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

Economic reforms and infrastructure growth, Economic Reforms and Infrastruc...

Economic Reforms and Infrastructure Growth Infrastructure data for the pre-reform period (1980-81 to 1990-91) is with1980-81 as base year and for post-reform period (1993-94 t

Regression methods, This is a very common methods of forecasting demand. Un...

This is a very common methods of forecasting demand. Under this methods a relationship is established between quantity demanded( dependent variable) and independent variables such

Elasticity, You estimate that the price elasticity of demand for one-acre p...

You estimate that the price elasticity of demand for one-acre plots in Lusaka is -1.5 and that income elasticity of demand is 5. Land owners intend to increase the price of a one-a

Illustrate the concept of production possibility curve, Differentiate the d...

Differentiate the definition of economics as given by Prof. Marshall and Prof.Robbins. Illustrate the concept of production possibility curve .How PPC is helpful to solve econom

What is return on investment, What is return on investment?   Return on ...

What is return on investment?   Return on investment is the profit earned by investing in some business or some project, for instance investment in stock exchange. Profit earned

(Bcg) matrix, Analysis of business portfolio by using Boston Consultant Gro...

Analysis of business portfolio by using Boston Consultant Group (BCG) Matrix.

Consumer and producer surplus, Evaluating  the Gains and Losses from the P...

Evaluating  the Gains and Losses from the Policies of Government:  Consumer and Producer Surplus * Review - Consumer surplus is total benefit or value which consumers rece

Duopoly, write characterstics of duopoly

write characterstics of duopoly

What are the goal of sustainability, The goal of sustainability requires th...

The goal of sustainability requires that we address what three questions? The goal of sustainability needs that we address whether economic activities are financially sustainab

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