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Is Economics Only Dy/Dx Or A Difference Equation Or Something More That Require In Depth Anaysis?

Velmurugan K S
23/01/2018 0 0

Basic Econmics Thinking: II

Economics underwent dramatic changes in 1920's & 1930's. Economics became more analytical & quantitative with the advent of Micro & Macroeconomics, with well developed theoretical constructs. Be it perfect competition or isoquants analysis or production functions from simple two variables to multiple variables involving the introduction of day/dx, dy2/dx2, partial variables of 1st order to 4th order and so on. With multi-variables linear as in linear programming, non linear programming, simplex method, to multivariate analyses, advanced techniques like CPM or queuing theory as well as sociometric techniques like sensitivity to simulation techniques, applied to human individual or group behaviour, which is interpersonal as well as intrapersonal behaviour, which requires individual dovetailed standard techniques collection of data, repeat observation, and deep reflection after participant observation approach .In Economics, there is no blind rule of thumb approach or established theory. Each observed unit in Applied Economics needs strong datum support to revise or support a new idea or theory. Economics variables are behavioral & therefore the challenge for any serious economic practitioner, be it a firm, industry or even a government of a country.

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