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Thirty years on, however, both theory and fact have changed.
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"Both theory and empirical facts do tend to show that, on the financial markets, the Invisible Hand does not always lead to welfare-improving general outcomes," Cont replies.
There is a distinct difference between belief and knowledge and between theory and fact.
Like those electrons that can be waves or particles, evolution is both a theory and a fact.
Thus, evolution is widely considered both a theory and a fact by scientists.
As we saw in discussing the neo-classical correspondence theory, truthmaker theories, and fact theories in particular, raise a number of issues.
My colleague Gian-Luca Clementi and I have studied both the theory and the facts of executive compensation in the U.S. We use a total compensation concept that comes as close as possible to capturing the alignment of incentives of managers and shareholders in the long run.
With knowledge exploding, and there being ever more theories and facts, writing hasn't got easier.
Do mini quizzes, online quizzes and book quizzes to see if you've understood the concepts, theories and facts well.
I can't help but wonder if the HH is less theory and more fact.
Our results may be consistent with this theory, and in fact help refine it.
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