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Re: query

Those laws are mathematically true. "Economic laws" are modeled abstractions, being true is relative to their design, not to a natural state.

On 6/21/07, Gassler Robert <rsgassle@xxxxxxxxx> wrote:
Right-wing economists answer with scarcity, diminishing returns, and the inefficiency of price controls.

Scarcity is an assumption, not a law.
Diminshing returns gets demolished by new growth theory.
That leaves price controls. Big deal.

>are there any economic "laws" which are always true, the way the law
>of gravity is?
>
>--
>Jim Devine / "The price one pays for pursuing any profession or
>calling is an intimate knowledge of its ugly side." -- James Baldwin
>
>

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