Why Economic Thought is important, ie. Mercantilism, physiocracy, neoclassists, etc?
The Answer which similar with my opinion or even beyond my opionion gets 10 pts.
Why Economic Thought is important, ie. Mercantilism, physiocracy, neoclassists, etc?windows media center
For me economic thought, especially economic controversy is very important because of the nature of economics as a social science.
Every economic policy will have an opportunity cost every theory will have certain mistakes.
Through economic controversy therefore economists become aware of the problems with their theories and thus create a more well-rounded opinion on them. The significance of this is that when economists become aware of the mistakes in their theories they can then take them into account because especially when it comes to policy a problem you expect is better than a problem you dont.
Also through economic controversy by the creation of the different schools of thought and pushed economists to argue for their beliefs and thus form a more understandable argumentation as a way of proving their theories.
The article below shows one of the most well known economic controversies surrounding the opinions of the founder of the chicago school, Milton Friedman, on assumptions in economic theory.
Why Economic Thought is important, ie. Mercantilism, physiocracy, neoclassists, etc?nintendo ds browser internet explorer
wayyy to many big words 4 me
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