ECO 205 Week 1 DQ 2 - 7515

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When economists take the role of a scientist they are examining what is happening in the world. They observe the economy much like a scientist observes his/her experiment. An economist will create theories, collect data, and then analyze the data to see if it is accurate or not. Although economists do experiments like scientists, they have a more difficult time because they cannot manipulate their data. They must use events that occur in history to study and prove their theories.

     When economists are taking the role of a policy advisor they are trying to offer advice to improve a problem in the world. They use normative or prescriptive descriptions to offer advice on fixing a flaw in the economy. The problem with taking the role of a policy advisor is that the economy is ever changing and something that fixes a problem today can cause worse problems tomorrow. When an economist is offering advice he is giving an educated guess which can be inaccurate. It is based on historical events and is much like predicting the weather. 

Solution Description

When economists take the role of a scientist they are examining what is happening in the world. They observe the economy much like a scientist observes his/her experimen