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The Role Of Reason In Economics

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As Homo sapiens, we pride ourselves on the fact that we can construct coherent thought and form sound analysis through piecing together clear identifiable building blocks in a process known as reason. It is an instinctual process and we define it as the key feature that separates us from other species. Reason is the method or rather tool used to think in a distinct and organized way in order to achieve knowledge and understanding. Its importance and significance is in its method and the end toward which it is used defines the validity of the method. Reason is the method that allows us to determine how to gather information and what kind of information we need. Reason then compares and combines that new information into the rest of our body …show more content…

Deductive and inductive reasoning can be applied to analyze certain trends of economic theories. An example of deductive reasoning would be the demand and supply analysis as it involves a set of generally accepted principles about demand and supply. Deductive economics starts with a set of axioms about economies and how they work. It then relies on these principles to explain individual cases or events. To summarize, deduction in economics starts with a generally accepted principle and proceeds to the specific (http://classroom.synonym.com). It involves the process of reasoning from certain laws or principles, which are assumed to be true, to the analysis of facts. The process is exact and simple in that it starts with a selection of a problem then formulating assumptions and hypothesis and finally testing and verifying its formulated …show more content…

Inductive reasoning in economics does the reverse of deductive reasoning namely, it begins with an individual problem or question and proceeds to form a general principle based on evidence observed in the real world of economic activity. Induction in economics requires rigorous use of the methodology of economic research (www.yourarticlelibrary.com). This includes use of the mathematical modeling and statistical processes or economic measurement. The process involves the problem, collection, classification and analysis of data, observation and generalization. Merits of such a method of reasoning are that it is realistic and forms a solid foundation for future enquiries (www.yourarticlelibrary.com). Reason thus is successfully able to methodically classify data despite its numerous

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Incentives, as read about in the second chapter of Wheelan’s Naked Economics, take on many different faces; good or bad, and all of them are selfish. Incentives are entirely fueled by self-interest and opportunity cost. In order to insure his audience fully grasped the concept of incentives, Wheelan illustrates a variety of example, leaving positive and negative effects on our modern society. Incentives, opportunity costs and self-interest are connected in a way that make the ideas more concrete, and we see that incentives own society. A lot of vital information can be deduced from looking at the incentives of our society.

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