Situational Economics
Abstract
This paper argues that the various theories of economics have the potential to add value when they are applied to the appropriate situation, yet educational institutions each seem overly committed to only a single theory. The resulting intense debates between economists are destructive and should be replaced with attempts to combine multiple theories in situations where they are most appropriate. An econometric example demonstrates that combining the valuable information and relationships in different theories can improve overall understanding. Consequently, economics education should teach a broad range of theories, identifying the specific situations in which the assumptions of each theory, or combination, best apply.
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