Research Methods for Economists

Economics has been playing an important role in today’s world. It helps the society in formulating different ways which correspond toward an optimal allocation of the limited and scarce resources. Economics helps in optimising the available resources by using it effectively as well as reducing wastage. Behind these complex methodologies, there are several economists involved who are continuously researching and analysing to find what is good for the people and society as a whole. This blog is exactly about discussing those research methods which many economists use today.

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But first ...

What is a Research Method?

Research methodologies incorporate the ability of scientific and inductive thinking which helps to promote the development of critical analysis and logical thinking. Research methods include all the critical perspectives about techniques of data collection as well as methods for analysing different datasets in undertaking research in a systematic manner.

Let us help you in understanding how a research method is performed.

Different Types of Research Strategies

The top economists in the world use one or a combination of the four different types of research strategies. They are as follows:

Inductive

The corresponding strategy begins with collecting data from which specific generalisations can be prepared as well as can be used as an elementary explanation.

Deductive

The following strategy sheds light on a theory by providing a possible answer. Such theories test the contextual research problem by collecting relevant data.

Abductive

The corresponding strategy begins by laying down all the concepts as well as meanings that are contained in a social quarter’s account of activities that are made corresponding to the research problem.

Concepts Covered In Undertaking a Research

Given below are some of the processes followed by economists in unraveling the truth as well as undertaking a relevant research methodology.

3. Defining a research problem – Selecting and defining the problem is the first step. The problem needs to be investigated and should identify the general idea of interest. Formulating a problem consists of two steps:

   1. Understand the problem thoroughly.
   2. Comprehend it in meaningful terms considering the operational and analytical point of view.

4. Reviewing the literature behind the process – The following process is determined to gain insight on the relevant topic as well as gain knowledge on data availability and themes of the proposed area of research. The literature which needs to be reviewed can be of two types:

   1. Literature that typically relies on concepts and theories.
   2. Empirical literature that defines several findings in terms of quantitative research paradigms.

5. Formulation of Hypothesis – It is a tentative statement that is specifically meant to be tested for its empirical and logical confirmation. It is typically stated to define a relationship between the dependent and independent variables that can be treated in an econometric setting.
6. Research Design – It is a set of the logical conceptual structure where a specific research methodology is likely to be conducted. It serves as a blueprint for all the activities pertaining to data collection, data measurement as well as data analysis approaches.
7. Data Collection – The collection of data forms a crucial part of the research process. There are two main methods that several economists collected data:

   1. Censuses and surveys
   2. Observation

6. Data Analysis – Analysis involves specific steps which include:

   1. Categorisation – Data are studied under the current problem sets. It pertains to specific categories such as distinct, separate and mutually exhaustive.
   2. Coding – Grouping of responses in different categories.
   3. Tabulation – Organising the responses pertaining to facilitate comparisons.

7. Preparing the Report – The final step include pairing up all the ideas to be written on the report. However, it needs to be written in a manner such that the readers can grasp all the relevant context, methodologies and findings easily.

Why Research Methodologies Are Important in Student’s Economics Assignments

If you are an economics student, then you need to incorporate the researching and analysing skills so that you can prepare your assignments easily. It often becomes important for performing research methodologies in your economics assessment tasks so as to present good quality answers. Let’s suppose you are writing a research thesis or a dissertation, and then it is essential to understand such methodologies to present your report in an effective manner. Or else, you can contact a professional research paper assignment help service.

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