Prove by rational demonstration and econometric verification

Reference no: EM131189204

Adam Smith hypothesized that there existed a universal natural law, free competition, which if implemented would maximize social welfare everywhere. Most contemporary economists believe that he was correct, and seek to prove it by rational demonstration and econometric verification. They are inherently opposed to the legitimacy of compara. five economic systems in the long run, because this suggests that there exists not one, bui many "natural laws." Apply the lessons developed in chapter 1 about "existence" anc culture to aw-cs the plausibility of the claim that there is only one natural economic law.

Reference no: EM131189204

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