Economists are very good at explaining how individual markets work.Economists are less successful at explaining

Question

Quizplus · Accepted Answer

While economists have some tools and theories to explain recessions and inflation, the complexity and variety of factors that can influence these phenomena make them difficult to predict and fully understand. On the other hand, economists have developed robust models and frameworks to explain market pricing, business firm profits, and the limitations and challenges of central planning.

Economists Are Very Good at Explaining How Individual Markets Work