Abstract
Concealed in these two statements is a number one confusion in the minds of too many professional and academic economists. It is the purpose here to explain this confusion and to show some of its consequences, for practical theory is a generalization of meansconsequence relationships that serves as an aid in determining a future course of action. Why would any research economist ever say that he doesn't engage in theoretical research? And why would anyone think of the teaching of economic principles as a goal distinct from formulating a future course of action? Every scientific effort to analyze the facts so as to anticipate the future and guide action requires the use of a variety of concepts or mental tools. And an economic principle is an expected repetition of a past relationship that has practical significance for future action.
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