"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:

Damages

Compensation claimed or awarded in court for a loss or injury as a result of breach of contract or tort.

Entry Restrictions

Regulations or barriers that prevent new competitors from easily entering an industry or area of business.

Revenue Function

A mathematical relationship describing how a firm’s total revenue changes with variations in output or sales.

Total Profits

The entirety of financial gains earned by a business after subtracting all costs and expenses from total revenues.