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Related to Economic theories: game theory, Keynesian economics
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Milton Friedman charges that what matters is the predictive and not the explanatory success of economic theories with respect to the tasks for which they are designed.
This fact does not lend itself to the glamour of tough-minded "cutting edge" economic theories, but it offers some hope to the animals themselves.
Chapters 8 and 9 lay down the fundamentals of economic theories and models of Robert E.
Friedman's ability to explain complicated economic theories has had a profound impact beyond the university.
On the other hand, it is gratifying to have the Catholic Corollary of Mueller's First Lemma confirmed so decisively: "The readiness of Catholic economists to accuse one another of heresy is proportional to the logical insufficiency of and, thus, lack of empirical support for their economic theories.
Specific topics include the role of game theory in law, agency models in law and economics, economic analyses of legal disputes and their resolution, game theory in calculating litigation costs, an economic theory of the duty to bargain, optimal choices of legal rules, economic theories of liability, interactive theories of law enforcement in tax compliance and other cases, the selection of disputes for litigation, rational choice theory of Supreme Court statutory decisions, and tests for the stability and liability of judicial decisions.
Economic theories are not just some pie-in-the-sky, ivory tower academic exercises.
Even college students well versed in economic theories that treat only selfish strategies as rational often cooperate with anonymous partners to win money in laboratory games, McCabe and Smith say.