Different methods of studying economics by economists

icv By icv, 8th Jun 2013 | Follow this author | RSS Feed | Short URL http://nut.bz/2x805zmn/
Posted in Wikinut>News>Education

this article saying about two methods used by economists for studying economics. Inductive method and deductive method.

Inductive method and deductive method.

Economics is one of the very important discipline in the world. every day the significant and the scope of economics is raising rapidly. Since every countries are trying to attain both the growth and development it is become more significant. Because economics systematically explain how to determine the problem of society especially economic related. Further it also suggests the way for how to utilize the resources of a country in an maximum and optimum manner as possible. The modern theories of economics is built based on the reality. It can prove by analyzing and understanding of the modern theory after the Keynesian revolution in economics.

Any how economists studying economics on the basis of considering many things. Actually economists are researching the solution for an economy or a country. To solve or find out solution they should follow a good scientific method. The methodology means the way of studying problems by economists. Generally the economists follows two major methodologies. That is deductive method and inductive method. Each of them are briefly described in the coming paragraphs….

Deductive method


Deductive method is the way of reasoning from general view to particular or from common to individual. The economists solve a problem in this method by building economic models. Models may be in the form of variables, graphs etc. Since in this method the problem is analyzing by individual units they will be micro economic model. This method is also known as analytical method or priory method.

Inductive model

It is just opposite method of deductive method. Where the economists reasoning from particular to general. So, macro economic models are built by inductive method. Because macro economic variables are dealing with the general view or general outlook. This method is also known as empirical method or realistic method.

Tags

Economic And Social Issues, Economic Issues, Economic Trends, Economics, Education, Educational Institutes

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author avatar icv
I am from India, Kerala. I am interesting in writing articles. Here I will share articles related to Economics, Banking and other general topics with you .... read

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Comments

author avatar Nouah mbegera
23rd Oct 2013 (#)

economics is a nice subject

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author avatar Robert losaru
15th May 2014 (#)

I lov it

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author avatar Daniel nkini
2nd Jan 2015 (#)

i do apretiet the concept

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author avatar Angie
9th Dec 2017 (#)

its nice and easy to understand
I love it

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author avatar Angie
9th Dec 2017 (#)

its nice and easy to understand
I love it

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