The development of an economic hypothesis throu... - JAMB Economics 2023 Question

The development of an economic hypothesis through intuition, insight, or logic is most closely associated with induction.

• Induction involves reasoning from specific observations to a general conclusion or hypothesis. This often involves using intuition, insight, or logic to formulate a hypothesis.
• Deduction involves reasoning from general principles to specific conclusions.
• Policy economics deals with the application of economic principles to real-world policy decisions.
• Normative economics focuses on value judgments and opinions about how the economy should be.