Abstract
Everyday, in real life, the past is irrevocable and the future predicted with a margin of uncertainty. In a theoretical model, time can be frozen but it is a common error to confuse a comparison of static positions with a movement between them. E. H. Carr claims that historians and natural scientist are alike in having given up the search for grand ‘laws’ and are now content to try to learn ‘how things happen’. To improve the status of economics it is necessary to get rid of logical contradictions, which involves eliminating the concept of static equilibrium; to guard against conception by ideological prejudice and to use the study of history, as it unfolds, to check up on the hypotheses that theory suggests.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
