METHODS OF ECONOMICS

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METHODS OF ECONOMICS

The early English collectivists, known as the Classical School. tried to build lip the science of Economics . The method that they used is called the Deductive Analytically. Abstract or  prior method. Among these economists may he mentioned Senior, Mill Cairns and Ricardo. the last one being its chief exponent. The advocates of this method start with a few indisputable facts about human nature and draw Inferences about concrete individual cases. For e ample they believe that self-interest alone guides  their daily life, and they try to explain and predict all human behavior in terms of Self interest obviously wrong.

Senior in his book An Outflow of Political Economy”, explains the deductive method thus. The economists premises consist of a few general propositions, the result of observation or consciousness and scarcely requiring proof or even formal statement which almost Civic man, as soon as he hears them, admits as familiar to his thoughts or at Cast as included in his previous knowledge and his inferences arc nearly as general and, If he has reasoned correctly, as certain . Mill too advocated the use of the deductive method. Cairns ill his hook Church  and Logic .Pointed out that the right method for arriving at conclusion in economic theory was the deductive method. Thus, the classical economists by and large supported the deductive method as a means of enquiry.

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METHODS OF ECONOMICS