Posts Tagged ‘prickly city’

why economics is considered a social science (or, what’s “ceteris paribus”?)

August 11, 2010

Economists adore their numbers. For example, demand curves capture a relationship between product price and quantity demanded. However, this isolation comes by exclusion of all other influences upon demand, often resulting in predictive statments like, “they’ll demand this quantity of X if the price is set at Y”. That’s shakier ground compared to predictive statements regarding, say, a relationship between temperature and a volume of water.

Wanna Be