COMMERCE 1AA3 Lecture Notes - Lecture 2: European Cooperation In Science And Technology, Scientific Method
21 Mar 2016
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3 ways to express economics: english people buy less tea when the price of tea rises, algebra/equations-qnt=1000-2pt. Why is economics a social science: social: people, science: use scientific method. The economist role: when trying to explain the world, they are scientists, when trying to change the world, they are policy advisors. Positive vs. normative statements: positive statements: attempt to describe the world as it is. The distance from here to brampton is 100 km : normative statements: attempt to describe how the world should be. You can not factually check these statements. I. e. you should go to cuba instead of mexico . Why economist disagree: differences in scientific judgements. Disagree about the validity of alternative positive theories about how the world works: differences in values. Have different values and different normative views about what policy should try to accomplish. Map of the city: first model: the circular flow diagram.
