Overview of the research process in economics
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Overview of the Research Process in Economics. Researchers in Economics, as a social science, use a version of the scientific method . The scientific method is a set of procedures for drawing valid, reliable, and objective conclusions. The scientific Method.

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Overview of the research process in economics l.jpg

Overview of the Research Process in Economics

Researchers in Economics, as a social science, use a version of the scientific method. The scientific method is a set of procedures for drawing valid, reliable, and objective conclusions.


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Thescientific Method

  • Select a scientific Problem or question;

  • Apply a theory to derive a hypothesis about the problem or question;

  • Test the hypothesis by comparing its predictions to evidence from the real world;


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Thescientific Method

  • If the hypothesis fails the test, modify it (and retest) or reject it;

  • If the hypothesis passes the test, provisionally accept it; and

  • Test the hypothesis in a new context.


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Requirements for a Good Research Project

There are a number of things necessary for completing a good piece of research.

  • A Good Research Question;

  • A Testable Hypothesis;

  • A Good Data Set; and

  • An Empirical Methodology that Adequately Tests the Hypothesis.


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Steps of the Research Process for Economics

  • Developing an Effective Research Question;

  • Surveying the Literature on the Topic;

  • Analyzing the Issue or Problem;

  • Testing your Analysis;

  • Interpreting the Results and Drawing Conclusions; and

  • Communicating the Findings of the Research Project.


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