Methodology Of Economics
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Methodology Of Economics
In its most common sense, methodology is the study of research methods. However, the term can also refer to the methods themselves or to the philosophical discussion of associated background assumptions. A method is a structured procedure for bringing about a certain goal. In the context of research, this goal is usually to discover new knowledge or to verify pre-existing knowledge claims. This normally involves various steps, like choosing a sample, collecting data from this sample, and interpreting this data. The study of methods involves a detailed description and analysis of these processes. It includes evaluative aspects by comparing different methods to assess their advantages and disadvantages relative to different research goals and situations. This way, a methodology can help make the research process efficient and reliable by guiding researchers on which method to employ at each step. These descriptions and evaluations of methods often depend on philosophical backgro ...
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Research
Research is "creativity, creative and systematic work undertaken to increase the stock of knowledge". It involves the collection, organization and analysis of evidence to increase understanding of a topic, characterized by a particular attentiveness to controlling sources of bias and error. These activities are characterized by accounting and controlling for biases. A research project may be an expansion on past work in the field. To test the validity of instruments, procedures, or experiments, research may replicate elements of prior projects or the project as a whole. The primary purposes of basic research (as opposed to applied research) are documentation, Discovery (observation), discovery, interpretation (philosophy), interpretation, and the research and development (R&D) of methods and systems for the advancement of human knowledge. Approaches to research depend on epistemology, epistemologies, which vary considerably both within and between humanities and sciences. ...
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Interdisciplinary
Interdisciplinarity or interdisciplinary studies involves the combination of multiple academic disciplines into one activity (e.g., a research project). It draws knowledge from several other fields like sociology, anthropology, psychology, economics, etc. It is about creating something by thinking across boundaries. It is related to an ''interdiscipline'' or an ''interdisciplinary field,'' which is an organizational unit that crosses traditional boundaries between academic disciplines or schools of thought, as new needs and professions emerge. Large engineering teams are usually interdisciplinary, as a power station or mobile phone or other project requires the melding of several specialties. However, the term "interdisciplinary" is sometimes confined to academic settings. The term ''interdisciplinary'' is applied within education and training pedagogies to describe studies that use methods and insights of several established disciplines or traditional fields of study. Interd ...
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Open-ended Question
An open-ended question is a question that cannot be answered with a "yes" or "no" response, or with a static response. Open-ended questions are phrased as a statement which requires a longer response. The response can be compared to information that is already known to the questioner. Examples Examples of open-ended questions include: *Tell me about your relationship with your supervisor. *How do you see your future? *Tell me about the children in this photograph. *What is the purpose of government? *Why did you choose that answer? In education The received wisdom in education is that open questions are broadly speaking 'good' questions. They invite students to give longer responses that demonstrate their understanding. They are preferable to closed questions (i.e. one that demands a yes/no answer) because they are better for discussions or enquiries, whereas closed questions are only good for testing. Peter Worley argues that this is a false assumption. This is based on W ...
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Closed-ended Question
A closed-ended question refers to any question for which a researcher provides research participants with options from which to choose a response. Closed-ended questions are sometimes phrased as a statement which requires a response. A closed-ended question contrasts with an open-ended question, which cannot easily be answered with specific information. Examples of close-ended questions which may elicit a "yes" or "no" response include: *Were you born in 2010? *Is Lyon the capital of France? *Did you steal the money? Similarly, variants of the above close-ended questions which possess specific responses are: *On what day were you born? ("Saturday.") *What is the capital of France? ("Paris.") *Where did you steal the money? ("From the bank.") At the same time, there are closed-ended questions which are sometimes impossible to answer correctly with a yes or no without confusion, for example: "Have you stopped taking heroin?" (if you never took it) or "Who told you to take heroin ...
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Questionnaire
A questionnaire is a research Research is "creativity, creative and systematic work undertaken to increase the stock of knowledge". It involves the collection, organization and analysis of evidence to increase understanding of a topic, characterized by a particular att ... instrument that consists of a set of questions (or other types of prompts) for the purpose of gathering information from respondents through survey or statistical study. A research questionnaire is typically a mix of close-ended questions and open-ended questions. Open-ended, long-term questions offer the respondent the ability to elaborate on their thoughts. The Research questionnaire was developed by the Statistical Society of London in 1838. Although questionnaires are often designed for statistics, statistical analysis of the responses, this is not always the case. Questionnaires have advantages over some other types of statistical survey, surveys in that they are cheap, do not require as much eff ...
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Nominal Group Technique
The nominal group technique (NGT) is a group process involving problem identification, solution generation, and decision making. It can be used in groups of many sizes, who want to make their decision quickly, as by a vote, but want everyone's opinions taken into account (as opposed to traditional voting, where only the largest group is considered). The method of tallying is the difference. First, every member of the group gives their view of the solution, with a short explanation. Then, duplicate solutions are eliminated from the list of all solutions, and the members proceed to rank the solutions, 1st, 2nd, 3rd, 4th, and so on. Some facilitators will encourage the sharing and discussion of reasons for the choices made by each group member, thereby identifying common ground, and a plurality of ideas and approaches. This diversity often allows the creation of a hybrid idea (combining parts of two or more ideas), often found to be even better than those ideas being initially consider ...
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Focus Groups
A focus group is a group interview involving a small number of demographically similar people or participants who have other common traits/experiences. Their reactions to specific researcher/evaluator-posed questions are studied. Focus groups are used in market research to understand better people's reactions to products or services or participants' perceptions of shared experiences. The discussions can be guided or open. In market research, focus groups can explore a group's response to a new product or service. As a program evaluation tool, they can elicit lessons learned and recommendations for performance improvement. The idea is for the researcher to understand participants' reactions. If group members are representative of a larger population, those reactions may be expected to reflect the views of that larger population. Thus, focus groups constitute a research or evaluation method that researchers organize to collect qualitative data through interactive and directed discuss ...
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Interview (research)
An interview in qualitative research is a conversation where questions are asked to elicit information. The ''interviewer'' is usually a professional or paid researcher, sometimes trained, who poses questions to the ''interviewee'', in an alternating series of usually brief questions and answers. They can be contrasted with focus groups in which an interviewer questions a group of people and observes the resulting conversation between interviewees, or surveys which are more anonymous and limit respondents to a range of predetermined answer choices. In addition, there are special considerations when interviewing children. In phenomenological or ethnographic research, interviews are used to uncover the meanings of central themes in the life world of the subjects from their own point of view. Characteristics of qualitative research interviews * Interviews are completed by the interviewer based on what the interviewee says to be conformed and done. * Interviews are a far more person ...
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Survey Methodology
Survey methodology is "the study of survey methods". As a field of applied statistics concentrating on human-research surveys, survey methodology studies the sampling of individual units from a population and associated techniques of survey data collection, such as questionnaire construction and methods for improving the number and accuracy of responses to surveys. Survey methodology targets instruments or procedures that ask one or more questions that may or may not be answered. Researchers carry out statistical surveys with a view towards making statistical inferences about the population being studied; such inferences depend strongly on the survey questions used. Polls about public opinion, public-health surveys, market-research surveys, government surveys and censuses all exemplify quantitative research that uses survey methodology to answer questions about a population. Although censuses do not include a "sample", they do include other aspects of survey methodology, li ...
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Experiment
An experiment is a procedure carried out to support or refute a hypothesis, or determine the efficacy or likelihood of something previously untried. Experiments provide insight into Causality, cause-and-effect by demonstrating what outcome occurs when a particular factor is manipulated. Experiments vary greatly in goal and scale but always rely on repeatable procedure and logical analysis of the results. There also exist natural experiment, natural experimental studies. A child may carry out basic experiments to understand how things fall to the ground, while teams of scientists may take years of systematic investigation to advance their understanding of a phenomenon. Experiments and other types of hands-on activities are very important to student learning in the science classroom. Experiments can raise test scores and help a student become more engaged and interested in the material they are learning, especially when used over time. Experiments can vary from personal and in ...
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Hypothesis
A hypothesis (plural hypotheses) is a proposed explanation for a phenomenon. For a hypothesis to be a scientific hypothesis, the scientific method requires that one can test it. Scientists generally base scientific hypotheses on previous observations that cannot satisfactorily be explained with the available scientific theories. Even though the words "hypothesis" and "theory" are often used interchangeably, a scientific hypothesis is not the same as a scientific theory. A working hypothesis is a provisionally accepted hypothesis proposed for further research in a process beginning with an educated guess or thought. A different meaning of the term ''hypothesis'' is used in formal logic, to denote the antecedent of a proposition; thus in the proposition "If ''P'', then ''Q''", ''P'' denotes the hypothesis (or antecedent); ''Q'' can be called a consequent. ''P'' is the assumption in a (possibly counterfactual) ''What If'' question. The adjective ''hypothetical'', meaning "hav ...
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Observation
Observation is the active acquisition of information from a primary source. In living beings, observation employs the senses. In science, observation can also involve the perception and recording of data via the use of scientific instruments. The term may also refer to any data collected during the scientific activity. Observations can be qualitative, that is, only the absence or presence of a property is noted, or quantitative if a numerical value is attached to the observed phenomenon by counting or measuring. Science The scientific method requires observations of natural phenomena to formulate and test hypotheses. It consists of the following steps: # Ask a question about a natural phenomenon # Make observations of the phenomenon # Formulate a hypothesis that tentatively answers the question # Predict logical, observable consequences of the hypothesis that have not yet been investigated # Test the hypothesis' predictions by an experiment, observational study, field study, or ...
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