Why is economics so useful for, or amenable to, policymaking?

Q: what would be a modern example of Abstract liberalism?

A: Abstract liberalism includes utilizing thoughts related with political progressivism, (for example,…

Q: How do you estimate the effect of policy changes on individual behavior?

A: In economics, individual behavior refers to the actions and decisions made by individual consumers,…

Q: Does the public's expectation of a policy influence its effectiveness?

A: Answer: Yes, the public expectations of a policy influence its effectiveness. People form their…

Q: what is the difference between positive theory and nornative theory?

A: Economics is the social science that studies the production, distribution, and consumption of goods…

Q: In light of Adam Smith, Ricardo, and Say, please explain the classical political economy perspective…

A: The market mechanism is viewed from the perspective of classical political economy as a…

Q: What are the drivers/motives behind the geoeconomic strategy?

A: Geo-economics is the branch of economics which study how economy functions in an international…

Q: What are the advanactage and disadvantage of economics have sufficient predictive power to play an…

A: Economics plays a crucial role in shaping public policy. It provides a framework for understanding…

Q: Economics(including finance)is a social science that studies how to allocate scarce resources.…

A: The presence of assumptions is fundamental to the study of economics. Without these assumptions, we…

Q: Compare the following schools of thought. New-Keynesian Economics and Post-Keynesian Economics

A: Keynesian economics is a very general umbrella word for economists who make any use of the ideas of…

Q: According to Joel Waldfogel how much value is “destroyed” as a result of Christmas gift giving?

A: Deadweight loss is the loss created by the market inefficiency to the society due to the out of…

Q: the father of classical school of economics was Adam Smith? a. True b. False

A: Adam Smith is considered the father of Classical economics, he had written “The Wealth of Nations”…

Q: What do you understand the term “argument” to mean? Give one or more examples of arguments in…

A: The argument is a term used to define coherent series of statements, facts, or reasons that are…

Q: Which of the following would a Laissez-Faire economist advocate in a time of economic recession

A: Laissez-faire economist advocate complete freedom of firms.

Q: Jim says, "I think it's a little like when you have a cold or the flu. You don't need to see a…

A: The area of production, consumption, distribution, and trade of goods and services by different…

Q: Why are economists only interested in the spending on U.S. goods and services?

A: Gross domestic product (GDP) measures the money value of all final goods and services produced in an…

Q: Does the discipline [of economics] have sufficient predictive power to play an important role in our…

A: Economics is a social science that studies how individuals, governments, firms, and nations make…

Q: The methodology of ________ economics says that models should be based on predictions and not…

A: The methodology of economic studies the methods of the scientific methods which are in relation to…

Q: WHAT is an example of the government (laws) shaping the economy or vice versa

A: A government can attempt to shape the pace of economic development through supply-side and…