Explain the Rationale Behind the Assertion That Economics Is a Social

question 68

Essay

Explain the rationale behind the assertion that economics is a social science and uses the scientific method.

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Definitions:

Congressional Review

A process by which Congress can nullify new federal regulations by passing a joint resolution of disapproval.

Captured Agency

A regulatory agency that, instead of serving the public interest, acts in favor of the industries it is supposed to regulate.

Hybrid Rules

Regulations or guidelines that blend elements from different sources or systems, often applied in complex or interdisciplinary fields.

Administrative Procedures Act

A United States federal statute that governs the way administrative agencies of the federal government may propose and establish regulations.