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What problems maybe involved in derivingand applying economic principles?
Wiki User
∙ 13y ago
- The problem of human input: The fact that human is unpredictable shows that it may not always work as the law states.
- External and unforeseen changes: This includes technological breakthroughs, natural disasters...
- Situational: Economic theory needs to be situational. While it may be appropriate to apply a particular theory into this situation, it may not be so in other situations.
Wiki User
∙ 13y ago
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