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At heart, economics is the study of how people make decisions. As such, no matter how mathematical the basic principles of economics may be, it is inherently based on something dirty and imprecise: the actions of irrational people.
Any model that tries to predict or explain the behavior of people will, by definition, have error. When it comes to interpreting what is acceptable error and what is flawed theory may come down to more art than science, because at some point, standard errors and t-test statistics can only go so far.
Wiki User
∙ 16y ago
Wiki User
∙ 11y agoBecause economics it is the study of human behavior as a relationship between ends and scarce means which have alternative uses.
In laments terms: it is the study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man.
nnenna uzoamaka azuo...
Economics deals with individuals so their is change in human behavior
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Modern art is art?
It depends what do you think? It's your opinion!Answer 2:Modern art is art! OK.It is not up to you to say 'This is art' or 'This is not art'.But it is up to you to say 'This art is for me' or This art is not for me'.You put this so beautifully - art with heart.
Is visual art and abstract art the same?
Abstract art is a kind of visual art.
What is the difference between 'analyzing' art and 'interpreting' art?
Well, analyzing art is discovering, examining, and studying art. Interpreting art is understanding, deducing, and fathoming art.
How do art galleries repair art?
They don't. Art galleries sell art. They don't repair it.
What Is Art and its nature?
Art is the creative expression of a person to interpret how they view the world or how they feel. There is not defined nature of art. Art is expression and unique. There is no right or wrong in art. The nature of art is the nature of artist.
What has the author Alan S Bamberger written?
Alan S. Bamberger has written: 'The Art of Buying Art' 'Art for all' -- subject(s): Art, Collectors and collecting, Economic aspects, Economic aspects of Art
Art and economics?
art is the production of goods and services,this makes it an economic activity
What has the author Molly Barnes written?
Molly Barnes has written: 'How to get hung' -- subject(s): Art, Economic aspects, Economic aspects of Art, Marketing 'Tango nuevo'
Social political or economic conditions can it alter the nature and meaning of art?
Social, political, and economic conditions can change the view of art. It can also change the nature of art. However, it won't necessarily change the meaning of art because the definitely will remain the same.
How might economic specialization have increased the making of statues and other art works of art?
economic specialization focused on making of statues and other form of arts at ancient time. The arts became popular because of great artists at ancient time. That's why economic specialization have increased the making of statues and other works of art.
What is Art Buchwald's article Squaring the Economic Circle a description of?
The Keynesian multiplier.
What has the author Michael Findlay written?
Michael Findlay has written: 'The value of art' -- subject(s): Art, ART / Business Aspects, Economic aspects, Psychology, Collectors and collecting
What events influenced fashion during the 16th century?
* War * Economic affects * Art
What is economics a science and an art?
Economics is both science and art. As a science it works on economic models. As art, it deals with individuals so their is change in human behavior. The interpretation of models may vary.
Can Social political or economic conditions alter the nature and meaning of art?
Social, political, and economic conditions can alter the nature and meaning of art. There is censorship which may occur, as well as various themes and inspirations which are to be taken from the situations occurring in the artist's life.
How might economic specialization have increased the making of status and other works of art?
economic specialization focused on making of statues and other form of arts at ancient time. The arts became popular because of great artists at ancient time. That's why economic specialization have increased the making of statues and other works of art.
How might economic specialization have increased the making of statues and other works of art?
economic specialization focused on making of statues and other form of arts at ancient time. The arts became popular because of great artists at ancient time. That's why economic specialization have increased the making of statues and other works of art.
