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List 5 ways of methodology

1.Develop theories and create economic models


2.Use simplifying assumptions


3.Test theories and models


4.Use empirical data


5.Make predictions

Develop, use, test, make

What does ceteris paribus allow you to do?

Can develop theories, models and make predictions

Can

What might decisions be based on? (4)

Normative statements


Moral views


Political judgements


Short term positive consequences

Normative, moral, political, short