Question

D Should economics be highly technical and accessible only to "experts?" 2) What are three examples of untnie ideas that "neoclassical economies" tries to prove? b) c) 3) Is economics a "neutral, technical diseipline" like, for example, math or chemistry? 4) What is the name of the particular economic system we live under? 5) What is one of the reasons that most U.S. economists defend capitalism as the best system? 6) Why should "ordinary people" learn more about e involved? 7) What are the three crucial parts of capitalism? Put these into your own words! a) b) 8) Is it possible to "name and analyze" capitalism in an unbiased way?

Answer 1

Answer:

1) No, economics should not be highly technical and accessible to “experts” because the studies in economics are directly related to the people and the society so it should be accessible and people friendly so that it become easy for everyone to understand.

2) the three examples of unique ideas that neoclassical economists tries to prove are :

• Rational expectations or consumer make decisions rationally
• Economic agents have full knowledge about the market
• Mathematical or scientific explanation of theories

3) No, economics is not a “neutral, technical discipline” like, for example, math or chemistry it is the combination of science and arts.

4) the particular economic system we live under is capitalism or a free market economic system under which the economic decisions are not taken by the government but by the private individuals

5) the U.S. economists defend capitalism because it gives people the power to make decisions and it increases the efficient use of resources by people.

6) the study of economics is related to the daily life of people and the working of various factors which affect the human life and society so it is important for ordinary people to learn more about economics as it will help them to understand the working mechanism of economics and how it impacts their life.