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17 sie 2020 · Inductive Method: Induction means reasoning or inference from particular facts to general principles. Inductive method is a process of arranging facts to draw universal laws. This method was used in economics by the German historical school that tried to develop economics from historical research.
Inductive reasoning in economics does the reverse of deductive reasoning; namely, it begins with an individual problem or question and proceeds to form a general principle based on the evidence observed in the real world of economic activity.
18 kwi 2019 · The main difference between inductive and deductive reasoning is that inductive reasoning aims at developing a theory while deductive reasoning aims at testing an existing theory. In other words, inductive reasoning moves from specific observations to broad generalizations. Deductive reasoning works the other way around.
12 sty 2022 · Inductive reasoning is a method of drawing conclusions by going from the specific to the general. It’s usually contrasted with deductive reasoning, where you proceed from general information to specific conclusions.
Inductive method which also called empirical method was adopted by the “Historical School of Economists". It involves the process of reasoning from particular facts to general principle. This method derives economic generalizations on the basis of (i) Experimentations (ii) Observations and (iii) Statistical methods.
Inductive approach, also known in inductive reasoning, starts with the observations and theories are proposed towards the end of the research process as a result of observations.
The inductive method helps identify patterns and trends based on specific observations, while the deductive method allows for the application of established theories and general principles to draw specific conclusions.
