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Macroeconomics 9th Edition by David Colander
Edition 9ISBN: 978-0077501860Macroeconomics 9th Edition by David Colander
Edition 9ISBN: 978-0077501860 Exercise 1
Is it possible to use objective economic analysis as a basis for government planning (Austrian)
Explanation
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It is possible to use objective economic analysis as a basis for government planning. Objective economic analysis gives an analytical explanation of economic issues. It can be applied as a base while planning economic policies.
Objective analysis gives an idea about the functioning of the economy, and if any goal is to be achieved then it provides a proper framework to achieve that goal. This analysis is helpful for economic planning when finding out the ways to achieve economic goals
Objective economic analysis separates economist's value judgments from the analyst's view. It considers the valued judgments of the analyst for achieving goals. Objective economic analysis does not say anything about how things should be, but it gives proper suggestions regarding how to achieve economic goals.
Hence, it is possible to use objective economic analysis as a basis for government planning.
Objective analysis gives an idea about the functioning of the economy, and if any goal is to be achieved then it provides a proper framework to achieve that goal. This analysis is helpful for economic planning when finding out the ways to achieve economic goals
Objective economic analysis separates economist's value judgments from the analyst's view. It considers the valued judgments of the analyst for achieving goals. Objective economic analysis does not say anything about how things should be, but it gives proper suggestions regarding how to achieve economic goals.
Hence, it is possible to use objective economic analysis as a basis for government planning.
Macroeconomics 9th Edition by David Colander
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