In Nelson’s religious idea of economics, religion provides a means of rationalization to the underlying forces of the economic world (Nelson). However, we are able to empirically understand the facts and patterns in the cause-effect nature of the economy through data collection and analysis. These phenomena can be proven, and do not require religion-like postulates that serve to create truth. For example, it is easy to attribute the recent recession to unknown factors, and give blame to a higher, unidentified power. However economists have analyzed data and drawn factual conclusions about the events that led up to the downfall in the economy. These facts do not guarantee the prevention of a future recession, but they can explain cause and effect relationships associated with changing economic conditions. Likewise we, as individuals, manage our money and make decisions on small and large scales, based on facts that are known about the economy, for example, returns on investments, savings strategies, and budgeting. It is not necessary to be a highly trained economist to perform simple cost/benefit analyses on the individual level, which are based on facts of how the system
In Nelson’s religious idea of economics, religion provides a means of rationalization to the underlying forces of the economic world (Nelson). However, we are able to empirically understand the facts and patterns in the cause-effect nature of the economy through data collection and analysis. These phenomena can be proven, and do not require religion-like postulates that serve to create truth. For example, it is easy to attribute the recent recession to unknown factors, and give blame to a higher, unidentified power. However economists have analyzed data and drawn factual conclusions about the events that led up to the downfall in the economy. These facts do not guarantee the prevention of a future recession, but they can explain cause and effect relationships associated with changing economic conditions. Likewise we, as individuals, manage our money and make decisions on small and large scales, based on facts that are known about the economy, for example, returns on investments, savings strategies, and budgeting. It is not necessary to be a highly trained economist to perform simple cost/benefit analyses on the individual level, which are based on facts of how the system