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State and explain approaches to study of history of economic thought.

State and explain approaches to study of history of economic thought.

Answers

John
1. Chronological approach.
In this approach economic ideas are discussed in order of time.
2. Conceptual approach.
This deals with the evolution of different economic ideas and their interdependence.
3. Philosophical approach.
This was adopted by a Greek philosopher (Plato). In the past economics was considered as a body of ethics and it was used to discuss economic ideas by the greeks.
4. Deductive approach.
The classical economists adopted deductive methods and believed in universal application of economic thought.
5. Inductive approach.
The historical school emphasized on inductive methods which believes that economic ideas and laws are not universal in nature or character.
6. Welfare approach.
This aims at providing basis of adopting policies which are likely to maximize welfare of a nation.
7. Keynesian approach.
This approach was an accountant to classical school of economic ideas. The approach deals with the problems of the economy as a whole or in totality.
Jonmhumble answered the question on November 23, 2017 at 18:51

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