Economists employ the scientific method to help explain economic behavior. In part, this means that:
A) there is a single economic theory accepted by all economists.
B) economic hypotheses are tested to determine their validity.
C) all economic laws have been proven true by laboratory tests.
D) personal values never enter into economic policy recommendations.
E) assumptions are not necessary in economics.

Question

Quizplus · Accepted Answer

Economists use the scientific method to test and validate economic hypotheses. This involves using data and empirical evidence to assess the validity of economic theories and models. While there may be debates among economists regarding what constitutes valid evidence, the use of empirical methods is a central feature of mainstream economics. Assumptions are also necessary in economics, as they are in any scientific discipline, but they must be based on evidence and subject to testing through empirical analysis. Personal values may influence economic policy recommendations, but economists aim to separate their personal beliefs from their professional analyses. Ultimately, the goal of economics is to provide a rigorous and evidence-based understanding of economic behavior, which can inform policy decisions and improve the overall welfare of individuals and societies.

Economists Employ the Scientific Method to Help Explain Economic Behavior