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Deductive and Inductive Reasoning - Summary
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UU Introduction to Economics and Business Economics - Very Short Summary of Deductive and Inductive Reasoning
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Deductive versus Inductive ReasoningThere is more than one type of reasoning.
Reasoning = action of constructing thoughts into a valid argument, based on logic / fact.
2 main ways of reasoning (approaches):
Inductive (qualitative, probability) Empirical = small, repeated observations works to
theory by examining related issues (data) trend / pattern, then generalising premises
support the probable conclusion the more similar premises there are, the more probable the
generalised conclusion will be / is. The inductive approach is meant to create new theories
from data. In other words, induction goes from a specific instance to a generalisation.
Deductive (quantitative, certainty) Theoretical = general theory / statement / conclusion
(premises) confirm a hypothesis using more premises to work to an evidence-based
conclusion. Using facts to come up with a conclusion. The deductive approach is meant to test
the theories that are created using inductive reasoning.
In other words, deduction goes from a generalisation to a specific instance.
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