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The idea that standard (or "neoclassical") Economics is a "science of common sense" is true to the extent that it describes the common-sense decision-making processes that almost all people recognize from their own lives.The standard view approximates the reality of human decision-making, but could be improved by incorporating the advances of experimental or behavioral economics.
However, this assertion is false in the sense that standard economic analysis of decision-making is very incomplete. It does not say anything at all about what factors determine human motivation ("preferences"): it ignores such common-sense ideas as the psychological conditioning of individuals by social institutions and the physiological and psychological requirements for maintaining individual health.
The idea that standard economics is a "science of common sense" is also false because it applies what many would see as a very weak and indulgent meaning of the word "science."
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SteveThe idea that standard economics is a science of common sense is true to the extent that it describes the common sense decision making processes that almost all people recognize from their own lives. The standard view approximates the reality of human decision making, but could be improved by incorporating the advances of experimental or behavioral economics.
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Can economics be called the science of common sense?
The idea that standard (or "neoclassical") Economics is a "science of common sense" is true to the extent that it describes the common-sense decision-making processes that almost all people recognize from their own lives.The standard view approximates the reality of human decision-making, but could be improved by incorporating the advances of experimental or behavioral economics. However, this assertion is false in the sense that standard economic analysis of decision-making is very incomplete. It does not say anything at all about what factors determine human motivation ("preferences"): it ignores such common-sense ideas as the psychological conditioning of individuals by social institutions and the physiological and psychological requirements for maintaining individual health. The idea that standard economics is a "science of common sense" is also false because it applies what many would see as a very weak and indulgent meaning of the word "science."
Which of these statement is false Economics is anout conserving scarce resources Economics is about the use of scarce resources?
Economics doesn't truly care about the conservation of scarce resources, it only cares about how those scarce resources are used. The statement 'Economics is about conserving scare resources' is false.
True or False Does Economics use the scientific method?
true
The idea that the economy will self correct when confronted with changes in aggregate demand is associated with new classical economics true or false?
false
True or false-portfolio disequilibrium is a situation exists when wealth holders have the desired productions of assets in their current portfolios economics?
False. It is a sutuation where wealth holders have too much of their assets and too few of others False. It is a sutuation where wealth holders have too much of their assets and too few of others
