"Since Economics Is a Science, Economists Must Not Become Involved

question 92

Essay

"Since economics is a science, economists must not become involved in making any value judgments in their formulation of policy." Do you agree with this statement? Explain.

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Definitions:

Output

The quantity of goods or services produced by a firm, industry, or economic system.

Under-reward Inequity

A situation in which an individual perceives that the rewards received are less than the rewards deserved for their efforts, leading to dissatisfaction.

Instrumentality

The belief that performance is directly linked to the attainment of desired outcomes or rewards.

Self-concordance

The degree to which individuals’ goals align with their personal interests and core values, leading to greater motivation and satisfaction.