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in Introduction To Micro-Economics by (48.5k points)
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Give the meaning of deductive method?

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  1. Deductive method is also named as analytical or abstract method.
  2. It consists in deriving conclusions from general truths.
  3. It takes few general principles and applies them to draw conclusions.
  4. The classical and neo – classical school of economists notably, Ricardo, JS Mill, Malthus Marshall, Pigou applied the deductive method in their economic investigations.

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