Blind Economics

Abstract

This paper argues that the various theories of economics can all add value, yet educational institutions each seem overly committed to only one theory. The intense debates between economists are destructive and should be replaced with attempts to combine and use each of the theories in situations where they are most appropriate. This paper demonstrates an econometric approach that can verify that there is valuable information and relationships in each of the theories that if combined can improve overall understanding. This paper recommends that economics education investigate all the various theories and describes the specific situation for which each theory's assumptions best apply.