Theory
in sentence
2204 examples of Theory in a sentence
But, even worse, it misses the point, and shows why public policy should be based on valid economic theory, not gut feelings.
So, what can economic
theory
tell us about the US’s trade balance?
Thus, economic
theory
tells us that protectionism would be especially harmful for the US.
Since these missiles could in
theory
attack Turkish aircraft in Turkish airspace, the Turks in response have implied that their deployment might be a casus belli.
This sort of behavior – with activists and big energy companies uniting to applaud anything that suggests a need for increased subsidies to alternative energy – was famously captured by the so-called “bootleggers and Baptists”
theory
of politics.
The
theory
grew out of the experience of the southern United States, where many jurisdictions required stores to close on Sunday, thus preventing the sale of alcohol.
Indeed, the “bootleggers and Baptists”
theory
helps to account for other developments in global warming policy over the past decade or so.
However, it took nearly two centuries of wars, political and social disasters, and decolonization before this idea became globally accepted, at least in
theory.
Central banks (not to mention lawmakers), with their strong attachment to neo-Keynesian theory, are ignoring a major lesson from decades of monetary-policy experimentation: the impact of monetary policy cannot be predicted with a high degree of certainty or accuracy.
But one lesson of modern finance
theory
is that, in well functioning financial markets, repackaging risks should not make much difference.
We were astonished during President George W. Bush’s first term at the administration’s hostility to science, reflected in its stance on climate change and Charles Darwin’s
theory
of evolution.
In answering this question, Keynes reconstructed the orthodox
theory
– and then proceeded to demolish it.
The first of the implicit assumptions of orthodox
theory
that Keynes identified was Say’s Law, the doctrine that “supply creates its own demand.”
Keynes thought that the chief implicit assumption underlying the classical
theory
of the economy was that of perfect knowledge.
Today’s “efficient market theory” restored to economics the assumption of perfect knowledge by claiming that all risks are correctly priced.
But Stiglitz’s papers, published in the 1970s and early 1980s, shifted the mainstream paradigm of the microeconomic
theory
of markets.
The evolutionary
theory
he presented in that great book rests on two pillars: the idea of descent with modification, and the idea of natural selection.
It is Darwin’s second powerful idea – the idea that even the most complicated features of organisms are the outcome of natural selection – that has been the key to his theory’s long-term success.
The two pillars of evolutionary
theory
are the consequences of interaction among three distinctive features of living organisms: reproduction (individuals produce offspring), heredity (like gives rise to like), and variation (sometimes offspring are different from their parents).
Recognizing that there is more to heredity than DNA has implications for medicine and agriculture, as well as for evolutionary
theory.
In evolutionary studies, because heritable non-genetic variations are often induced by the environment, we have to expand our notion of heredity and variation to include the inheritance of acquired variations, the once disparaged idea that was part of Lamarck’s
theory.
In theory, the technology is simple, cheap, and capable of being deployed by a single country or a small group of collaborators; no UN consensus is required.
Within the EU, this is less of an issue, given that small states – in
theory
– still benefit from free trade within the Union; but, outside of the EU, the situation of the remaining state can be dire.
This key fact is not a matter of economic
theory
or an historic regularity.
According to economic theory, the major determinants of capital flows to emerging-market economies are real growth-rate differentials, interest-rate differentials, and global risk aversion.
Research by the International Monetary Fund and a Fed working paper confirm that this
theory
fits the patterns of the last decade, although some changes have occurred since the 2008 financial crisis.
The recent decline in capital flows to emerging markets is also consistent with
theory.
Rather than preventing monopolization and restraint of trade, as the
theory
goes, antitrust regulation in the “new economy” is a new face of the old “industrial policy,” allowing bureaucrats to manipulate economic outcomes and favor companies dearer to them than the consumers’ choice.
But, while in another age we might have been indulgent about its consequences, today it has explosive potential, because people who think in this manner are prime recruits for seeing the world in terms of Samuel Huntington’s
theory
of the “clash of civilizations.”
Few of today’s new “Marxists” want to spell out the attractions of a man who wanted to unite German philosophy (building on Hegel) with British political economy (carrying on from David Ricardo), and thereby turn two rather conservative traditions into a
theory
of radical revolution.
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