Real-world economics is a school of economics that uses an inductive method to understand economic processes. It approaches economics without making a priori assumptions about how ideal markets work, in contrast to what Nobel Prize-winning economist, Ronald Coase, referred to as "blackboard economics" and its deductive method.
See also Post-autistic economics Heterodox economics Complexity economics Pluralism in economics Humanistic economics Real-World Economics Review Historical school of economics Foundations of Real-World Economics
References
External links Real-World Economics Review Examples of real-world economics concepts from the American Economic Association Real-world economics explained at The Economics Network Foundations of Real-World Economics at Harvard Summer School