When is the economic theory useless, Microeconomics

Assignment Help:

When is the economic theory useless?

One misunderstanding is to under-estimate the role of an economic theory. Several people thought an economic theory useless since they think assumptions imposed into the theory are unrealistic. Actually, no theory, whether in physics, economics or any other science, is completely accurate. The validity of a theory based on whether or not this succeeds in explaining and predicting the set of phenomena which this is intended to describe and predict. Therefore theories are incessantly tested against observations. Like a result of this testing, they are frequently modified, refined, and even discarded.


Related Discussions:- When is the economic theory useless

Increasing Economic Inequality, What are the economic implications of incom...

What are the economic implications of income inequality? How can economic theory be helpful to analyze the causes and impact of income inequality? What are the concerns and how can

Design process, The outer shape of a football can be described via the foll...

The outer shape of a football can be described via the following equation               Using Matlab, plot the outer shape of a football in  red or orange using a line widt

Unemployment rate, Unemployment Rate A measure of labor force utilizati...

Unemployment Rate A measure of labor force utilization the unemployment rate is equal to the number of people which is unemployed as a percentage of the total labor force.

National budget, National Budget: A National Budget is a document show...

National Budget: A National Budget is a document showing estimates of expected government revenue and intended expenditure for the coming financial year. It usually consist of

What was the degree of elasticity, A newspaper recently lowered its price f...

A newspaper recently lowered its price from 50 cents to 30 cents. As it did, the number of newspapers it sold increased from 240,000 to 280,000. i)   Over this price range what

chem, What mass (in grams) of O2 gas is present in a 36.0 L container at 6...

What mass (in grams) of O2 gas is present in a 36.0 L container at 673.0 K at 23.8 atm O2 pressure if the gas is ideal?

Student, equation for a demand curve is p=2/q. what is the elasticity of de...

equation for a demand curve is p=2/q. what is the elasticity of demand if price falls from 5 to 4

Elasticity of demand, elasticity of demand of a product in different market...

elasticity of demand of a product in different market forms such as perfect competition, monoply etc.

Opportunity cost, explain the relationship between scarcity,choice and opp...

explain the relationship between scarcity,choice and opportunity cost

Advanced microeconomics, PRODUCTION AND PRODUCTIVITY DIAGRAM BEHAVIORAL REL...

PRODUCTION AND PRODUCTIVITY DIAGRAM BEHAVIORAL RELATIONSHIP

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd