Sir Karl Popper, challenging the status quo, inspiring generations to ponder on the meaning of science, the methods to find truth, is one of the most influential philosophers of the 20th century. Of particular importance to scientific methods of inquiry is the brawl between the development of theory and the criteria for science. In Popper’s own words, it is in this brawl that Popper decided to “grapple with the problem: When should a theory be ranked as scientific? or Is there a criterion for the scientific character or status of a theory?” (Popper 1957), p. 1.
Economics recognizes the difference between infinite wants and finite resources.Infinite wants are the limitless desires to consume goods and services. Finite resources are the limited amount of resources that enable the production and purchase of goods and services.