Abstract: This paper explains the neoessity and possibility of applying two of the most fundam-ental principles-controllability (reachability)and observability(reconstructability)-in the modern economic control theory; gives opinions about the introduction of these concepts into economic theory and about the related analytic methods; also describes their necessary revisions while applied in different economic structures, and point out the constrained conditions these concepts should besubjected to. A comparison between modern control theory and modern socio-economic control theory is also given with respect to their applied objeotives, showing their similarities and dissimilarities.