Scientific theory of economic
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| Scientific theory of economic |
Economic, we define it in two ways -
one is scientific and another is an art. They have their own opinions for this
to define. In economic, there are lots of issues or problems. These theories
give us some steps to tackle these problems and find some outcomes from them. A scientific theory has tested again - 2 for a better outcomes by a expert observation.
Selections
of problems – this
is the first steps of any theory. In it, we define any issue or problem very
clear. There are any types of issue or problems like unemployment, poverty, inflation's or any problems which have a limited area like any policy related
with industry or particular sectors.
Data
collections – in
it, we collect all the information related with a particular problem. Some
time, it’s become very easy but some time it’s become very tough. Accumulated
data is very clear so that it become easy to make an out-come from them.
Classification
of data – after
accumulation, we divide them into different parts according to their use and
different – 2 situations. We also divide them by their similarity and times
gap. We also differentiates or classification them according to their demand.
Make or Formation the Hypothesis – in this step, we form the hypothesis according to the outcomes of the
collected data. It is totally depend on the examiner previous formation or
experience.
Examine
the hypothesis – in
this step, we examine the formation of hypothesis and see that it cover all
over expectation or not. It’s defines the mention problem or not. If any
hypothesis is ready to give meaning full outcomes for future, it is pass the
test.
Finally, we verify the hypothesis for final use in future.
