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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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In addition, most of the arguments the author uses are inductive arguments rather than deductive arguments. This means that he relies more on probability and giving examples than on providing reasons. Deductive arguments are arguably stronger than inductive

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In addition, most of the arguments the author uses are inductive arguments rather than deductive arguments. This means that he relies more on probability and giving examples than on providing reasons. Deductive arguments are arguably stronger than inductive

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In Chapter 6, Weston discusses deductive arguments and using them to win arguments. A deductive argument is defined as an argument with a premise that is true and as a result the conclusion must be true as well. Weston highlights the formating of a deductive argument by introducing Modus Ponens and providing various examples. From the basic foundations of Modus Ponens, Weston continues to build the foundation of a deductive argument by introducing Hypothetical Syllogism; linking same context premisys to each other. Weston continues to build the foundations of an argument, concluding at the end of Chapter 6, the steps of deductive arguments.

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Reason is how one's mind is able to logically think, understand, and form judgements (1). When it comes to the Ted Talk video, “Archeology from space” many examples of reason can be seen. One major example is shown at

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In both of the article the authors used inductive reasoning. The article Dismantling the Poverty Trap appeals more to logic, and the other One Family 's Story Shows How The Cycle Of Poverty Is Hard To Break appeals to emotion. Inductive reasoning is when the author states the problem first, and then gives solutions to the problem. In Dismantling the Poverty Trap, Linetta Gilbert says that people in poverty have higher birth rates and maternal mortality rates than wealthy americans. ”Those caught in the poverty trap have rates of infant and maternal mortality that are nearly twice as high as those of wealthy Americans.”

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By using statistics and contrasting features to appeal to logic,

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Deductive reasoning is the basic human nature of optimistic assumption that if you left the same time you did yesterday that you would make it to your destination in normal fashion. This is most likely because you are under presumption that leaving that house at a given time and arriving on time instantly lead to the conclusion that leaving your starting point will achieve reaching that destination within a time frame. These common experiences are seen in common practices of the average everyday life. So what does deductive reasoning have to do with this movie?

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The Use of Satire in Adventures of Huckleberry Finn Mark Twain wrote the satirist novel Adventures of Huckleberry Finn and in doing so exposed the many ills of American society. Satire is a technique writers use to poke fun at individuals or society. Throughout the book, Mark Twain sneaks these remarks into his work to entertain readers and point out the social tribulations of that time. In Mark Twain's book Adventures of Huckleberry Finn, satire is used as a prominent vehicle to mock racism, honor, and religion. Huck Finn depicts the period when blacks were treated as property opposed to equals.

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Unlike human will, human reason is free and has no innate morality. Human reason is persuaded by the external world and is influenced by other people’s thoughts and actions. In other words, the reasoning of one person can rub off onto other people, sending a ripple of ideas out into society. It is the element in which humans control and use to handle their thoughts and actions. Through human reason, people become imperfect and in short, human.

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The Industrial Revolution was a time period in which the economy of Britain went from being based on farming and agriculture to factories and mass production. Many people moved from the countryside to cities after they lost their jobs as farmers, and either worked in factories or were unemployed. This led to poor working and living conditions for the working class, which the rich benefited from. In order to better the quality of life for people in Britain, three major economic theories emerged. Utilitarianism was the idea that the government should make decisions based on what would bring the greatest benefit to the majority of the population.

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Milton Friedman’s quote on “there is one and only one social responsibility of business---to use its resources and engage in activities designed to increase its profits” can actually be seen in different perspectives. Company can also be socially responsible by contributing towards the community through what they do best: excelling in economic terms (Brusseau, 2012). When corporations are making profits, most of it gets sent back into the economy and everyone benefits. Jobs are created, and those that already exist get some added security. More successful corporations mean the increase of the country’s economy, which in turn lead to a social benefit for the society that offers better living conditions.

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Polly is the character that best applies critical thinking in the story. From the beginning, she did not assume and at the end, she catched up to the smart boy’s wrong reasoning. She did not jump into conclusions, she just logically chose Petey over the smart boy because Petey had a raccoon coat. What are the limits to the use of human reason?

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A good reasoning is a reasoning that leads to certain, true and valid conclusions. There are two kinds of reasoning, inductive and deductive reasoning. Both processes include the process of finding a conclusion from multiple premises although the way of approach may differ. Deductive reasoning uses general premises to make a specific conclusion; inductive reasoning uses specific premises to make a generalized conclusion. The two types of reasoning can be influenced by emotion in a different manner because of their different process to yield a conclusion.

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In the introduction of an inductive argument text, pose a question or establish a hypothesis. Topic that should not touch on any opinion or conclusion or explanation must be mentioned in the introduction. Building a series of premises to address the guiding questions, these are specific data points that address your question. Inductive argument can also include “part-to-whole” where the whole is assumed to be like individual parts, “extrapolations” where areas beyond the area of study are assumed to be like the studied are and “predictions” where the future is assumed to be like the past. In drawing a conclusion, the study of Naugle (2003) it states that the conclusion of the inductive text, deals with probability, not

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