What is the last step in the Empirical Method? According to Schumpeter does this last step allow economists to conduct...
- What is the last step in the Empirical Method? According to Schumpeter does this last step allow economists to conduct objective science? Why? What did Myrdal think? Please be brief and to the point.
Homework Answers
The last step of empirical method is CONCLUSIONS, INTERPRETATIONS, RECOMMENDATIONS.
It allows economists to conduct objective science because it answers various questions such as:
Was my initial hypothesis supported?
What if my findings are negative?
What are the implications of my findings for the theory base, for the background assumptions, or relevant literature?
What recommendations can I make for public policies or programs in this area?
What suggestions can I make for further research on this topic?
Empirical method is a methods which is based on the data collected by various individual. Without data the model seems to fail. Thus it draws conclusion on those basis only. It forms an hypothesis and then benchmarks it with actual market conditions in order to get the idea of what going on in the market. Empirical model is widely used and practised.
However Myrdal disliked social sciences and said "as long as empirical data are scanty and he allows his logic to be twisted" (Myrdal 1969, p. 41).
He believed it left one's research to bias.
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