Definition of scientific methodology in economics?

Scientific methodology in economics refers to the systematic approach and process economists use to develop theories, gather data, test hypotheses, and draw conclusions. It involves using empirical evidence, statistical analysis, and mathematical models to understand and explain economic phenomena. The scientific method is at the core of economic research, and its rigor ensures that results are robust, reliable, and replicable. It also emphasizes transparency, objectivity, and neutrality, helping economists avoid biases and errors in their research. While there are many different methods and techniques used in economics, they are all grounded in the scientific approach to inquiry and analysis.

This mind map was published on 22 May 2023 and has been viewed 63 times.