Economic Generalization Essay

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Recommended: Principles of Economics

“Though economic analysis and general reasoning is of wide application, yet every age and every country has its own problems; and every change in social conditions is likely to require a new development of economic doctrines.” Alfred Marshall remarked at the end of the chapter on Economic generalizations or laws in his book Principles of Economics. Orthodox economists have a tendency to approach economic problems by over generalizing or simplifying diverse economic variables. Thus, generalization undermines understanding from inside; such understanding of variables is the very base of social sciences.

Nothing can substantiate my argument better, than what I saw at the Beneski Natural History museum in Amherst College. This was my first

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