Question

for what purpose inductive and diductive method in economic field​

Answer 1

Answer:

They are using the two methods to confirm the conclusions drawn through deduction by inductive reasoning and vice versa. Thus true progress in economic enquiries can be made by a wise combination of deduction and induction.

Explanation:

The deductive method involves reasoning from a few fundamental propositions, the truth of which is assumed. The inductive method involves collection of facts, drawing conclusions from them and testing the conclusions by other facts.