It is also known as abstract, axiomatic, a priori analytical. The economist begins from the principle which are accepted as self-evident or proved proposition and then draws conclusion as consequences of these principles through the process of valid resourcing moves from “General to Particularâ€.
Deductive logic passes through following stages.
- Perception and selection of premises from which the conclusions are to be derived. Assumptions are made.
- Inferences are drawn from the premises originally selected.
- It consists of a return to the real world by means of an
interpretation that yields conclusion in term of concrete sensible world of
physical reality.
|
Merits |
Demerits |
|
Simple Economical Accurate & reliable |
Unrealistic assumption Require more competence It is based on false premises, then false conclusion. Static analysis Not applicable uniformly |
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May 06, 2017