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Lecture 7

ECON 1010 Lecture 7: Lecture 7

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ECON 1010
Laura K.Brown

OS98 Principles of Microeconomics CHAPTER 2 - Thinking Like An Economist: The Economist as Scientist: 1. Economists try to address their subject with a scientist’s objectivity 2. They devise theories, collect data, and then analyze these data in attempt to verify or refute their theories 3. Uses the scientific method: the dispassionate development and testing of theories about how the world works The Scientific Method: Observation, Theory, and More Observation: 1. Interplay between theory and observation occurs in economics 2. Economists use theory and observation like other scientists, although experiments are often difficult in economics 3. Economists pay close attention to the natural experiments offered by history 4. This gives us insight into the economy of the past and, more important, because the allow us to illustrate and evaluate economic theories of the present The Role of Assumptions: 1. Economists make assumptions that can simplify the complex world and
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