facility noun (PLACE). âº [C] something such as a âplace, âbuilding, or âequipment used for a âparticular âpurpose or âactivity: The new âsports facility has a âswimming âpool. (Definition of facility from the Cambridge Academic Content Dictionary Â© Cambridge University Press).acility noun (PLACE). âº [C] something such as a âplace, âbuilding, or âequipment used for a âparticular âpurpose or âactivity: The new âsports facility has a âswimming âpool. (Definition of facility from the Cambridge Academic Content Dictionary Â© Cambridge University Press).
While economists cloak their views in the aura of science, what they actually do is make assumptions about the world, use those assumptions to build imaginary economies (known as models), and from those models generate conclusions.
However, the assumptions economists make have a huge effect on the world of economics and therefore world economies. One response to these assumptions that is popular among non-economists is to deride economists and call for their assumptions to be dumped. A great many people feel that viewing the economy as governed by self-interested utility maximisers as so unrealistic as to be useless. They say we should ditch it all and start afresh. Most of the key pillars of neo-classical economics have been debunked.