In the world today, where progress and success are measured in terms of both personal and public economic growth as well as of other related aspects, one may wonder why we have developed these notions and principles in the first place. As compared to the times when the tricks of…
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e complexities that most people tend to consider irrelevant but I believe mostly significant in order to fully comprehend the standards of the era we are living right in. I would want to examine and expound more of the modern practices that various economists of today have been doing so as to provide and present a clear illustration and brilliant depiction of an intermingling global economic viewpoint. Doing this, I shall be indulging and expounding more of the different approaches, methods and technical procedures that recent philosophers have used in various investigations and explanations of economic concepts and theories. As for this paper, I would not only be elaborating further on how these economic concepts affect the people’s mind-set, but I shall be of critique as to how these theories have shaped the contemporary practices that we can observe today. Having said this, I should note that economics, as a whole, as what Pheby has said in Methodology and Economics is not exactly similar, in fact very different, with other behavioural sciences and physical sciences like sociology, political science, physics and chemistry respectively. This is since economics is a very strange branch of science that is somehow dependent on human actions and on how these actions are deemed important as to the evaluation of results and analysis of consequences and outcomes (Blaug 1980).
To start my observation and analysis, I would want to give and make sense of the technical definition of empirical research as the basis of my fundamental argument. As lifted from a journal article entitled Empirical Research published by the Norfolk State University, empirical research has been defined as the systemic research process which only involves predetermined observations and measured phenomena. It reports and publishes facts and figures based on observed results and actual experimental quantifications in order to generate a relationship and draw numerical conclusions involving two or
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