Final answer:
Well-tested economic theories, also known as economic models, are tools used by economists to explain and predict economic behaviors and organize economic systems. They reflect assumptions about human behavior and simplify complex issues, without necessarily leading to universally valid laws. These theories are utilized across political lines, proving the versatility of economic language and concepts.
Step-by-step explanation:
A well-tested economic theory is often referred to as a model that helps to explain and predict economic phenomena. Economists use these theories to scrutinize a wide array of economic issues, applying them as tools rather than definitive answers. Economic theories are grounded in assumptions about human behavior and are designed to simplify complex real-world issues, thereby making them more understandable.
Economic models can be used by anyone regardless of their political orientation; they are versatile and form the basis for organizing economic systems. The application of these models and theories can lead to diverse political interpretations, showcasing the multifaceted nature of economics as a discipline. Joan Robinson, a prominent economist, emphasized that economic theory does not establish universal laws but is a method for organizing ideas and posing questions.
It is also important to clarify a common misconception: a longstanding theory in economics does not evolve into a law. Theories and laws serve distinct roles within scientific disciplines, including economics.