History

Three Major Tasks of Economics

I have chosen to issue my article review on three major travails of economics. harmonise to our text book the three most important proletariats in economic are description, explanation, and evaluation. In order to understand and adjudicate the issue you must comprehend the three major tasks of economic description, explanation, and evaluation.
Description involves the identification, definition, and measurement of phenomena. By performing this task we secure some notion of the existing facts. It should be pointed out that this task basically amounts to fact-finding. There is, at this stage, no explanation of wherefore the facts are what they are and no evaluative pronouncement or judgment. The selection of which phenomena to describe is usually motivated by an supreme explanatory or evaluative purpose. ( Philip Jacobs and John Rapoport 2004)
The second task that is discussed is explanation which is explaining and predicting genuine phenomena. The importance of this task is that it involves conducting a cause-and- gear up analysis. In undertaking such a task, it seems we are moving whizz step beyond description; it allows us to identify the causes of certain events that have occurred.



This task is performed with the aid of models that classy various daily factors (assuming there is more than one) in a systematic framework. found on this framework, hypotheses are developed about the net effect of each causal factor on the phenomena that needs to be and should be explained. There is not further analysis do at this stage. Judgment is never passed on whether the phenomena we have ascertained are present in the desired amounts. ( Philip Jacobs and John Rapoport 2004)

polish but not least I am tone ending to discuss the third task of economics, which is evaluation. This task involves judging or ranking alternative phenomena according to some regular. An acceptable standard is first chosen, and then used to rank alternative ways of distributing scarce...If you want to get a full essay, order it on our website: Ordercustompaper.com



If you want to get a full essay, wisit our page: write my paper