.g. any big business is run by numerous
people, each with an important role.
2. Analysis: observing past data, the context, as well as what theory predicts, to
investigate which choices are being irrationally made, and why.
3. Correction: tweaking or removing the source of a bad choice, potentially through
policy.
4. Celebration!