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Weak assumptions, razor of Occam and the power of theory

Philosopher-mathematician Henri Poincaré asserted, “When a phenomenon admits of a total mechanical explanation this will admit of any infinity of others that will account equally well for all of the peculiarities disclosed through the experiment.” Occam’s razor asserts which the best models are the simplest workable models, and amounts to a preference for theories based upon: (i) empirical observations. (ii) weak assumptions. (iii) common sense. (iv) strong assumptions. (v) logical reasoning.

Hey friends please give your opinion for the problem of Economic that is given above.

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