Difference between inductive and deductive method of study in economics
Answers
The main difference between inductive and deductive approaches to research is that whilst a deductive approach is aimed and testing theory, an inductive approach is concerned with the generation of new theory emerging from the data.
A deductive approach usually begins with a hypothesis, whilst an inductive approach will usually use research questions to narrow the scope of the study.
For deductive approaches the emphasis is generally on causality, whilst for inductive approaches the aim is usually focused on exploring new phenomena or looking at previously researched phenomena from a different perspective.
Inductive approaches are generally associated with qualitative research, whilst deductive approaches are more commonly associated with quantitative research. However, there are no set rules and some qualitative studies may have a deductive orientation.