Identify and State the Historical Significance of the Following

question 51

Short Answer

Identify and state the historical significance of the following:
-Humphrey Gilbert

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Definitions:

Normative Economics

A branch of economics that focuses on what the economy should be like or what particular policy actions should be recommended to achieve a desirable goal.

Formal Statement

A formal statement typically refers to an official, explicitly articulated declaration of facts, intentions, or principles.

Empirical Measure

A method or metric that is based on observation or experience rather than theory or pure logic.

Causal Statement

A declaration that indicates a cause-and-effect relationship between two events or variables.