An explanation is a set of statements usually constructed to describe a set of facts that clarifies the causes, context, and consequences of those facts. It may establish rules or laws, and clarifies the existing rules or laws in relation to any objects or phenomena examined.
In philosophy, an explanation is a set of statements which render understandable the existence or occurrence of an object, event, or state of affairs. Among its most common forms are:
An economic ideology is a set of views forming the basis of an ideology on how the economy should run. It differentiates itself from economic theory in being normative rather than just explanatory in its approach, whereas the aim of economic theories is to create accurate explanatory models to describe how an economy currently functions. However, the two are closely interrelated, as underlying economic ideology influences the methodology and theory employed in analysis. The diverse ideology and methodology of the 74 Nobel laureates in economics speaks to such interrelation.
A good way of discerning whether an ideology can be classified an economic ideology is to ask if it inherently takes a specific and detailed economic standpoint.
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