Final answer:
Determining the success of a bold experiment in economic policy involves analyzing outcomes related to economic stabilization and policy effectiveness. Even if an experiment rejects a hypothesis, it may still be successful by providing insights or leading to new hypotheses. A theory is a well-substantiated explanation of an aspect of the natural world.
Step-by-step explanation:
Assessing the success of a bold experiment in economic policy requires examining the outcomes in terms of economic stabilization, consumption, output, and effectiveness of the tax policy. If the goal of the bold experiment was to stabilize the economy and the policies implemented led to the desired economic outcomes, it could be considered a success. However, if the goals were not met, it might be viewed as a failure. In scientific terms, if an experiment rejects the hypothesis, it's not necessarily a failure; it may still provide valuable insights or lead to a reevaluation of the hypothesis. A well-substantiated explanation of a natural phenomenon is known as a theory, which is distinct from a law, the latter being a descriptive generalization about how some aspect of the natural world behaves under stated circumstances.