Definitions
Microeconomics=psychology of money
Macroeconomics=Sociology of money
Is it arithmetic? Partly.
Is there science involved...depends on your definition. There is definitely research conducted, theories tested, statistics compiled, analyzed, trended, tested again...I would say that there is at least some science involved...or at least principles of scientific research.
Is is dismal...definitely. Mostly, for me, because it allows me to better understand how much bullshit spouted out of the mouths of world leaders (and IMF/WTO protesters, and etc...) is really bullshit. At least in here there are several fairly well educated induhvijuals ;)...we can differ on points.
Is >free enterprise< the final answer. Maybe not...but its the closest we've come to getting an A so far. BUT...the society as a whole plays a factor as well. And that...especially in urban areas...is disintegrating.
The one example I can give of societal failure impacting bizness...in Cleveland a study was conducted by the HR departments of the utilites. They were attempting to hire base labor (pole climbers, meter readers) at a time when unemployment was still very high. What they found was that the vast majority of people in this area were not just unemployed...they were unemployable. They couldn't read, didn't have rudimentary math skills (ie couldn't subtract an old meter reading from a new one)...so...while bizness had a >need< for blue collar unskilled, society had failed to provide even the most basic skills to the people and both bizness and the people were left with a need.
These types of issues will destroy us long before >bizness< does.