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 complicated cases. But for this implicit method it would have been perhaps impossible to establish any general relationship between two sets of facts.
(ii) This application of the deductive method yields exact and true conclusions provided the premises on which they arc based are . If we accept the general proposition that Jinan prefers a greater gain to a lesser gain, the conclusion that Mr. A will work for a maximum profit inevitably follows.The deductive method has been crackup fill’ its simplicity and exactitude, In the Cairns, The method or deduction is incalculably hell constructed under proper checks, the full instrument of discovery Human intelligence.
(iii) Deductive method for application. There is no need 1’01 cull ting elaborated statistical infatuation, We well known and draw inference by applying to a particular that is how Ricardo and his followers were able to develop pure economics on the basis of a few principle and by abstract reasoning.
(iv) In the economic field. where we have to study human behavior, observation and crimson are simply out of the question. Also, the data are either not available at all or are inadequate. In such a situation, we have to rely on the deductive method for drawing inferences.
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