Question

For the following question, read the given passage carefully and answer the question that follows.

Instead of being concerned with what actually happens in practice ... [economics] is increasing) reoccupied with developing pseudo-mathematical formulas. These provide models of behavior that never quite fit what actually happens, in a way which resembles the physical sciences; one wrong: instead of equations describing reality, economics produces equations describing deal conditions and theoretical clarity of a type which never occurs in practice.

Which of the following best summaries the argument of this paragraph?

Options

• Economics ought to be more like the physical sciences

• Theoretical clarity is undesirable in economics

• The physical sciences are wrong to emphasise mathematic formulae

• The mathematical equations used by economists do not accurately describe the real world

Answer 1

The mathematical equations used by economists do not accurately describe the real world

Explanation:

The argument states that the models and theories of economic (that are based on mathematical formulae) are too idealistic and far from reality. 'The mathematical equations used by economists do not accurately describe the real world' summarizes the argument effectively.