1.5.5. The Limitations of Economic Laws:

D.1. The Limitations of Economic Laws: The laws of economics can only be applied to the study of behaviour, given the set of means and ends. The laws of economics do not and cannot explain the given means and ends themselves. (From 1.2.1).

E.1. From 1.2.1 we know it is out of scope to discuss why someone has altruistic ends, or selfish, why someone has a certain set of means. Not only so, it would be irrational to try to apply the conclusion of the premises to the premises. The premises being the given ends and the given means, and the conclusion being the Laws.

The 'If X is Y, and Y is Z, then X is Z' is a logically valid argument, and now to try to explain X is Y or Y is Z using X is Z is nothing but a futile endeavour, something logicians are not interested in doing. Hence, it is the limitation of Laws of Economics that they, being deductions, cannot explain the changes in given data, although they always need, as inputs, the changes in data but neither they need to nor they can explain why these changes exist.

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

Brainstorming: What is Significance of Conceptual Hierarchies?

Brainstorming: What is Significance of Conceptual Hierarchies? Notes: It is useful for every apprentice to brainstorm and organize their ideas on important topics. This helps recall, and also discover logical gaps, or other weaknesses. I have attempted to do the same here. You may use it to develop your own diagram to organize and refine your own thoughts around the question in the title. See Project Concept Maps (Slide on Concept Maps) for understanding how these diagrams were made. You may download the picture to see it full size (Left Click on the picture, and select Save As.)

Brainstorming: What is Economics?

Brainstorming: What is Economics? Notes: It is useful for every apprentice to brainstorm and organize their ideas on important topics. This helps recall, and also discover logical gaps, or other weaknesses. I have attempted to do the same here. You may use it to develop your own diagram to organize and refine your own thoughts around the question in the title. See Project Concept Maps (Slide on Concept Maps) for understanding how these diagrams were made. You may download the picture to see it full size (Left Click on the picture, and select Save As.)

Brainstorming: What is Importance of Attention Direction?

Brainstorming: What is Importance of Attention Direction? Notes: It is useful for every apprentice to brainstorm and organize their ideas on important topics. This helps recall, and also discover logical gaps, or other weaknesses. I have attempted to do the same here. You may use it to develop your own diagram to organize and refine your own thoughts around the question in the title. See Project Concept Maps (Slide on Concept Maps) for understanding how these diagrams were made. You may download the picture to see it full size (Left Click on the picture, and select Save As.)

Log Schemata

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