An Introduction to the Economic Method

William C. Perkins

The American Economist, 2010, vol. 55, issue 1, 73-83

Abstract: A sample of leading introductory economics textbooks reveals that most devote little space to the method of analysis used by mainstream economists. A thorough introductory treatment of the subject must consist of more than a brief description of the scientific method. Introductory students must gain an understanding of the important elements of a model, the need to simplify, the difference between induction and deduction and the relationship between real world facts, a model, economic policy and policy goals. This paper offers some ideas on how to accomplish this objective and presents a schematic diagram that can be used to frame the discussion.

Keywords: Induction; Deduction; Economic theory; Positive economics; Normative economics (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:sae:amerec:v:55:y:2010:i:1:p:73-83

DOI: 10.1177/056943451005500108

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