Question
What is a good Opinion About the information below? ..... I agree with the criticism. Economic is a social science that can deal with aspect
What is a good Opinion About the information below?
.....
I agree with the criticism. Economic is a social science that can deal with aspect of a person choosing between the alternative to the person. Lets say if the goods available are not at all scarce, then there is not assumptions intended respective to the criticism.
In the real world the model of psychologic consumption function can be considered a good example of a balance between accuracy and simplicity. The relationship that income determines the consumption as clear as possible and an accurate description. A good model should always be specific to time and region. The balance between accuracy and simplicity is needed but based on the application. We decided what has to be considered more important.
Lastly, with the succeeding theories we can understand the strength and weakness and variations of the theory and no one can go against the theory that income determine consumption.
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