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The statement to be evaluated states that ‘the trouble with economics is that it is not practical. It has too much to say about theory and not enough to say about the facts’.

First, what is considered as practical? According to The Australian Pocket Oxford Dictionary (Fourth Edition, Pg.838), practical is of or concerned with practice rather than theory (practical difficulties), suited to use; functional (practical shoes), sensible, and realistic.

Therefore for economics to be practical it would have to be all of the above in an economical sense. With economics being, the study of how society chooses to allocate its scarce resources to the production of goods and services in order to satisfy unlimited wants Hence in allocating these resources within society, one would be using the theory behind the allocation to make a decision as to how these processes were to take place in order to suitably allocate the resources. A suitable, functional, sensible and realistic decision can...