A colleague and I were discussing the natural sciences and began relating the definitions of what constitutes a law in a social science versus a natural science. In the end she asked why dub anything a law within a social science…my response was ill-prepared. What are your thoughts on laws and social science?
Here are some assumptions about the law of demand quoted from the wiki
Every law will have limitation or exceptions. While expressing the law of demand, the assumptions that other conditions of demand were unchanged. If remain constant, the inverse relation may not hold well. In other words, it is assumed that the income and tastes of consumers and the prices of other commodities are constant. This law operates when the commodity’s price changes and all other prices and conditions do not change. The main assumptions are
- Habits, tastes and fashions remain constant
- Money, income of the consumer does not change.
- Prices of other goods remain constant
- The commodity in question has no substitute
- The commodity is a normal good and has no prestige or status value.
- People do not expect changes in the prices.