My problem with economics is that it takes economic theory and tries to prescribe it to reality… rather than explain the reality of it. It is also quite vague about what happens when institutions that deliberately meddle with fundamental assumptions like that of a free market… like Multimillion dollar MNCs that manipulate governments and essentially are policy makers who shape the market itself.
Does economic theory hold good when the free market ceases to exist as described by it?
My problem with economics is that it takes economic theory and tries to prescribe it to reality… rather than explain the reality of it. It is also quite vague about what happens when institutions that deliberately meddle with fundamental assumptions like that of a free market… like Multimillion dollar MNCs that manipulate governments and essentially are policy makers who shape the market itself.
Does economic theory hold good when the free market ceases to exist as described by it?