MGT405 Lecture Notes - Lecture 2: John Stuart Mill, Deductive Reasoning, Consumer Behaviour
Document Summary
After having studied this unit, you should be able: to understand the nature of economic laws, to know the methods of economic laws, to study the micro and macro approach. Economic analysis is concerned with how an economy works, the formulation of economic laws, the methods of economic enquiry and the different approaches to economics. Economic laws, unlike the exact laws of physical sciences, are more exact than laws of other social sciences. The two methods of economic enquiry namely deduction and induction play a vital part in economic reasoning. 1) micro-economics and 2) macro-economics are two different approaches, the one. This watermark does not appear in the registered version - http://www. clicktoconvert. com analysing small individual units of the economy microscopically, whereas the other looks at the economy as a whole and its large aggregates respectively. Each has its advocates, but now every economics student recognizes the importance and complementarity of both. Every science, natural or social, has its laws.
