Merits and Demerits : Inductive Methods of Economic Analysis

merits and demerits of inductive method of economic analysis

Introduction Inductive methods which is also called empirical method was adopted by the “Historical School of Economists”. It involves the process of reasoning from particular facts to general principle. This type of reasoning flows from facts to theory. First, we collect information and facts and then move towards providing evidence using economic theory and facts. This method formulates … Read more