The Role of Economic Theory (Recent Economic Thought, 40)

this Book Provides The Reader With Different Perspectives On `economic Theory' From The Viewpoint Of Various Subdisciplines Within Economics. Questions Considered Include The Role Of Economic Theory And What Factors Influence The Way Economists View The Role Of Theory In Economics. The Volume Can Be Broadly Divided Into Two Camps — Interventionists Vs. Non-interventionists. The Editor Is Successful In Presenting The Main Schools Of Modern Economic Thought As Well As Identifying Qualified Proponents For These Schools. These `schools' Include Neoclassical Economics, Institutional Economics, Monetary Economics, Radical Economics, Rational Expectations, Game Theory, Public Choice And Keynesians. Regulations to promote health and safety may be costly relative to the expected health and safety benefits, and may actually have negative effects on health and safety. These negative effects, or costs, may be due to reduced private spending on health and safety, moral hazard, or the creation of new risks. Is there any common ground among economists of different schools concerning the role or roles to be played by theory? I knew (or thought I knew) what economists who believe in interven tionist policy were going to say, but I was unsure what other economists would say.