In Your Opinion,what Is The Deep Logic Of Economics?

Economic life is an enormously complicated hive of activity, with people buying, bargaining, investing, persuading, and threatening. The ultimate purpose of economic science and of this text is to understand this complex undertaking. How do economists go about their task?
Economics use the scientific approach to under stand economic life. This involves observing economic affairs and drawing upon statistics and the historical record. For complex phenomenon like the impacts of budget deficits or the causes of inflation, historical research has provided a rich mine of insights. Often economic relies upon analyses and theories. Theoretical approaches allow economists to make broad generalization, such as those concerning the advantages of international trade and specialization or disadvantages of tariff and quotas.
A final approach is the use of statistical analyses. Economists have developed a specialized technique known as econometrics, which applies the tools of statistics to economic problems. Using econometrics, economists can sift through mountains of data to extract simple relationships. For example, in recent years people have argued about the impact of a higher minimum wage will reduce employment. From dozen of studies, economists have conclude that it is likely that raising the minimum wage will reduce employment of low-wage workers. This knowledge is essential to policymakers.