"Economists Are Scientists and Therefore Should Not Become Involved in Making

question 45

Essay

"Economists are scientists and therefore should not become involved in making value judgments which policy formulation necessarily entails".Do you agree?

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Definitions:

Utility Function

A mathematical representation that ranks preferences or satisfaction levels consumers derive from consuming goods and services.

Nuts

Edible seeds enclosed in a hard shell, often characterized by their high fat and protein content.

Berries

Small, pulpy, and often edible fruits, typically juicy, rounded, brightly colored, and seed-containing.

Utility Function

A formula or mapping that indicates the level of happiness or preference an individual assigns to various bundles of goods or services, used in decision-making analysis.