Thursday 15 September 2011

How Far Is Economics From Being Universal?

Like music, maths, philosophy, science, economics has a universal character. Demand and supply are the same no matter where you go, which market or country or concept you apply it to. The rules are not as rigid as in maths, science but equally not as flexible as in music, philosophy. There is a certain level of objectivity but discretion as well, as in macroeconomics.