Scientific method how does it relate to theoretical economic
What is the scientific method and how does it relate to theoretical economics? What is the difference between a hypothesis and an economic law or principle?
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The scientific method is the technique used by economists to determine economic laws or principles. These laws or principles are formulated to explain and/or predict behavior of individuals or institutions.
A hypothesis is a “guessimate” as to the possible cause-and effect relationships between and among the facts. An economic law or principle is formulated after the hypothesis has been tested for validity.
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