this approch is also known as uttility approch or classical approch because it was very presented by the classical or orthodox economics
what is mean by statistical approach and economical approach in the theory of index numbers?
adam smith
theory of income and employment: theory of general price level and inflation theory of economics macro theory of distribution' theory of international trade
The theory of economics that advocates for a hands-off approach regarding government involvement in the economy is known as laissez-faire economics. This concept is closely associated with classical economists like Adam Smith, who argued that free markets operate most effectively without government intervention. Proponents believe that allowing the forces of supply and demand to dictate market dynamics leads to optimal outcomes for society.
explain in details the relationships between economics facts, theory and policy.
The cardinal approach in a careful approach that states that utility is measurable. The ordinal approach disagrees with this theory.
what is mean by statistical approach and economical approach in the theory of index numbers?
they both obey the diminishing returns theory
adam smith
No
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give the limitations of cardinal utility theory
theory of income and employment: theory of general price level and inflation theory of economics macro theory of distribution' theory of international trade
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