[economic thought] :2

sergey avetisyan
2 min readMar 27, 2023

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However, the problem with economic thought is that it is not always based on objective reality. Economic theories and policies are often influenced by political and social factors, which can result in a skewed view of the economy. In addition, economic rules are not fixed and can change over time as society and technology evolve. Therefore, it is important for economists to continuously reassess and update their understanding of the economy to ensure that their policies are effective and relevant.

Moreover, the concept of economic rules raises questions about the role of free will and individual agency in economic decision-making. While economic laws may exist objectively, the way in which individuals and societies interact with these rules is shaped by their values, beliefs, and goals. Therefore, economists must consider not only the economic laws that govern the market, but also the subjective experiences and motivations of economic agents.

So, while economic rules may exist objectively, the interpretation and implementation of these rules are influenced by a complex array of social, political, and cultural factors. Therefore, it is crucial for economists to take a holistic and interdisciplinary approach to economic thought, incorporating insights from philosophy, sociology, psychology, and other fields. By doing so, economists can gain a more complete understanding of the economic system and develop policies that are effective, equitable, and sustainable.

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sergey avetisyan
sergey avetisyan

Written by sergey avetisyan

is an economist and writer. My research interests lie in the field of urban economics, economic geography, and the financial stability of the banking sector.

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