Explain how economists derive economic principles by Dr. Robert Murphy

Question 7 / 21: Explain how economists derive economic principles or laws.

Answer:

The economist develops principles the same way that mathematicians prove theorems in geometry.

The economist starts out with the observation or assumption that people have conscious goals, and then logically deduces implications from that fact.

Sample Partial Credit Answer

The economist knows what it's like to be living in an economy, so he can understand what motivates other people too.

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Economy Foundations

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Dr.Robert MurphyAssociated Scholar

Mises Institute

USA

Attribution: Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY

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