explain five limitations of economics
Answers
Answer:
1. While positive economics can help people understand what is currently happening, it is much more difficult to use similar modes of thinking to predict the future and influence policies to ensure overall improvements.
2. Economics was born out of the idea that human beings could study the nature of wealth in order to better the world, but it is a problematic area of inquiry.
3. While they can point to data, historical precedence, and other facts to support their arguments, there is no way to guarantee that they are right.
4. Different economists come to completely different conclusions about what kind of regulations and controls should be applied to various markets and exactly what outcomes will result.
5.economics become especially problematic in normative economics, which involves recommendations about how things ought to be and what types of policies a government should implement in order to improve a nation's economy.
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