Using the scientific method to approach an economic issue involves
A)formulating normative statements about it.
B)considering stock and flow variables.
C)finding the correct data to validate the theory.
D)building a theory to explain the issue and then determining if the theory can be refuted by evidence.
E)the use of controlled experiments to confirm the evidence presented by the data.

Question

Quizplus · Accepted Answer

The scientific method involves building a theory to explain the issue, then testing the theory to determine if it can be refuted by evidence. This involves using empirical data to test and refine the theory, which can be done through observation, measurement, and experimentation. Formulating normative statements about the issue (A) is not a part of the scientific method, as normative statements involve opinions or value judgments about what ought to be, rather than what is. Considering stock and flow variables (B) is a common element in economic analysis, but it is not specifically related to the scientific method. Finding the correct data to validate the theory (C) is a key step in the scientific method, but it is only one part of the process. Experimentation (E) can be a valuable tool in validating economic theories, but it is not always possible or practical to conduct controlled experiments in the social sciences.

Using the Scientific Method to Approach an Economic Issue Involves