laissez-faire
there were many economists like pigou,marshall and dada bhai naoroji who said about demand and supply theory.
Mercantilism :)
supported exploration
Such people are generally known as Economists. There are many varieties of economists, like Neo-Classical, Keynesian, Marxist, Mercantilist, Physiocratic, etc.People who develop ideas that explain how an economy works are called economists.
supported exploration:)
neoclassical theory ia an improved version of the classical theory
there are 3 neoclassical theories: HR theory behavioral theory social systems theory
neoclassical theory
The three stems of traditional organizational theory are classical, neoclassical, and modern. Classical theory emphasizes rationality, efficiency, and hierarchy. Neoclassical theory focuses on the importance of human behavior and motivation within organizations. Modern theory includes various perspectives such as contingency theory, systems theory, and organizational ecology.
The neoclassical model assumes that individuals are rational, markets are perfectly competitive, resources are scarce, technology is constant, and individuals act to maximize their utility or profit. These assumptions form the foundation of neoclassical economic theory.
economic theory can guide the economists to solve macroeconomic issues such as inflation, unemployment, deflationary and inflationary gaps, budget deficits etc.
well if is not supported then is not a theory.
when you get touched by a ghost in the wrong places
heliocentric theory
Albert Einstein supported the theory of evolution and believed in the scientific evidence that supported it.
Galileo
A hypothesis cannot be call a theory because,it has not supported a prediction even in the face of several experiment.