Good economic policy requires good economic theory
Explain the statement: “Good economic policy requires good economic theory.”?
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Economic theories are the foundation of economic policy. Economic policy is a course of action intended to resolve a specific problem or further a nation’s economic goals. Therefore, the action taken (the policy) is effective only if the underlying theory is correct.
Adam Smith’s perception which self-interested motives underpin even charitable activities through apparently selfless people appeared originally into his primary major book that was entitled: (1) Theory of Moral Sentiments [1755]. (2) Leviathan
One of my friends can't discover the answer of this question. Give solution of this question. Neoclassical production and cost theory is more realistic than and cost theory and heterodox production. Discuss.
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