Interrelationships between economic facts, theory
Explain in detail the interrelationships between economic facts, theory, and policy. Critically evaluate this statement: “The trouble with economic theory is that it is not practical. It is detached from the real world.”
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Economic theory consists of factually supported generalizations about economic behavior that can be used to formulate economic policies. Economic theory enables policymakers to formulate economic policies that are relevant to real-world goals and problems that are based upon carefully observed facts.
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My friend can't succeed to get the answer of this question. Give me solution of this question. From a heterodox perspective, why does destructive price competition drive enterprises to set up market institutions which would abolish price competition?
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