Economics as an inexact science - Deductive versus inductive method

4 important questions on Economics as an inexact science - Deductive versus inductive method

Inductive methodological approach:

Derives general laws by comparing and summarizing specific observations.

True or false? Induction and deduction are contraries.

False

Why prefer economists thin descriptions?

Because of the scientific value of parsimony.
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Why prefer historians think descriptions?

Because of the scientific value of thoroughness.

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