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How did Milton Friedman defined economics?
Keep the state out of the economy and let it be run by the people via the free market -- the right thing to do.
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What are the 3 economic theories?
The 3 economic theoies are the evolution theory, force theory, and the divine right theory. Hope this helped. ... I thought those were the origin theories, and you forgot the Social Contract Theory.
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What is the biblical theory of economics?
The old testament of the Bible is "laissez-faire" (capitalistic), but Jesus' teachings ('give all you have to the poor') strongly resembles communism.
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What is the rational-economic theory of motivation?
People know where there self-interest lie, and act in such a way as to maximize this self-interest.
The value to someone ofany otpion is its usefulness to them (called: utility)
People are seen as...
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Economics is theory or science?
Economics combines sciences like math which give the same results each time (interest rates, depreciation, etc.) with empirical observations of how things have gone in the past to predict the furture.