When Economists Are Trying to Explain the World, They Are

question 20

Short Answer

When economists are trying to explain the world, they are scientists. When they are trying to improve it, they are

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Definitions:

Stare Decisis

A legal principle that dictates that courts should follow the precedents set by previous decisions in similar cases to ensure consistency and predictability in the law.

Standing By

The act of remaining ready or available to act or offer help while waiting for further instruction or developments.

Legal Principle

A foundational concept or established rule of law that guides judicial decisions and legal reasoning.

Lower Courts

Courts that have jurisdiction to hear cases of less significance or that are the first level of the court system, also known as inferior courts.