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1.5.3. The Role of Economic Laws Given the Problems of Empirics:


D.1. The Role of Economic Laws Given the Problems of Empirics: The Economic Laws are simple rules of inference regarding human behaviour under conditions of scarcity of substitutable means and multiple ends which are needed for making sound explanations while using the real life data which is subject to its problems (described in 1.4.4).


E.1. Just like formal logic provides overly simplified rules of inference which, to a lay mind, give an impression that they are tautological, or too simple, Laws in Economics too are simple rules of inference of Choice Making (See 1.2.?). Just like those simple rules with no apparent value are necessary for developing sound arguments based on observed information, the Laws of Economics too are necessary for making sound predictions regarding a behaviour change given the observed data which is subject to problems of 1.4.4. In simple words, just like rules of inference from formal logic are used along with observed facts to deduce something reasonable, Laws of Economics too are used to make sense of the Given Data.

Reference: Chapter 04 of Robbins, L. (2007). An essay on the nature and significance of economic science.

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