Answer to Question #20731 in Economics for dinesh

Question

"economics laws are hypothetical."discuss.

Answer 1

Like any other science, political economy is taken to study the consequences that will be the result of certain reasons, but this result is not absolute, but occurs only when all else being equal, and only if these causes can easily lead to its consequences. Almost all of the scientific doctrine, when they set out precisely, contain some form of reservation of other things being equal: it is assumed that the effect of the considered causes is isolated, and that it will lead to certain consequences, but only in the event that a previously accepted hypothesis, according to which no other cause but clearly defined this doctrine will not be taken into account. It should be, however, recognized that the source of major difficulties in economic science is that we need to take into account the time required to cause could lead to its consequences. Meanwhile, the phenomenon for which they work, and even the reasons may be subject to change, and studied trends will not have sufficient "duration" to fully express themselves.