Question

Why is it unfair or meaningless to criticize a theory as “unrealistic?”

Short answer

Because the economy is so complicated, any attempt to comprehend it in its current state is likely to fail. Theories are apparently simplified versions of reality. A good theory, when done correctly, permits us to see key relationships.

Step-by-step solution

Definition

Theory:

A theory is a well-proven explanation of natural events that may comprise hypotheses, laws, and facts. Theories not only explain known events, but also aid in generating predictions about what will happen if the theory is proven correct.

Explanation

It's unfair since a theory is simply attempting to reduce a difficult idea, regardless of whether or not this is attainable. Even if achieving a zero percent unemployment rate is unachievable, the concept of what would happen if it were possible could provide economists with ideas for the best unemployment rate and so be of practical help.