In Economics, scientific methods are one of the most
commonly used approaches used to identify and solve problems. Some of the
commonly used scientific approaches/methods used in Economics are as follow:
The identification of
a problem or phenomenon: Over the years, since time immemorial, the first
step in the scientific study of Economics has always been to identify a problem.
Here, the economist tries his or her best to identify an economic problem or a
phenomenon that can be researched upon. The economist then carries out a major
study or research into the problem or phenomenon. The economist hopes to use
this step to find possible answers to the problem he or she has identified.
The observation of
facts through the collection of data: Another scientific approach used
involves the gathering of data pertaining to the problem identified or the
phenomenon. Here, the economist would find his target audience and use a study
or research instrument such as interviewing to gather relevant information or
data for the study. Another study instrument that is often used by researchers is
questionnaires.
The analysis of the
data collected: The data collected is then analyzed critically by the use
of statistical tools such as pie charts, histograms, bar graphs, etc. The
purpose of this is so that researchers can discover a particular pattern.
The pattern
discovered are used to formulate theories: Having discovered a pattern,
then a law or theory is formulated from the pattern. These theories or laws
become universally accepted as true under certain circumstances.
Predictions are made
based on the theories: Having formulated the theories or laws, economists
then use them to predict or forecast future occurrences of certain economic
policies that are presently being taken.
No comments:
Post a Comment