The goal of an economist who formulates new theories is to Select one: a.provide an interesting framework of analysis, whether or not the framework turns out to be of much use in understanding how the world works. b.demonstrate that economists, like other scientists, can formulate testable theories. c.contribute to an understanding of how the world works. d.provoke stimulating debate in scientific journals,

The goal of an economist who formulates new theories is to Select one: a.provide an interesting framework of analysis, whether or not the framework turns out to be of much use in understanding how the world works. b.demonstrate that economists, like other scientists, can formulate testable theories. c.contribute to an understanding of how the world works. d.provoke stimulating debate in scientific journals,

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 23CTQ: Do economists have any particular expertise at making normative arguments? In other words, they have...

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The world in which we live is complex and to understand it, human beings make use of some orother simplification process. A theory can accordingly be seen as an attempt to simplify things.Such an observation may come as a surprise to those who have often heard remarks to the effectthat such and such a theory is difficult, or at the least terribly complicated. We should neverthelessremind ourselves that a theory involves an attempt to simplify things – it is the world out there thatis the complicated entity. A particular theory (or model) is merely trying to reduce it to manageableproportions, at least as far as understanding our environment is concerned.”In economics, theory is presented in a simple form by making the…1.23a) Post hoc assumptionb) Fallacy of compositionc) Ceteris paribus assumptiond) Blinkered approach
What is the difference between a positive and a normative statement?
Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?
What is scarcity? Can you think of two causes of scarcity?
Do economists have any particular expertise at making normative arguments? In other words, they have expertise at making positive statements (i.e., what will happen) about some economic policy, for example, but do they have special expertise to judge whether or not the policy should be undertaken?