Q.(a) Explain various steps of Deductive and Inductive method in Economics.
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Start your 14-day free trial to unlock the full solution →(a) The deductive method goes from the general to the particular (perception → definition → deducing a hypothesis → verification) and the inductive method from the particular to the general (observation → hypothesis → generalisation → verification). (b) The Law of Variable Proportions describes three stages — increasing returns, diminishing returns and negative returns — as a variable factor is added to a fixed factor.
(a) Steps of the Deductive and Inductive methods in Economics (in the Tamil Nadu HSC Class-11 Economics syllabus):
Deductive method (abstract/analytical — reasoning from general assumptions to particular conclusions):
- Perception / selecting the problem — clearly identify and state the problem to be studied.
- Definition of terms and assumptions — define the concepts and lay down the assumptions (e.g. 'other things being equal').
- Deducing the hypothesis — through logical reasoning, derive conclusions (a hypothesis) from the assumptions.
- Verification / testing — test the deduced conclusions against real-world facts to confirm or reject them.
Inductive method (empirical — reasoning from particular facts to general principles):
- Observation — observe and collect relevant facts and data about the problem.
- Formation of a hypothesis — frame a tentative explanation on the basis of the observed facts.
- Generalisation — from the observed cases, draw a general law or principle applicable to all similar cases.
- Verification — test the generalisation with further data to establish its validity.
(b) Law of Variable Proportions (diagram described in words):
Statement: When more and more units of a variable factor are applied to a fixed factor, keeping technique constant, the total product first increases at an increasing rate, then increases at a diminishing rate, and ultimately declines.
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