THE LOGIC OF ECONOMICS

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Economic life is an enormously complicated hive of activity, with people buying, selling, bargaining, investing, persuading, and threatening. The ultimate purpose of economic science and of this text is to understand this complex undertaking. How do economists go about their tasks? 


Economists use the scientific approach to understanding economic life. This involves observing economic affairs and drawing upon statistics and the historical record. For complex phenomena like the impacts of budget deficits or the causes of inflation, historical research has provided a rich mine of insights. Often, economics relies on analyses and theories. Theoretical approaches allow economists to make broad generalizations, such as those concerning the advantages of international trade and specialization or the disadvantages of tariffs and quotas.
Location: Bangladesh

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