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An Introduction to the Economic Method

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  • William C. Perkins

Abstract

A sample of leading introductory economics textbooks reveals that most devote little space to the method of analysis used by mainstream economists. A thorough introductory treatment of the subject must consist of more than a brief description of the scientific method. Introductory students must gain an understanding of the important elements of a model, the need to simplify, the difference between induction and deduction and the relationship between real world facts, a model, economic policy and policy goals. This paper offers some ideas on how to accomplish this objective and presents a schematic diagram that can be used to frame the discussion.

Suggested Citation

  • William C. Perkins, 2010. "An Introduction to the Economic Method," The American Economist, Sage Publications, vol. 55(1), pages 73-83, May.
    • Handle: RePEc:sae:amerec:v:55:y:2010:i:1:p:73-83
    DOI: 10.1177/056943451005500108
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    References listed on IDEAS

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    1. Joseph P. Hughes, 1981. "Methodological Confusion in Introductory Economics," The American Economist, Sage Publications, vol. 25(2), pages 7-11, October.
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