All-inclusiveness (anamnetic) - It must encompass, integrate, and
incorporate all the facts known about economic behaviour.
b. Coherence - It must be chronological, structured and causal. It must
explain, for instance, why a certain economic policy leads to specific
economic outcomes - and why.
c. Consistency - It must be self-consistent. Its sub-"units" cannot
contradict one another or go against the grain of the main "theory". It
must also be consistent with the observed phenomena, both those related
to economics and those pertaining to non-economic human behaviour. It
must adequately cope with irrationality and cognitive deficits.
d. Logical compatibility - It must not violate the laws of its internal
logic and the rules of logic "out there", in the real world.
e. Insightfulness - It must cast the familiar in a new light, mine
patterns and rules from big bodies of data ("data mining"). Its
insights must be the inevitable conclusion of the logic, the language,
and the evolution of the theory.
f. Aesthetic - Economic theory must be both plausible and "right",
beautiful (aesthetic), not cumbersome, not awkward, not discontinuous,
smooth, and so on.
g.
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