Are there such a thing as "official" laws of economics?

Question

If there is where can I find them on the internet or at least who decided that they were official?

Answer 1

the term laws is used to describe ideas that come from observation not theory, but are often used as a foundation of theories,for example the law of the conservation of energy. The laws of economic can be found at
http://www.geocities.com/Axiom43/economiclaws.html

Answer 2

In all of the sciences, a law is the equivalent to a carpenter's rule of thumb. They are things which are not true, but close to true. For example, the ideal gas law PV=nRT is never true, but is always close. In economics, the law of demand is usually true, but is false in some cases, such as in the case of Giffen Goods.

Laws in the science help scientists operationalize theories. No one ever makes a law "official," in any science branch, people just notice them and propagate them in textbooks.

Answer 3

There are definately official laws, or universal truths, in economics. They may be referred to as 'universal truths' but in fact the intention was for them to be used as universal principles - there is an exception to every rule.

For example, the Law of Demand. However, there are many interpretations of economics, such as neo-classicism advocating free markets and neo-kenynesian advocating the importance of market equilibriums.

Answer 4

Yes and No randkl did a fine job explaining how a bullet curves and suprised he didn't mention the earths rotation which has to be calculated for VERY long shots. If you ever get a chance to do any 1000 yard shooting you will have a hoot watching the movement of a bullet through a spotting scope especially in a high wind. However when you say curving a bullet I have a felling you are referring to imparting forces on a bullet causing it to curve like a baseball. I think I actually saw a movie pre-view and probably where this is coming from of someone shooting while moving their gun in an arch to curve the bullet and hit their target. This will do nothing for you besides getting yourself shot in the foot if your timing is not perfect. "Curving a bullet" beyond natural forces is pure Hollywood.

Answer 5

The terminology of 'official laws' is not used much in economics. There is the phrase 'law of demand', but it is simply a phrase used to describe the common sense notion that when prices fall, more is bought. The phrase 'law of demand' is an older phrase and not taken seriously by economists (although the idea of the downward sloping demand curve is taken as so obvious and prevalent that it could be considered 'a law')