Why did Myrdal emphasize value premises in economics?
Economic analysis, I argued, cannot be truly objective; it is always influenced by the values of the analyst and the society in which they operate. In "The Political Element in the Development of Economic Theory," I demonstrated how historical economic thought was shaped by underlying political and social assumptions. Therefore, it is imperative to make these value premises explicit. By acknowledging and stating our assumptions and goals, such as social welfare or equality, we can engage in more honest and effective policy-oriented research.
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