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1.4.2. The Nature of Laws of Economics.


D.1. The Nature of Laws of Economics: Economic Laws are the definite logical deductions derived from the definition of economics, and added assumptions about tastes, norms, techniques, institutions etc.


E.1. The laws in economics, like the pure mechanics, are the logical deductions based on the very definition of economics – the conflict between partially permissive means which are also substitutable and fully immutable ends which are multiple. This primary setup is then appended with additional assumptions regarding tastes, techniques, endowments, institutions, etc etc. The repetitive process of variations of these Given Data results in the discovery of some implications which are universal. These are the laws of economics.



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