It will be noticed that value judgments and normative elements are unavoidable in economic discussio

It will be noticed - It will be noticed that value judgments and normative elements are unavoidable in economic discussions Yet economists and

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: It will be noticed that value judgments and normative elements are unavoidable in economic discussions. Yet economists and researchers take the effort of preserving and developing the scientific content of the subject matter. There is a standard theoretical model generally used and improved upon in most analytical work . This model emerges out of neo-classical techniques introduced at the beginning of this century. Professor Danie M. Hausman in his recent book Inexact and Separate Science of Economics has brought out several basic features of this theoretical model. The important features are : (A) Marginal Approach: The standard theoretical model used in economics is also called a marginal method or approach. This is because all optimizing decisions are taken ’at the margin’ under this method. Margin or marginal change means infinitesimally small the margin’ under this method....
View Full Document

This note was uploaded on 12/28/2011 for the course MGMT 3303 taught by Professor Staff during the Fall '10 term at Texas State.

Ask a homework question - tutors are online