NASA EXPLAINS DUST BOWL DROUGHT. NASA scientists have an explanation for one of the worst climatic events in the history of the United States, the Dust Bowl drought, which devastated the Great Plains and all but dried up an already depressed American economy in the 1930's.
The short run [in economics] is a period of time in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied. The long run is a period of time in which the quantities of all inputs can be varied.
That question, although not the central thesis of our analysis today, is an important starting point. A science, loosely defined, is a discipline that builds knowledge through observation and experimentation to explain naturally occurring phenomena. Now pick up any introductory Economics textbook, and they will tell you that modern economics is concerned with the âefficient allocation of scarce resourcesâ. As most of you will attest to, this relies on a market mechanism, and mutually beneficial trade. So far, economics looks nothing like science.