Give the meaning of deductive method.
Answers
Economics has two common methods for theoretical reasoning; namely deductive and inductive methods.
The definition of deductive method is the conclusion of a matter from the generalized version to a particular point.
This method is also used for deriving new inferences from other established theories or principles, by proper analysis of all the available facts.
Normally these deductions are made by firstly picking up a definite economic problem, creation of some solid speculations for solving the problem, preparation of an acceptable hypothesis as per the logical reasoning of the facts and lastly, statistical verification of that hypothesis.
Answer:
1. Deshuctive method means deriving conclusion
from general truths.
2. It takes few general principles and applies them to draw conclusions.
3. It is also called as analytical (or) abstract method.