ABSTRACT
Economic theory can be put to many uses. The conventional use is the clarification of thought: specifically the explicit recognition of certain phenomena, their precise definition, the determination of their relations one to another, the elimination of logical inconsistencies, and the deduction of principles, often too subtle to be grasped intuitively. These principles, or hypotheses, can then be confronted with evidence and, if they are in conformity with the evidence, can be given some credence.
