Principles of Economics Mehod
thescientific method
observation， theory and more observation
What is science
Albert Einstein once put it, :The whole of science is noting more than the refinement of everyday thingking.”
The interplay between theory and observation also occurs in the field of economics. In economics, conducting experiments is often difficult asnd sometimes impossible. They like astronomers and evolutionary biologists, usually have to make do with whatever data the world happends to give them.
data source
- History: e.g., when a war in the Middle East interrupts the flow of crude oil, oil prices skyrocket around the world.
Assumptions
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