Because any decision involves some intertemporal consideration which cannot be satisfactorily estimated or forecast at the time
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Because any decision involves some intertemporal consideration which cannot be satisfactorily estimated or forecast at the time of decision-making, economics should concern itself only with explaining past events rather than trying to forecast future events. Do you agree?
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The statement suggests that due to the inherent uncertainty and difficulty in accurately forecasting future events economics should focus solely on ex...View the full answer
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