188. HUMAN ACTION Principles of Economics Lecture 1
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The Importance of Constants in Scientific Experimentation and Their Absence in Economics
This chapter discusses the significance of constants and measurements in scientific experimentation and their absence in economics. It contrasts the systematic and reproducible nature of scientific experimentation with the subjective and immeasurable nature of economic value. The chapter highlights the limitations of applying quantitative methods and experimentation in economics and concludes that economics has failed to produce quantitative laws or formulas due to the absence of necessary tools and constants.
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