Steps involved in scientific methodology in economics?

The scientific methodology in economics involves a set of steps to identify and test economic theories. The process includes researching and gathering data, developing hypotheses, testing the hypotheses, analyzing the results, and drawing conclusions. Economists use various research methods including surveys, experiments, observations, and statistical analysis to test hypotheses. The results of the tests are evaluated based on their statistical significance and the extent to which they support or refute the hypotheses. The methodology aims to establish a systematic and objective process for studying different economic phenomena and making informed decisions based on reliable data.

This mind map was published on 21 May 2023 and has been viewed 52 times.