Is International Trade Driven By Theory Essay Example | Topics and Well Written Essays - 1750 words

Is International Trade Driven By Theory - Essay Example Events happen all around us at all times. Life is full of something either happening or not happening. Science makes an attempt to codify the related events and find reasons for events that happen regularly and develops what we understand a theory that describes and informs us of why these events happen or not happens. Kaplan (1964) and Merton (1967) state that theory is the answer to the questions of why. The study of the substance of causal relationships, identification of sequence and the schedules of events are highlighted by the theory which tries to portray systematic reasoning for both occurrences and non-occurrences. A theory is considered as strong when the essential and basic practice or progression is evident and collated. A theory is considered weak if these factors are missing. A theory will essentially be an explanation, a delight and a prediction of events (Weick 1995). This means that there will be the presence of logic, it will calculate, foretell and it will satisfy the curiosity even f it is contrary to expectations. A theory is also multi-directional. It may delve in itself to find deeper or finer meanings or it move in an upward or sideways direction to be a part of another concept. It is not so easy to define a theory, despite the above attempt, but it is easier to state precisely what a theory is not. Sutton and Staw, through the ASQ forum, have very aptly explained that a theory is definitely not references and data. These provide inputs but add no substance or value to the phenomena.