Question

Give the meaning of deductive method.

Answer 1

1. The deductive method is also named an analytical or abstract method.
2. It consists of deriving conclusions from general truths.
3. It takes a few general principles and applies them to draw conclusions.
4. The classical and neoclassical school of economists notably, Ricardo, JS Mill, Malthus Marshall, Pigou applied the deductive method in their economic investigations.