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Define the generality of economic theory in the modern economics.
Generality of Economic Theory
An economic theory is based onto assumptions imposed onto economic environments, economic institutions and individuals’ behavior. The more general such assumptions are, the more powerful, helpful, or significant the theory which comes from them is. The common equilibrium theory is considered this theory.
Cardinal Theory: An Introduction In cardinal approach, utility is measured cardinally or numerically in terms of money. The consumer not only knows which one is preferred but
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