Explain the reasons why no theory perfectly describes the reality.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 19, Problem 1VQP

To determine

Explain the reasons why no theory perfectly describes the reality.

Expert Solution & Answer

Explanation of Solution

No theory cannot perfectly describe the reality because the main job of a theory is to find why the things in a society are like this or gone like this manner etc. Theory is only a group of principles that lead the real activities in a smooth manner. For example: according to the theory of trade, it explains what it is. But it did not say that how it done by every country. In building a theory, some variables are necessary to be omitted.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

What is the best and the worst economic theory of adam smith as an economist?

Discuss the major tenets of neoclassical school by Alfred Marshall, JOHN GUSTAV KNUT WICKSELL, IRVING FISHER, RALPH GEORGE HAWTREY, PIERO SRAFFA, EDWARD HASTINGS CHAMBERLIN, and JOAN ROBINSON

Why is the answer different to the answers for this question? The questions are all the same.

Answer 2

Question

Chapter 19, Problem 1VQP

To determine

Explain the reasons why no theory perfectly describes the reality.

Expert Solution & Answer

Explanation of Solution

No theory cannot perfectly describe the reality because the main job of a theory is to find why the things in a society are like this or gone like this manner etc. Theory is only a group of principles that lead the real activities in a smooth manner. For example: according to the theory of trade, it explains what it is. But it did not say that how it done by every country. In building a theory, some variables are necessary to be omitted.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 19, Problem 1VQP

To determine

Explain the reasons why no theory perfectly describes the reality.

Expert Solution & Answer

Explanation of Solution

No theory cannot perfectly describe the reality because the main job of a theory is to find why the things in a society are like this or gone like this manner etc. Theory is only a group of principles that lead the real activities in a smooth manner. For example: according to the theory of trade, it explains what it is. But it did not say that how it done by every country. In building a theory, some variables are necessary to be omitted.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 19, Problem 1VQP

To determine

Explain the reasons why no theory perfectly describes the reality.

Expert Solution & Answer

Explanation of Solution

No theory cannot perfectly describe the reality because the main job of a theory is to find why the things in a society are like this or gone like this manner etc. Theory is only a group of principles that lead the real activities in a smooth manner. For example: according to the theory of trade, it explains what it is. But it did not say that how it done by every country. In building a theory, some variables are necessary to be omitted.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 19, Problem 1VQP

To determine

Explain the reasons why no theory perfectly describes the reality.

Expert Solution & Answer

Explanation of Solution

No theory cannot perfectly describe the reality because the main job of a theory is to find why the things in a society are like this or gone like this manner etc. Theory is only a group of principles that lead the real activities in a smooth manner. For example: according to the theory of trade, it explains what it is. But it did not say that how it done by every country. In building a theory, some variables are necessary to be omitted.

Answer 6

Chapter 19, Problem 1VQP

To determine

Explain the reasons why no theory perfectly describes the reality.

Expert Solution & Answer

Explanation of Solution

No theory cannot perfectly describe the reality because the main job of a theory is to find why the things in a society are like this or gone like this manner etc. Theory is only a group of principles that lead the real activities in a smooth manner. For example: according to the theory of trade, it explains what it is. But it did not say that how it done by every country. In building a theory, some variables are necessary to be omitted.

Answer 7

Chapter 19, Problem 1VQP

To determine

Explain the reasons why no theory perfectly describes the reality.

Answer 8

Expert Solution & Answer

Explanation of Solution

No theory cannot perfectly describe the reality because the main job of a theory is to find why the things in a society are like this or gone like this manner etc. Theory is only a group of principles that lead the real activities in a smooth manner. For example: according to the theory of trade, it explains what it is. But it did not say that how it done by every country. In building a theory, some variables are necessary to be omitted.