ECONOMIC THEORY • DICCIONARIO INGLES.COM • Definition of Economic theory

... branches of human affairs, but it is more than usually prevalent, and perhaps more than usually acrid in the economic sphere. It is always a rather foolish controversy, and I have no intention of entering into it, but its prevalence makes it desirable to emphasize a platitude. Economic theory must be based upon actual fact: indeed, it must be essentially an attempt, like all theory, to describe the actual facts in proper sequence, and in true perspective; and if it does not do this it is an imposture. Moreover, the facts which economic theory seeks ...

— Supply and Demand • Hubert D. Henderson