How is the nature of economic laws?
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Economic laws are like scientific laws which trace out a causal relationship between two or more phenomena. As in natural sciences, a definite result is expected to follow from a particular cause in economics. ... Since economic laws are like scientific laws, they are universally valid.
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Economic laws are like scientific laws which trace out a causal relationship between two or more phenomena. As in natural sciences, a definite result is expected to follow from a particular cause in economics. ... Since economic laws are like scientific laws, they are universally valid.
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