What is Economics? Economics is not a natural science, i.e. it is not concerned with studying the physical world like chemistry, biology. Social sciences are connected with the study of people in society. It is not possible to conduct laboratory experiments, nor is it possible to fully unravel the process of human decisionmaking. “Economics is the study of how we the people engage ourselves in production, distribution and consumption of goods and services in a society.” Normative economics and Positive Economics: Normative economics refers to value judgments, e.g.
Periodic defense reviews require analysts to address difficult questions regarding the Navy’s ship force structure, resource levels and allocations, and the shipbuilding industrial base. While a range of tools is available to assist analysts in their decisionmaking, the need for improvement exists.
Because the East-West gas pipeline was an issue for the Soviets in the areas of domestic economic policy, East-West diplomacy, and foreign economic relations, and because of intense attention given to the pipeline affair in both East and West, it provides a rare window on Soviet decisionmaking. This report draws on the