Partial EQUILIBRIUM ANALYSIS

Partial EQUILIBRIUM ANALYSIS Partial equilibrium analysis is the analysis of an equilibrium position for a sector of the economy or for one or several partial groups of the economic units corresponding to a particular set (If data. This analysis essentially entails a...

VALUE OF ECONOMIC ANALYSI

VALUE OF ECONOMIC ANALYSI The economists are called upon to play two  distinct roles: (a) as educationists and (b) as professional economists. As teachers, they are concerned with explaining past economic experience and to instruct in the tools and techniques...

Inductive Method

Inductive Method The Historical School represents a reaction. against the dogmatic attitude of the followers of deductive method. The reaction was specially marked in Germany and was represented by economists like Rochester, Hildebrand and Frederick List....

Limitations

Limitations This deductive method has the merit of being simple, effective and certain, only if the underlying assumptions arc valid, This is a very big. IF indeed. More often than not, the assumptions turn out to be untrue of only partially . The application of...

Merits of Deductive Method

Merits of Deductive Method (i) The deductive method is useful in analyzing the complex economic phenomenon where cause and effect arc inextricably mixed up. The deductive method takes a few s imply general principles and applies them to draw conclusions in such...

METHODS OF ECONOMICS

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...