METHODS IN POLICY MAKING THEORY - TEN PRINCIPLES OF ECONOMICS IN INDIA

Abstract

The government needs to decide and implement the rules when problems arise in the economy, and address it with implementation of rules and law so that the people are served with justice and can obtain the moral support from the law if the circumstances are against the markets. The decision defines the problem and implements the logic based on the situations and consequences.In general the economic analysis of real world problems should always be considered with time and consequences. The NEO classical economics are based on time , as time is adequate it can be specified with respect to problem, the time related to the historical change and its directly related to rational decision making with consistent period of time. The NEO classical economics can be addressed by considering the Hayek problem which can give us the idea of how a statement has been formed, and its mathematical relation with economics can provide us the solution to logic based on knowledge and consequences with timeless considerations. In this chapter we are going to explain about the concept of NEO classical economy, and the related parameters which can solve a economic problems in real way,

• Timeless subscripts locate goods and services at a point of time as scarce
• Time differential functions or equations NEOclassical can be determined based on problems
• Hayek problem: process of change in economics and decision making
• Remaining consistent with rational decision

The problem is decision making , how a certain rational decision can be implemented, regardless the time should always be consistent with a prolonged period of time to face the economic problems. The simple way to produce the designation statement is through the knowledge and dynamic concept as learning is an irreversible processHayek decision making knowledge and popper theory of objective knowledge are the two concepts which have been studied in order to obtain the concept of rational decision making regardless of time . The inadequacy of time can lead to no where.The solution for a certain problem can be addressed only with duration in time, where time is considered endless. When time is made static we obtain a satisfactory solution to 19the specified problems. The concept of NEO classical economics is addressed below with a problem in the dynamic process .